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.

Search now for homes in the area.

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 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.

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?

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? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? 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 work hard for you. Our real estate 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.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.

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 you're alone with your agent, you 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.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to 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 probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, 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. We'd be happy to do this with you 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, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!

Contact us for more information about first time home purchasing.

First Time Home Buyers

Under $100,000 $100,000 - $200,000 $200,000 - $300,000
$300,000 - $400,000 $400,000 - $500,000 $500,000 - $600,000
$600,000 - $700,000 $700,000 - $800,000 $800,000 - $900,000
$900,000 - $1,000,000 Over $1,000,000
1537 Venice Ave, FORT WALTON BEACH
  • Auction
  • 4 Beds
  • 2 Baths
  • 2,075 SqFt

1537 Venice Ave, FORT WALTON BEACH

$0
New
5742 E Hwy 98 # 3, Panama City
  • Residential Lease
  • 0 Beds
  • 0 Baths
  • 30 SqFt

5742 E Hwy 98 # 3, Panama City

$380
1085 E Highway 98 Unit 248, DESTIN
  • Fractional Ownership
  • 1 Beds
  • 2 Baths
  • 600 SqFt

1085 E Highway 98 Unit 248, DESTIN

$500 ↑ $6,400
New
8202 Eastwood Drive # 2, Youngstown
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 504 SqFt

8202 Eastwood Drive # 2, Youngstown

$795
New
143 N Claire # 102, 103, Panama City
  • Residential Lease
  • 0 Beds
  • 1 Baths
  • 269 SqFt

143 N Claire # 102, 103, Panama City

$850
New
600 N Bob Little Road # 9, Panama City
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 575 SqFt

600 N Bob Little Road # 9, Panama City

$925
New
1400 Gulf Avenue # #8, Panama City
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 450 SqFt

1400 Gulf Avenue # #8, Panama City

$950
New
3419 Orchard Wood Road, Panama City
  • Residential Lease
  • 2 Beds
  • 1 Baths
  • 750 SqFt

3419 Orchard Wood Road, Panama City

$950
New
6231 E Highway 98 # C, Panama City
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 960 SqFt

6231 E Highway 98 # C, Panama City

$1,000 ↑ $50
New
6231 E Hwy 98 # B, Panama City
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 500 SqFt

6231 E Hwy 98 # B, Panama City

$1,000 ↑ $50
New
6529 Chipewa Street # E, Panama City
  • Residential Lease
  • 1 Beds
  • 1 Baths
  • 527 SqFt

6529 Chipewa Street # E, Panama City

$1,000
New
7320 Kingman Street # 3, Panama City Beach
  • Residential Lease
  • 2 Beds
  • 1 Baths
  • 800 SqFt

7320 Kingman Street # 3, Panama City Beach

$1,000

DISCLAIMER: Information Deemed Reliable but not guaranteed. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
All listings are provided courtesy of the Emerald Coast Association of Realtors, Copyright2024, All rights reserved.
Vendors Member Number : 28325

Listing information last updated on March 28th, 2024 at 3:19pm CDT.

DISCLAIMER: IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Source: Bay County Association Of REALTORS® Multiple Listing Service