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 Denver 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.
Take a moment to browse through some of these popular Denver Neighborhoods, or view all available listings in Denver and the surrounding area:
#denver-neighborhoods#
Have more questions about Denver home ownership?Contact Denver Realty Experts, phone 303.830.1772 or try a custom Denver Area MLS Search.