Answers to Common Home Buying Questions in Sarasota, FL
Shopping for a new home can be a rewarding experience, but the process can often be daunting and leave buyers with a series of questions. To help you through the home buying process in Sarasota, we’ve compiled some answers to common questions buyers asked in the Sarasota area:
What Should I Do Before Buying a Home?
The first thing you should do is check your credit and get pre-qualified for a mortgage loan. With this information, you can see how much a lender is willing to loan you and what range of homes you can afford. After that, you should start saving up for a down payment. Typically, down payments range from 10 to 20 percent on the home’s price, so prepare for that. Lastly, start searching for a home you want. Make a list of wants and desires, and see if your agent can match you with the right house.
How Much Can I Afford?
There are plenty of online tools that can calculate expected mortgage costs with monthly payments on a house. But when factoring in how much you can afford, you should consider costs such as closing fees, down payment, home maintenance, and homeowners association fees. Usually, you don’t want to spend more than 30% of your total income monthly, so be aware of this in your budgeting.
Why Should I Buy Instead of Rent?
When you buy a home, you are not at the mercy of a landlord. You have pride of ownership and can modify your home to your liking. As you pay your monthly mortgage payments, you build equity into your home. In essence, your home becomes an investment that you can hopefully capitalize on when you sell in the future.
How Do I Choose the Best Mortgage Loan?
Talk to our preferred lender about which mortgage loan may be right for you. There are a lot of variables to consider in addition to personal preferences. Mortgage loans usually have a life span of 15 or 30 years. Fixed rate mortgages offer a stable loan that has a fixed rate for the loan duration. Adjustable rate mortgages can have their interest rates changed at set intervals, depending on the market. The rate could rise or decrease depending on the market situation. It’s all a matter of what you prefer.
What Should I Look For When Deciding on a Community?
Finding the right community is not just about picking the best schools for your children or locating yourself close to jobs. If you like somewhere peaceful, you won’t enjoy the noise of busy neighborhoods. Is it important to be close to shopping or other amenities? When you see an area that fits you, talk to as many of the residents as you can. These are the people who know the most about the neighborhood and they are your future friends and neighbors.
How Do I Make the Right Offer on a Home?
You have found the ultimate home. Before you make the offer, ask your realtor to provide you with a list of comparable homes in the area. Most sellers price their homes for more than they expect to get. You can use the list of comparables as a reference. Expect counter offers and be ready to reply. When you come to an agreement, you will make the earnest money deposit as a sign of good faith to the seller.
Buying a Home in Sarasota, FL
You have made it this far and if you have done your homework well, closing and loan processing will go smoothly. Buying homes in can be grueling but there is nothing like the accomplishment you will feel on the day you sit at the closing table.