Are You Ready For Home Ownership?

When the home-buying “bug” bites, it’s all too easy to get carried away by the American Dream. Before you know it you’re surfing the Internet, looking at listings, or – worse yet – hopping in your car with open houses as your destination.

Sure, millions of Americans want to purchase a home, but not all of them are ready.

Owning a home is expensive, from the purchase to the maintenance. It’s a big responsibility, both financially and emotionally. If this is your first home purchase, it’s important to take stock of where you stand, again, emotionally and financially, before taking even one step toward looking at homes for sale.

How much can you afford?

Do you have any idea of how much money you can comfortably afford to pay for a home? Not just the down payment, or the monthly payment, but the ongoing maintenance as well?

Most first-time buyers have no idea how much a lender will loan them. So, the first step in the entire process is to meet with a lender and hammer out the details. Once you know how much you can borrow, you can construct a budget that includes all the nickels and dimes that go into homeownership. Believe us – they add up.

Another reason the experts suggest shopping for a home loan before shopping for a home is that if you don’t, and you have no idea how much you can spend, you are wasting your time, the homeowner’s time and your real estate agent’s time. Additionally, imagine how disappointed you’ll be if you find out you can’t spend as much as you thought and the homes that are within your price range pale in comparison to the ones you’d been touring.

Are you ready to buy?

Not having a landlord brings both advantages and disadvantages. Sure, you can paint the walls any crazy color you want and you can even finally own a dog. But, what happens when the bathroom sink backs up or the basement floods? You can no longer pick up the phone, call your landlord and count on the problem being solved.

It’s up to you. Do you have a maintenance cost cushion? Experts agree that you should have savings equivalent to at least 1 percent of the purchase of the home to cover emergencies and routine home maintenance.

We Can Help

If you feel that you are ready to buy a Duluth home, we hope that you’ll allow the Kris Lindahl Team with Kris Lindahl Real Estate to assist you.

We are committed to helping our clients find the best home at the right price. We can also help you with finding down payment and closing cost assistance programs and we offer financial incentives to certain clients, depending on their occupations.

Don't hesitate to contact us to find out more about how we can make buying your first home easy.