Are You Ready For Home Ownership? Morris Green Properties can help you get into your first home.
Questions for Prospective Homeowners
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; 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 rewards.
How much can you afford?
It can be discouraging to find your salary won't stretch as far as your ideal home. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years. No one enjoys being "house poor".
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, including the projected cost of your mortgage.
What do you want?
Do you like the idea of cleaning your own gutters? Or will you regret giving up your Saturday to mow the lawn? Would you rather pay a monthly fee to a landscaping crew? Do you want your neighborhood managed by an HOA or would you rather live in an area where each owner does their own level of care? The answers to these questions can narrow down the type of property for you.
Contact us for more information about first time home purchasing.