Are You Ready For Home Ownership?
Owning a home or vacation property can be a dream come true, but in order for the purchase to be a smooth sailing experience, it's best to be prepared financially and mentally for anything that might come your way.
With Kauai home ownership also comes additional responsibilities. Make sure your finances are in order and you're well equipped to maintain the home including the mortgage, strata fees, taxes and home insurance. While homeownership offers buyers many priviliges, it also requires you to have the proper expectations and financial responsibility.
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Questions for Prospective Homeowners
How Do You Know If You're Ready To Buy?
Knowing if you're ready to buy a home can be difficult. If you feel confident that you'll be able to maintain your Kaui home over the years, including property maintenance and necessary repairs, you're probably ready to buy. Homebuyers should know that while buying a home can be a scary risk, it can also be a huge financial reward.
What can you afford?
Speak with a mortgage broker to see what you can comfortable afford. Be sure to include any debts you might have including car payments, student loans, etc. It might be discouraging to find that a large part of your income will be distribute to your mortgage. Instead of buying your dream home and becoming financially burdened, consider purchasing a more modest home that will give you the financial freedom you need.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, it may not even buy a 400 square foot bachelor suite.
What do you want?
Seriously consider what type of lifestyle you want. Kauai is exquisitely beautiful and most residents prefer spending their days at the beach. Do you like the idea of cleaning your own gutters or mowing your own lawn? Would you rather just pay a fee every month and have everything done for you? The answers to these questions can help you narrow down the search for the right type of property for you.
We Can Help
You need a good agent who will help you achieve your real estate goals. Anne Eliason is dedicated to helping you find the right home, at the best price. She wants you to find the home that will make you happy and successful in Kauai real estate ownership.
When you hire Anne Eliason to help you buy your first home, she wants to know what you want, what's important to you and how much you can afford. Then she'll find a way to merge these three priorities and find a residence that you'll enjoy owning.
Keep your objectives in mind when visiting a home. Make a list of the features that you need and want so that your practical sense doesn't get overwhelmed by a home's beautiful details. This will help you keep your goals in line. When you're alone with your agent, you can go over the pros and cons of each home. Anne can help you stay on track while still keeping her eyes out for a great property.
Engage the services of a good real estate lawyer. Anne 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. Real estate legalities can be tricky, and an experienced 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 investment.
Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". Anne is happy to prepare the paperwork and make sure you thoroughly understand the details before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, prepare yourself that this may not be your perfect home after all. 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. Be sure to have the home inspected for signs of harmful materials like asbestos, lead paint and mold. Inspectors will also check for evidence of pests, faulty wiring and leaks. This is an extremely important 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 an important investment. There are several inspectors in the area that Anne would be happy to recommend.
Do a final walkthrough before closing the deal. Anne will be there to do this with you and 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, Anne can help you with the complicated process of buying a home. Don't hesitate to contact Anne Eliason to find out more about how she can make the home buying process easier!
Contact Anne Eliason for more information about first time home purchasing.