Tony Economou - RE/MAX Advantage I



Posted by Tony Economou on 12/21/2017

We’re not taught much about homeownership when we’re young. Like paying bills and taxes, it’s something we’re all expected to pick up along the way. But with something as important and expensive as buying a home, there should be a guide to help first time homeowners determine if they’re ready to enter the real estate market.

Today, we’re going to attempt to provide you with that guide. We’ll offer some of the prerequisites to homeownership to help you determine if you’re ready to buy your first home.

A rite of passage

Buying a house is a significant moment in anyone’s life. It’s often a precursor to starting a career, a family, and settling in a part of the country you will likely call home for a large portion of your life.

It’s also overwhelming.

There’s much to prepare for before buying your first home. You’ll be calculating a lot of expenses, thinking about jobs and schools, and learning new things about home maintenance. Here are some things to think about before buying your first home.

Can I afford it?

The most obvious question first time buyers ask themselves is whether they can afford a home. What many don’t ask, however, is if they can afford all of the unexpected expenses that come with homeownership.

Everyone knows they’ll be making mortgage payments. But to decide if you can really afford a home you’ll have to make a detailed budget. Here are some other expenses to consider:

  • Mortgage closing costs

  • Property tax

  • Home insurance

  • Maintenance and repairs

  • Home improvement

  • All utilities

  • Moving costs

Do I plan on staying in the area?

When you buy a home, you’re not just committing yourself to the house itself, but also to the area you live in. Typically, it only makes sense to buy a home if you’re planning on staying in it for a number of years (usually five or more). Ask yourself the following questions to determine if you can truly commit yourself to your area.

  • Could my career lead me to transferring to another location?

  • Could my spouse’s career lead them to transferring?

  • If children are in the present/future, is the local school district what I’m looking for in terms of education for my child?

  • Will I want to move live to family?

  • Will I have to move soon to care for aging parents?

  • Do I like the weather and culture in the area?

Is my income stable?

Owning a home is much easier when you have a stable income or two stable incomes between you and your significant other. It help you get preapproved for a mortgage and help you rest easy knowing that you can keep up with the bills each month to maintain or build your credit.

Stability doesn’t just mean feeling comfortable that your company won’t get closed down or that you’ll be dismissed from your job. It also means that there are frequent openings in your field of work in the area you choose to live. So, when planning to buy a home, make sure you factor in the potential travel distance to cities or places you could potentially work.

Am I prepared to put in extra work?

If you currently rent an apartment, you’re most likely not responsible for maintenance outside of basic cleaning. Owning a home is a different story. You’ll be taking care of the house inside and out. That means learning basic maintenance and buying the tools for the job.

It also means mowing the lawn, cleaning the gutters, shoveling snow off of the roof, and other menial tasks that you’ll need to make time for.





Posted by Tony Economou on 8/17/2017

Buying a house is one of the biggest decisions you will make in your life, both financially and otherwise. Just like retirement funds, buying a home and paying off your mortgage can be a significant long term investment.

It will take time to prepare for buying a home. You’ll need to build credit, save for a downpayment, and find a degree of financial stability to ensure you can pay your mortgage each month.

This article is catered towards homebuyers who have already met those prerequisites and are ready to jump in and start hunting for houses. For those of you curious about exactly how long it will take from the time you view your first house until you close the deal on your new home, read on.

Home buying by the numbers

On average, buyers can spend 30-60 days looking at homes and anywhere between 15 and 60 days longer to close on a home. Of course, these numbers depend on a lot of things such as how eager you are to buy, how  effectively you’re able to work with agents and sellers, and on just sheer luck.

How can I speed up the process?

Preparation is the number one thing to focus on when it comes to buying a home. First, double check your finances. This means taking time to run a credit report and challenging any errors that may be lowering your credit.

Next, take time to sit down and discuss with your family (if applicable) your moving goals. Are you trying to move closer to someone’s place of business or to a particular school district? Having these discussions will make it easier to eliminate houses and to narrow your search, saving you time in the long run.

Before you start looking at homes, it’s a good idea to being the process of getting preapproved for a loan. This can take weeks, so you want to get this step done early to know where you stand when it comes time to start house hunting.

Next you’ll want to meet with a real estate agent who has extensive knowledge of your area. They’ll send you listings that meet your criteria, stylistically and financially.

The offer and closing

Now that you’ve found the right home, you’ll have to enter the next part of the process: making an offer and closing. This step isn’t entirely within your control. Some sellers will delay in accepting, others will reject, and others will give a counter offer. The best way to save time on this step is to give a reasonable offer from the start, showing the seller that you are serious and worth negotiating with.

Once your offer has been accepted, your work is still far from over. There will be a lot of paperwork to fill out, but you’ll also have to schedule a home inspection to ensure there are no problems with the home that you haven’t already been made aware of.

Once all of these steps are complete, you will have purchased a new home.







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