Getting Ready to Buy A Hampton Roads Home
Buying a home in Hampton Roads is a very exciting yet sometimes stressful life event. There are so many choices and decisions to make along the way. Selecting your home is deeply personal, and often emotions can lead to some really bad choices. As REALTORS®, we take our responsibility to find you a home seriously. We will listen to your needs, educate you on your choices, and protect your best interests at all times. We handle all the details and will guide you to the best home and community.
Choosing Your Real Estate Guide
Often people find and fall in love with a home before doing any agent research. Many agents rely on this emotion to simply “close deals” and SELL buyers. We believe differently: you should interview the agent in whom you will be placing so much trust. Your needs should be the center focus and we strive to be sure you are educated along the way. For us, our work with you and your family is the start to a new lifelong relationship. Meet The PerfectHouse Team.
Setting Your Time Frame
There are a lot of variables that can determine the amount of time it may take for you to move to a new home. A standard home search takes roughly three to four months, which also includes the mortgage approval process, comparing properties, making an offer on a home, and the closing process, as well as the typical loan process which usually takes 30-60 days.
The Lending & Mortgage Process
Our one-stop shopping experience comes complete with referrals to multiple local lenders to get you pre-approved for a mortgage. Before you get to the lending process, there are a number of things you can do to make things go smoothly. Be sure that your budget is well defined, try to pay off any outstanding credit card payments, and make a list of your monthly expenses. Compare these expenses with your monthly income to determine if you need to make any adjustments to your spending.
Now you can round up documents that you might need, including bank statements for the past few months, pay stubs, W-2 forms, and income tax returns for the past few years. You’ll also need your credit report.
When you have it all, you and your REALTOR® can factor in closing costs and get multiple lender offers, so you can compare loans and find the best value and rate.
How Much You Can Afford
When purchasing a home, most buyers pursue properties that cost as much as two and a half times their current annual income. For instance, someone making $60,000 a year might buy a home that’s around $90,000 to $145,000. Mortgage payments should be about 26-28% of your gross monthly income, and any debt you may have should not exceed 45% of your gross monthly income.
Find A Home For Your Needs
Our personal buyer consultations start with a thorough search based on your needs and price range. Before you start looking at homes, prepare a list of “must-have” features, along with optional features you’d like to have.
The must-have features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, size or square footage of the home, location (consider your commute to work, which schools your children will attend, is family close by, etc.), lot size and special needs (handicapped access, etc.).
Some optional features may include the architectural styling and features such as pools, hot tubs, bay windows, and landscaping. Having a clear idea of your wants and needs will help your REALTOR® find the perfect property for you.
Got Local Questions? Let our local experts answer your questions. Contact us at (757) 335-6111.