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  • HOME
  • FEATURED LISTINGS
  • SEARCH PROPERTIES
    • RESIDENTIAL
    • ACREAGES & LAND
    • COMMERCIAL
    • MULTI FAMILY
  • COMMUNITIES
    • RELOCATING TO THE NORTHEAST NEBRASKA AREA
    • NORFOLK
    • BATTLE CREEK
    • HOSKINS
    • MADISON
    • TILDEN / MEADOW GROVE
    • PIERCE
    • OSMOND
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    • JOIN OUR TEAM
  • RESOURCES
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    • FOR SELLERS
    • MORTGAGE CALCULATOR
    • HOW MUCH IS MY HOME WORTH
    • REAL ESTATE GLOSSARY
  • CONTACT US
Inspire Home & Land Realty

Office: (402) 371-9311

info@inspirerealtyne.com
2100 Market Lane Suite 700 Norfolk, NE 68701
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  • HOME
  • FEATURED LISTINGS
  • SEARCH PROPERTIES
    • RESIDENTIAL
    • ACREAGES & LAND
    • COMMERCIAL
    • MULTI FAMILY
  • COMMUNITIES
    • RELOCATING TO THE NORTHEAST NEBRASKA AREA
    • NORFOLK
    • BATTLE CREEK
    • HOSKINS
    • MADISON
    • TILDEN / MEADOW GROVE
    • PIERCE
    • OSMOND
    • PILGER
    • PLAINVIEW
    • RANDOLPH
    • STANTON
    • WISNER
    • WINSIDE
  • ABOUT US
    • MEET OUR TEAM
    • SUCCESS STORIES
    • JOIN OUR TEAM
  • RESOURCES
    • FOR BUYERS
    • FOR SELLERS
    • MORTGAGE CALCULATOR
    • HOW MUCH IS MY HOME WORTH
    • REAL ESTATE GLOSSARY
  • CONTACT US

Buy your dream house with confidence

Learn more
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Buy your dream house with confidence

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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 taxes)

How much will a bank lend you?

Well, that 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 income.

Decide what type of home you want

Single-family 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 three-story Victorians.

Semi-detached or linked: Two houses that share a common wall.

Duplex or 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.

Avoiding Financial Stress

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 into.

Reason for Buying

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 are at.

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 condition.

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.

The Offer

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:

  • How you intend to finance the home

  • Amount of the down payment

  • Who is paying the closing costs?

  • What inspections will be performed?

  • What personal property is included in the purchase?

  • Terms of cancellation

  • Repairs you wish to have done

  • Date you will take ownership and possession of the property

  • How disputes will be settled

  • Contingencies – potential situations that allow you to cancel the contract without penalty

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.

Importance of Inspection

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):

  • Furnace

  • Roof

  • Plumbing

  • Sprinkler System

  • Septic Tank

  • Electrical

  • Radon

  • Termites

  • Insurance

Meeting 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.

The Closing

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.

Address

Inspire Home & Land Realty2100 Market Laane Suite 700Norfolk, NE 68701

Office: (402) 371-9311

info@inspirerealtyne.com

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