Ready to Buy? We’ll Give You $1k
In nearly every tenant’s life, they start thinking about owning their own home one day. Maybe that’s you? Instead of seeing your money disappear in rent payments, you probably like the idea of creating equity with every mortgage payment. While it may sound counterintuitive for a property management firm, we applaud this thinking! In fact, we want our renters like you to ultimately own their own homes. And if you use our in-house realtor, we’ll give you up to $1,000 buyer credit toward closing.
Think you’re ready to claim your piece of the American dream? Let’s make sure you’ve covered a few bases first.
Check Your Lease Agreement
Whether someone rents through The Realty Medics or another landlord, they should carefully review their lease for fees and termination dates. Terminating your lease early can put you in a financial bind if you’re unprepared.
During the initial term of your lease, you’ll face hefty breaking the lease fees. Even if you rent month-to-month, you should check the language for how much notice you need to give the landlord.
Knowing timelines can help you make better choices before signing a purchase agreement, saving you tons of stress later. If you’re unsure about the language in your lease, call us so we can review it together to prevent issues.
How Much Home Can You Afford?
Looking at available properties is fun. We get it. But before you get too far along in planning where to put the pool, can you afford that listing? Save yourself the emotional rollercoaster that comes from falling in love with a house waaaayyyy outside your price range.
We always recommend potential buyers get pre-approval from their lender before they look at a single listing. This will give you a ballpark limit and (really) rough interest rate estimate to work from.
You probably have a ballpark of what you want to spend on a monthly mortgage payment. But how does that translate into the total cost of a house? Use our mortgage calculator to find out!
Saving for Ups and Downs
Unlike a rental property, as the owner, you’re responsible for the upkeep of a home. For the most part, maintenance and repairs come out of your pocket.
A rule of thumb is to have 1-4% of the purchase price for routine maintenance and repairs. However, if you buy an older house, it helps to prepare for bigger-ticket items to need replacing sooner.
You’ll also need to make sure you have enough of a down payment and any associated closing costs. Conventional loans require a down payment of at least 20% of the home’s cost. Of course, if that feels unattainable, other loan options exist to make home ownership possible. If you have questions about these different types of loans, we can help.
Have questions? Want more info on how to snag that buyer’s credit from us? Get in touch! Call us today at 407-624-5637 or complete our online form so we can create the best strategy for you.
The sooner we start working together, the easier the buying process will go for you. Since we know your lease provisions (we wrote them!) and know your landlords, we can help you plan out ending your lease.Plus, our realtor can help make purchasing your own home go as smoothly as possible.
