Buyers

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Are You Ready for Home Ownership?

Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.

Questions for Prospective Homeowners

ARE YOU READY TO BUY?
HOW MUCH CAN YOU AFFORD?
WHAT IS YOUR DEBT-TO-INCOME RATIO?
WHAT DO YOU WANT?
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.
It can be discouraging to find that your salary won't stretch as far as the home you want to own. 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.
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.
Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? 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.

Our Team Can Help

You need a good agent
Keep your objectives in mind
Engage the services of a good real estate lawyer
Make the offer
Get all necessary inspections done
Do a final walkthrough
You need a good agent who will work hard for you. Our team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.
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 we're alone we 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.
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.
This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". Our agents will be happy to help 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 have to write a deposit check to the seller's broker that proves the seriousness of your offer.
A home inspector will check for signs of harmful materials like asbestos, mold, 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. A member of our team will be there with you to make sure that everything agreed upon is completed prior to the final signing.

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Charles King Group has been helping local buyers and sellers just like yourself, locate the finest properties and negotiate the best deals. The team takes great pride in knowing the latest market conditions, government regulations, and upcoming developments — so that you don't have to.

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