First Time Home Buyers in Asheville & Western North Carolina
Buying your first home is a monumental milestone in any person's life. Before you get started on this incredible journey, it's important to ask yourself some important questions to ensure you're ready.
If you're a first-time home buyer in Western North Carolina, we invite you to read through this guide that was prepared just for you!
Let's go through some basic considerations together to ensure that you're ready for home ownership.
Things to Consider For Prospective First-Time Homeowners
Are you ready?
Like all investments, there's also some risk involved in buying a home.
What can you afford?
Don't underestimate the negative effects of financial stress and choose a property that's well within your budget. Sacrificing large portions of your income towards a home can cause you to resent your purchase. The majority of buyers will buy and sell several homes before they find their dream home.
What's your debt-to-income ratio?
Lenders will take a serious look at your debt-to-income ratio. Allowing home owners to take out loans they couldn't afford was the primary cause of the housing crash in 2005, and that's a mistake lenders don't want to make again. Your overall debt-to-income ratio should never exceed 32%. In other words, all of your monthly debt payments like car payments, student loans, credit cards and mortgages, should never exceed 32%. How far this will go when purchasing a home greatly depends on the region and type of property you're looking at.
What are your wants and needs?
Having a clear vision of what you're looking for before you start looking for a home will help the process go more smoothly. How do you feel about lawn care? Cleaning your gutters? Following strict rules? Do you want a fixer-upper or a brand new development? How many neighbors do you want? All of these types of questions will help you decide on the best real estate for you.
First-time buyer in Asheville? Check out Oakley to find affordable homes close to downtown!
Get Experts on Your Side
The most important thing a first-time home buyer can do is hire a good real estate agent. You want someone who will work hard for you and help you find that perfect home. Great real estate agents will ensure you're informed and make smart choices.
Explore property listings, and try not to get caught up in the moment. A quality real estate agent will help you make practical choices in a process that is often full of feelings and emotions. Make a list of your "wants" versus "needs" and take the time to review them with your agent after viewing every home. Your real estate agent and this list will keep you focused, so you don't end up with the wrong purchase.
Hire an experienced real estate lawyer. We know great lawyers in the area and would be happy to recommend one to you. At the end of the day, buying real estate is a legal transaction and the contract you write and sign will have obligations. Real estate lawyers are a necessary and an important step of the process.
Make your offer! This is the most exciting part of the process. There's a lot going on in this phase and your agent will be hard at work for you preparing paperwork, negotiating prices and securing the transaction. Keep in mind that offers can be accepted or rejected, so try be prepared for some ups and downs.
Inspect the home with a pro. Though technically voluntary, this is another step that absolutely should not be missed. Home inspectors check for harmful materials, evidence of pests, electrical work and water leaks. They'll identify potential problems and ensure you understand the condition of the home before you're locked in. Make sure you're present as well and take the opportunity to poke around and ask questions. We'd be happy to recommend qualified inspectors.
Complete a final walkthrough before signing the final papers. This is to ensure that everything that was agreed upon has been completed and also helps with your peace of mind. You'll want the reassurance that the home is still how you remembered it and that no major problems have cropped during the transaction period before closing.
From the time you contact our office to the exiting moment when you're holding the keys, we'll walk you through the complex home buying process. We'll answer your questions, inform you of important info and help you understand exactly what's happening at all given times.
Contact us now to get started on this exciting journey.