ARE YOU READY FOR HOME OWNERSHIP?
Owning a home may be your dream, but in order for the purchase of your new home to be the happy, satisfying and successful experience it should be, you need to make sure that you are financially and mentally prepared for the responsibilities that come with home ownership.
Some people have the idea that home ownership is like renting, but that you can paint, decorate, remodel and have all the pets you want. However, while these things are available to homeowners, they also come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to review and understand your finances and level-set your expectations.
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QUESTIONS FOR PROSPECTIVE HOMEOWNERS
ARE YOU REALLY READY TO BUY?
Owning your own home is about more than just being able to paint and decorate any way you want to; it’s about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It’s about being willing to take the risks of home ownership with a realistic expectation of the risks and rewards. Rewards being increased value when you sell at a later date.
HOW MUCH CAN YOU AFFORD?
It might be a bit discouraging to find that your current income won’t get you into the home of your dreams initially. And that sacrificing a huge part of your income just to pay the mortgage can quickly turn home ownership into a burden rather than a dream. It may be better to buy a modest home now and purchase your dream home later.
WHAT IS YOUR DEBT-TO-INCOME RATIO?
This is something that lenders take very seriously and is some easy math you can do on your own. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. That 32% of your income includes your mortgage payment, insurance and property taxes.
HOW MUCH HOME DO I REALLY NEED?
If you single, then maybe your purchase is a space just for you. If you’re newlyweds, think about a little space to grow into and maybe visiting family. If this will be your forever home, make sure to plan for kid’s room, visiting family, and entertainment spaces, hobby interests, or home office.
WHERE DO YOU WANT TO LIVE?
Is there an area(s) of town that you prefer? Is your commute to work important? Are school districts a factor? The Fort Worth – Dallas Metroplex has an unlimited number of options available to suite any need or desire.
WHAT LIFESTYLE TO YOU WANT TO LIVE?
From the vibrant downtown big city lifestyle of condominiums or the single-family neighborhood scene all the way to rural country living there is a lot or real estate to choose from throughout Tarrant, Dallas, Denton and surrounding counties.
THE BARKEMEYER GROUP IS HERE TO HELP
You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, in the right location, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.
When you hire us to help you buy your first home or forever home, we’ll get you in contact with lenders to help you figure out how much you can afford. Then we’ll work together make your dream of home ownership a reality.
Contact us today – we would love to help.