Many prospective buyers of homes in Staten Island are guilty of a common error. The first thing many prospective buyers do after deciding to purchase a home in Staten Island is find and browse for homes for sale online at websites such as Zillow.com. Homebuyers often spend hours looking at pictures of the homes that interest them. The homebuyer imagines all the ways they will decorate and furnish each potential new home. The home buyer becomes excited and hopeful about possibly owning one or several of these properties. After weeks or months, when the time comes for the home buyer to apply for a mortgage loan to finance a down payment and closing costs for a new home, he/she discovers that the price of the house he/she has fallen in love with is too high.
The initial critical process when purchasing a home in Rossville, Woodrow, Annadale, or Eltingville involves assessing your current financial situation. Financial assessments include: determining your actual income; estimating how much debt you have; evaluating what you have saved for down payments and closing costs; and establishing how much money will be available each month to pay your mortgage payments based on affordability (i.e., how much you can afford) rather than the highest amount that a lender would allow. Understanding your finances is an equally if not more significant task as finding a home.self.
Why Financial Preparation is Key in Staten Island Real Estate
Shopping for a home without first having a solid financial budget will most likely cause you headaches. Home shoppers may find themselves falling in love with houses they cannot afford. In addition, home shoppers may also have an interest in different areas of town but realize they cannot afford to live in those areas. Home shoppers also believe they can stretch their finances. Once they meet with a lender, they will discover the actual monthly house payments are higher than what they assumed. The down payment and closing costs were higher than anticipated as well. Finally, the homes they fell in love with while shopping for a home are not feasible at this time.
Get Pre-Approved to Strengthen Your Home Buying Position
Next step is to get pre-approved for home loan. Getting pre approved for a home loan does much more than just satisfy an administrative requirement. It changes you from a browzer to serious candidate. It provides clarity as to where you are financially and gives your Realtor the most effective way of finding properties that meet your needs. Also sellers will know that you are well-prepared buyer and can finance purchase of their property.
Pre-approval also tightens up house hunt. Instead of looking at everything, you can focus on homes that actually fit your budget. This saves time, prevents emotional attachment to unattainable properties, and reduces risk of ended in chaotic negotiation process.
The Role of a Real Estate Agent in Your Home Buying Journey
More than a key to a house, a knowledgeable Staten Island Realtor acts as your tour guide through the entire home buying experience so that you can avoid experiencing unexpected hurdles. Your experienced Realtor will help you understand all of the parts involved in the home buying process (terms such as earnest money, closing costs, inspection contingencies) and helps you set realistic expectations. With an understanding of what needs to happen next in the home buying process, this gives you a smoother and less reactive experience. It’s particularly important for first time home buyers, as they are likely to have no knowledge of these “insider” terms. Your Realtor will keep you informed-not panicked.
Make Your Staten Island Homeownership Dream a Reality
When it comes time to purchase a new home, it should be an exciting time. An even more exciting time is when the purchase of a home has been thought out before hand. The security and confidence you receive from knowing you are financially ready and having a plan to follow as you go through the process of purchasing a home makes owning a home feel like a dream come true. Not only do you know you can achieve this goal, but also you are on your way to making this dream become reality.
When we think of our homes, many times we don’t realize how much more they represent than just an investment. Our homes are where we spend some of the most important times in our lives. So, therefore, if you want to approach the purchase of a new home (whether it is in one of Staten Island’s great communities such as Rossville, Woodrow, Annadale, or Eltingville) with a strategy that works best for you then the first step is to talk with each other regarding what you both believe your financial situation is, what type of home you would like to live in, and the overall plan to find that perfect home.
Once those steps are taken place, your search for the perfect home will be so much easier and enjoyable. You won’t need to guess which community may be right for you. You won’t have to chase after different properties. Instead, you will be able to shop around for your new home like the serious buyer you are.
Are you looking to begin your journey to finding the perfect home in Staten Island with a solid strategy? If so, contact Supreme Home Sales today to review your current financial position and begin your search.
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