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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 #49114568

11910 Rosmarino Court Ct, Richmond, Texas - $439,900

Single-Family
  • 3 Beds
  • Baths
  • 2,915 SQFT
View details More Photos Save

Spectacular 3 Bed, 3.5 Bath Home In Sought After Lakes Of Bella Terra Subdivision. Home Features Top Of The Line Quality Amenities. The Attention To Detail Is Beautifully Shown. This Home Could Have Been The Model Home Of The Builder. Features Inc...

Keller Williams Realty
Photo of Listing #59206271

4605 Fulton St, Houston, Texas - $350,000

Multi-Family, Triplex
  • 3 Beds
  • 2,136 SQFT
View details More Photos Save

Great Opportunity For This Property With 3 Units Great For Producing Income In An Up Coming Neighborhood Next To The Heights. Unit In The Front Is Livable And The 2 Units In The Back Need Some Work Both Comes With Kitchen And Bathroom. Great View ...

Keller Williams Realty
Photo of Listing #57197137

20110 Rose Fair Ct, Katy, Texas - $625,000

Single-Family
  • 5 Beds
  • 5 Baths
  • 6,437 SQFT
View details More Photos Save

An Exquisite Kickerillo Home Ideally Located In The Heart Of Katy! Situated On A Corner Lot, This Home Boasts Oversized Rooms Including The Master Suite W/ Soaring Ceilings, Refinished Hardwood Floors & A Recently Renovated Master Bath Retreat. Th...

Keller Williams Realty
Photo of Listing #22417905

4808 Holt St, Bellaire, Texas - $1,350,000

Single-Family
  • 4 Beds
  • Baths
  • 4,200 SQFT
View details More Photos Save

Available Now For Your Custom Home! Work With Legacy Company In It's Third Generation - Yago Custom Builders.

Keller Williams Realty
Photo of Listing #60953474

3715 Corder Street, Houston, Texas - $164,900

Single-Family
  • 3 Beds
  • Baths
  • 1,100 SQFT
View details More Photos Save

Welcome To 3715 Corder! This Home Has Been Completely Remodeled To The Studs. Everything In Here Is Brand New And Replaced. The Only Original Remains Are The Foundation And Frame Work. New Roof, Electrical, Plumbing, A/c, Flooring, Fixtures An...

Keller Williams Realty
Photo of Listing #51430535

9827 Moorberry Ln, Houston, Texas - $374,900

Single-Family
  • 4 Beds
  • 2 Baths
  • 2,149 SQFT
View details More Photos Save

Spanish Mission Style Front Door Greets You Welcome To This Amazing Spring Shadows 4 Bedroom Remodel- Zoned To Spring Branch Isd. Close Proximity To City Centre, Memorial City Mall, Memorial Herman Hospital, And Other Local Attractions. Great F...

Keller Williams Realty
Photo of Listing #75106095

1808 Palm St, Houston, Texas - $665,000

Single-Family
  • 3 Beds
  • Baths
  • 2,415 SQFT
View details More Photos Save

Truly A One Of A Kind Property Designed To Leed Standards (per Builder), And Upgraded To The Max! Modern Plan Designed By Intexure Architects. Fantastic Details ... Hard Surfaces Throughout, Bosch Appliances, Poggen Pohl Cabinets, Glowing Rocks Fi...

Keller Williams Realty
Photo of Listing #37403211

12633 Memorial Dr Unit 233, Houston, Texas - $165,000

Townhouse/Condo, Condominium
  • 2 Beds
  • 1 Baths
  • 904 SQFT
View details More Photos Save

Recently Remodel Unit With Beautiful Granite Kitchen Counter Top, Cabinets, And Backsplash. Easy Access To Two Major Freeways, The Beltway 8 And I-10. Located Near One Of The Most Popular Areas In Houston For Shopping And Dining, The Citycentre. T...

Keller Williams Realty
Photo of Listing #51974236

5103 S Braeswood Blvd, Houston, Texas - $379,000

Premium Over-sized Cleared Corner Lot In Meyerland. Zoned To Kolter Elementary, Meyerland Middle School And Bellaire High School.

Keller Williams Realty
Photo of Listing #58101627

3907 Southwestern St, West University Place, Texas - $1,089,000

Single-Family
  • 4 Beds
  • Baths
  • 2,812 SQFT
  • 3 DOM
View details More Photos Save

This Elegant West University Place Home Is Tastefully Appointed With Designer Finishes. The Home Is Light, Bright And Fresh Inside. Welcoming Columned Front Porch, Rich Hardwoods Throughout, Charming Study With Bookshelves, French Doors Leading To...

Keller Williams Realty
Photo of Listing #27087178

6230 Waltway Dr Dr, Houston, Texas - $592,000

Single-Family
  • 3 Beds
  • 3 Baths
  • 2,078 SQFT
  • 3 DOM
View details More Photos Save

Owner/agent. Beautifully Updated Ranch Home In Highly Sought After Section 6 Of Timbergrove Manor. Home Sits At The High Point Of Street And Has Never Flooded With Water Only To Sidewalk During Harvey. Remodeled/enlarged Kitchen With Quartz Counte...

Keller Williams Realty
Photo of Listing #37329836

10114 Storm Meadow Dr, Houston, Texas - $174,000

Single-Family
  • 3 Beds
  • 2 Baths
  • 1,643 SQFT
  • 3 DOM
View details More Photos Save

Beautiful, Well-kept Home With Lots Of Upgrades. Property Features Include: Granite Counter Tops, Gas Cook Top, Tile Flooring & Back Splash, Plush Mohawk Carpeting, Marble Flooring In Bathroom, And Plenty Of Closet Space. Home Is Move-in Ready Wit...

Keller Williams Realty

Copyright © 2018, 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 15th, 2018 at 9:40pm CDT.