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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.

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.

Engage the services of a good real estate lawyer. 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.

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.

Search Our Office Listings - KW Houston Metropolitan

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Photo of Listing #48285017

4726 W Tavener Rd, Beasley, Texas - $220,000

Country Homes/Acreage, Free Standing
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Land Includes Barn And House.platting Cost For Any Purchase Less Than 10 Acres, Detention And Drainage Cost If Needed Is On Buyer. Electricity Available On Tavener.

Keller Williams Realty Metropolitan
Photo of Listing #76574130

8222 Summer Reef Dr, Houston, Texas - $170,000

Single-Family
  • 3 Beds
  • 2 Baths
  • 1,618 SQFT
  • 1 DOM
View details More Photos Save

One Story Brick Home In Desirable Copper Lakes. Sought-after Split Floorplan! Formal Dining. Spacious Family Room. Laminate Floors. Island Kitchen With 42'' Cabinets, Tile Floors And Breakfast Nook. Oversized Master Suite; Dual Sink Vanity, Soa...

Keller Williams Realty Metropolitan
Photo of Listing #38859742

4611 Terry St Unit A, Houston, Texas - $319,900

Single-Family
  • 3 Beds
  • Baths
  • 2,000 SQFT
  • 1 DOM
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Exceptional New Construction Offering Breathtaking Panoramic Views From The 4th Floor Terrace And 2 Balconies. Designed For Entertaining With Open Concept Floor Plan. This Immaculate Home Is Loaded With Options And Upgrades Including Hand Scraped ...

Keller Williams Realty Metropolitan
Photo of Listing #56074179

6723 Westchester Ct, West University Place, Texas - $599,000

Townhouse/Condo, Townhouse
  • 3 Beds
  • Baths
  • 2,858 SQFT
  • 1 DOM
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City Of West University - Elegant Light-filled Two Story Home. 3 Bedroom Plus Study, And Gameroom. Family Room With High Ceilings, Gas Fireplace With Carved Mantle And Granite Surround, Built-ins And Hardwoods. Kitchen Island With Seating. Separt...

Keller Williams Realty Metropolitan
Photo of Listing #66141772

25427 Camelotln, Hockley, Texas - $325,000

Single-Family
  • 3 Beds
  • Baths
  • 1,903 SQFT
  • 1 DOM
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Home Sits On 1 Acre Lot, Features Hardwood Flooring, Stone Fireplace, Custom Cabinets, Island Bar, Granite Counters And New Ceramic Flooring In Kitchen, High Ceilings In Livingroom, Coffer Ceiling In Dining, Open Floor Plan, 500 Sq.ft. Of Covered ...

Keller Williams Realty Metropolitan
Photo of Listing #17902630

6733 Westchester Ct, West University Place, Texas - $900,000

Single-Family
  • 4 Beds
  • Baths
  • 4,053 SQFT
  • 1 DOM
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Elegantly Appointed 3 Story Home In West U Located Minutes From Tx Medical Center And Rice Village. Spacious Living Room Boasts 22' Ceilings And Double Sided Fireplace. Upgraded To A Higher Standard With Hardwoods, Arched Walkways, Stained Glass A...

Keller Williams Realty Metropolitan
Photo of Listing #30811359

1508 Park, Houston, Texas - $484,900

Townhouse/Condo, Townhouse
  • 3 Beds
  • Baths
  • 2,694 SQFT
  • 1 DOM
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Did Not Flood. Conveniently Located Two Miles From Downtown & 1/2 Mile To Buffalo Bayou Park Is This Gorgeous Townhome. Nice Sized 1st Floor Bedroom Has Its Own Entrance, Bath & Kitchen. Spacious Second Floor Features Living Room, Dining Room And ...

Keller Williams Realty Metropolitan
Photo of Listing #92506246

1302 Utah St, Houston, Texas - $349,900

Single-Family
  • 3 Beds
  • Baths
  • 2,163 SQFT
  • 1 DOM
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Looking For The Perfect Starter Home? 1302 Utah May Be The One For You. This Home Has Never Been Flooded, Even During One Of The Worse Floods In Houston's History. Price Right And Ready For You To Move Into. Spacious Design Will Make You Feel ...

Keller Williams Realty Metropolitan
Photo of Listing #83785841

3102 Westerland Dr, Houston, Texas - $274,900

Single-Family
  • 4 Beds
  • 2 Baths
  • 1,838 SQFT
  • 1 DOM
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Gorgeous One-story Home On Oversized Corner Lot! 4 Bedrooms (more Than The Area Average) And Gameroom, Updated Kitchen And Bathrooms, And No Direct Back Neighbors! With Tons Of Indoor And Outdoor Living Space, This Is The Perfect Home For Entertai...

Keller Williams Realty Metropolitan
Photo of Listing #82313448

3227 Ashfield Dr, Houston, Texas - $229,000

Single-Family
  • 4 Beds
  • Baths
  • 2,709 SQFT
  • 1 DOM
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Traditional Style Custom Crafted 2-story Home. Minutes Away From Energy Corridor. This 4 Bedroom 2 1/2 Bath Home Offers Plenty Of Room For The Entire Family. Two Story Family Room Overlooking Screened In Pool.

Keller Williams Realty Metropolitan
Photo of Listing #1008936

3751 Heritage Colony Dr, Missouri City, Texas - $239,000

Single-Family
  • 3 Beds
  • Baths
  • 2,030 SQFT
  • 1 DOM
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Spacious 3 Bedroom 2 Bath Home With 2 Car Attached Garage. The Home Is Located On A Tree Line Street In The Heritage Colony Subdivision In Walking Distance To Water Park & Walking Trails. This Home Has A Downstairs Family Room With Wood Burning Fi...

Keller Williams Realty Metropolitan
Photo of Listing #24915364

1707 Willowby Dr, Houston, Texas - $420,000

Single-Family
  • 3 Beds
  • Baths
  • 1,411 SQFT
  • 1 DOM
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Located In Highly Desirable Lazybrook. Updated Brick 3 Bed. 1 1/2 Bath. Updates Inc.: Roof, Windows, Hvac, Electrical, Plumbing, Kitchen And Baths. Granite Kitchen Counters, Cabinets, Recessed Lighting, Open Kitchen With Breakfast Bar. Refinished ...

Keller Williams Realty Metropolitan

Copyright © 2017, Houston Realtors Information Service, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

The IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed accurate by the MLS and should be independently verified.

Listing information last updated on October 21st, 2017 at 8:40am CDT.