Finding the perfect house on your own is not easy - choose the agents you can trust.
Make Sure You’re Ready to Buy
Owning the roof
over your head will bring you great pride, but with that pride comes
accountability and sacrifice. There’s the obvious financial
responsibility, but your home will also require constant care and
upkeep. That’s what real pride of ownership is all about.
Is your bank
account ready? Check it twice.
Your first home
will be the biggest financial obligation you’ve ever faced. You
should already be an experienced saver, and good at managing debt
like student loans or credit cards. Ideally, you’ve also saved up
some money for a nice down payment.
Is now a good
time to buy?
Markets go up,
markets go down and even the smartest experts can’t accurately
predict when a market will peak or bottom out. The good news is, if
you’re buying a home as a long-term investment (and for long-term
enjoyment), you’re protected from short-term changes in the market.
Over time, real estate has almost always increased in value. All you
must do is pick a home that meets the needs of you and your family.
Then you’ll enjoy living in your investment as it grows in value. A
home is one of the best financial decisions you can make, so make
sure you think things through.
Figure Out How
Much You Can Afford
Before you start
looking for your dream home, let’s find out how big you can dream.
Knowing your true budget is the first and most important step in
buying a home. Why? A home is a big purchase. It’s probably the
most expensive thing you’ll ever buy, and there are lots of
expenses you might not even know about. Cost of buying a home =
Onetime costs (down payment, legal fees, inspection fees, taxes).
Monthly costs (mortgage, utilities, maintenance, insurance, property
How much will
a bank lend you?
depends on how much you can afford each month. This is determined
using two lending principals. The first lending principle is that
your monthly housing cost should not exceed 32% of your gross monthly
family income. This principle is known as the Gross Debt Service
(GDS) ratio calculation. The second lending principle used, the Total
Debt Service (TDS ) ratio calculation, is that your monthly housing
cost and payments on all of your other debts (including loans, credit
card and lease payments) should not exceed 40% of your gross monthly
type of home you want
detached: As the name implies, the home is not attached to the home
next door. Styles range from a single-story suburban bungalow to a
linked: Two houses that share a common wall.
Triplex: A two-story or three-story home, with each floor belonging
to a separate family. Separate entrances are most common.
Town house: Also
known as terrace or row housing. Several homes with a common style
joined in a row. They usually share walls on both sides. May come
with a monthly maintenance fee.
By asking the
right questions, and knowing exactly what your needs are, you can
find the right loan for you. There are certain approaches that you
can take while mortgage shopping that can cost or save you money.
Before speaking with a lender, know what monthly dollar amount you
feel comfortable committing to. Then when you discuss mortgage
pre-approval with your lender, it is easier for you to determine the
monthly amount and what value of home the monthly amount translates
What are you
looking to do with the property? Are you purchasing a family home or
an investment property? Whose name is going to be put on the deed?
Are you purchasing the home with a spouse? If so, it may be
beneficial to check both parties' credit and get an idea of where you
Once you know how
much home you can afford, you can begin looking! Our website makes it
simple to find properties that fit your criteria. Search for
properties that are currently listed. Sign up for our alerts and
begin receiving email messages when properties that fit your special
criteria come onto the market.
You will want to
consider the features in a home that are important to you, including
proximity to your work, schools, etc. You will also want to determine
if you want a new home or a pre-owned home and if you want to do
repairs on a home that requires fix-up or want one in perfect
Your Agent will
introduce you to homes that fit your criteria and will make
appointments with sellers to look at homes you are interested in. The
Agent will accompany you at these showings to answer your questions
and point out significant things you may not be aware of.
When you find the
home, you wish to purchase, your Agent will help you prepare a
written offer. You not only specify the price you are willing to pay,
but also the details of the purchase including:
intend to finance the home
the down payment
paying the closing costs?
inspections will be performed?
personal property is included in the purchase?
wish to have done
will take ownership and possession of the property
will be settled
– potential situations that allow you to cancel the contract
Once the offer
has been submitted, you must wait for the seller to respond. The
seller can accept or reject your offer. The seller may counter your
offer with a different price or closing date or other changes. This
begins the process of negotiation that will continue until both
parties agree or decide to go their separate ways.
As a buyer, you
are entitled to know exactly what you are getting. Don’t take
anything for granted, not even what you see or what the seller or
listing agent tell you. A professional home inspection is something
you MUST do, whether you are buying an existing home or a new one. An
inspection is an opportunity to have an expert look closely at the
property you are considering purchasing and getting both an oral and
written opinion as to its condition. Items that can be included in an
inspection include (but are not limited to):
Contingencies and Deadlines
The contract will
set forth all the contingencies and dates that must be met to stay
‘in contract’. Our company has a trained staff in our Escrow
Department that assists our Agents to stay on top of the details of
the contract. This service is just another safeguard to make sure
your contract closes on time. Before the closing occurs, you and your
Agent may visit the home to ensure that the house has been left in
the expected condition. At this time, you will make sure that items
such as kitchen appliances, light fixtures, and other items you are
expecting to be left in the home as set forth in the contract are
there. Should any problems arise, your Agent will assist in
correcting the situation.
Your Agent will
guide you through the process of closing the transaction. The
documents will be reviewed with you and all the numbers will be
explained. You may ask as many questions as you wish so that you may
fully understand the details of the transaction. The documents will
be signed by both you and the seller, transferring title of the home
into your name.
Inspire Home & Land Realty2100 Market Laane Suite 700Norfolk, NE 68701