Some Suggestions for First Time Silicon Valley Home Buyer’s
Is Owning a Home Your Dream? In order for a successful transaction to be the smooth and satisfying experience it is meant to be, you need to ensure that you are financially and mentally prepared. People commonly have the misconception that owning a home is better than renting. While more privileges are available to homeowners, they come with the responsibility of a mortgage, property taxes and home maintenance. Home ownership requires you to take critical stock of your finances and your expectations.
Are You Ready to Buy?
Purchasing real estate is about about being prepared to maintain your home over the years. It is inevitable that a portion of your income and time will go towards repairs and maintenance. It’s about taking a risk, with a realistic expectation of a reward.
How Much Home Can You afford?
It is discouraging if you find that your salary doesn’t stretch as far as the home you want to own. Sacrificing your income, just to pay a mortgage, quickly makes owning a home a burden. It is better to buy a modest home now, and look at purchasing your “dream home” in a few years.
What is your debt-to-income ratio?
Lender’s take this very seriously. Your overall debt should be less than 40% of your income. Your house debt should be less than 32%. What you buy, depends on where you want to live. For example, rural downtrodden areas make for a comfortable residence and ample acreage. Highly sought-after urban areas usually won’t buy a 400 sf. suite.
What do you want?
Do you like the idea of cleaning your own gutters, and caring for your own lawn? Would you rather pay a fee and have the landscaping done for you? Is obeying rules about when you can have your garbage cans out going to bother you? Answers to these questions help narrow down the search for the perfect property for you.
Eric & Janelle Boyenga Work for You!
You will want a great agent to work hard for you. Boyenga Teamis a full-time dedicated Realtor® team, here to help you find the right home at the best price. We want you to find the home that will make you happy and successful. When you hire the Boyenga Team to represent you with your first home, we merge these two priorities:
What Do You Want to Own?
What Can You Afford to Own?
Compromising on a residence that you enjoy owning.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you’re alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.
Make the offer. This can be a maze of “buyer”, “seller”, “chattels”, “deposit”, and “completion”. We’ll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You’ll probably have to write a deposit check to the seller’s broker that proves the seriousness of your offer.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They’ll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we’d be happy to recommend.
Do a final walkthrough before closing the deal. We’d be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don’t hesitate to contact us to find out more about how we can make the home buying process easier!