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Top Things Not To Do When Buying a Home

Buyer Getting Keys to New HomeBuying a home is exciting. When shopping for a home in the Sanibel Island and Captiva Island tropical paradise of Florida your attention may easily be distracted by the incredible lifestyle and culinary treasures. We recognize this. We feel it is important to help keep you on track when buying a home. The buyer’s agents from Kingfisher Real Estate will help you keep your eyes on the prize and steer you away from what not to do when buying a home. And at the end of the day (that is after closing) you will enjoy all the swimming, snorkeling, golfing, tennis, nature walks, shelling, and fabulous dining our tropical paradise has in store for you. Here are the top things not to do when buying a home. 

Not Getting Pre-Approved for a Mortgage: You will want to speak to several mortgage lenders and obtain prep-approval when buying a home. Sellers will not generally accept an offer without seeing a pre-approval letter from a buyer. The letter simply shows the buyer's ability to pay for the home. 

Making Big Purchases: The mortgage pre-approval process will take a look at your overall financial situation, and your ability to make payments on the loan. The lender will be looking at your DTI ratio (debt-to-income). You will need a DTI ratio of 43% or less to qualify for a mortgage. Now is not the time to make big purchases that will affect your DTI ratio. If you are shopping for a bigger sailboat or yacht it is best to hold off on purchasing until after closing. You can charter a sunset cruise with a local captain in the meantime. 

Changing Careers: You will need a stable income when applying for your mortgage. Now is not the time to change careers or give notice to your current employer. It is best to wait until you close on your home before making a career change. 

Not Shopping for the Best Mortgage Deal: Conventional loans are the most common type of mortgage loan in the United States. These loans are made by a private lender. There are also loans backed by the U.S. Government and loans available exclusively to veterans and their spouses. You will want to take the time to shop for the best possible mortgage you qualify for. Talk to the lenders and do the math! 

Not Working with a Buyer’s Agent: Real estate agents are educated professionals who deal with property transactions for a living. Working with a buyer’s agent from Kingfisher Real Estate is one of the best decisions to make when buying a home on Sanibel Island and Captiva Island. They will be representing you and working in your best interest. Your buyer’s agent will understand the local market and your priorities. They will help guide you to act quickly when the perfect house comes on the market. 

Not Scheduling a Home Inspection: Home inspections are relatively inexpensive. The cost is around $300-$500 for a 2-3 hour single family home inspection. While home buyers are sometimes tempted to save a little money and skip this step, we advise against it. We will also advise you to include the home inspection on your contingency list for your formal offer. This will allow you to negotiate a better price, request repairs, or walk away from a home dependent on the outcome of the home inspection.

Not Considering Your Budget: A qualified lender will not approve a loan for more than you can afford. Nevertheless, you will want to take a very close look at your budget and lifestyle. You don’t want to be spending all of your money just to make the mortgage payment. There are beaches and golf courses to explore all around the world, family vacations and weekend getaways to enjoy, country club memberships to maintain, and many other things to spend your hard earned money on. Do the math. Look closely at your budget and determine how much of a mortgage payment you can comfortably make without sacrificing your lifestyle, or anticipated lifestyle, in your new island home in Florida (you might need a bigger boat). 

Kingfisher Real Estate agents are the most well respected group in today’s marketplace serving the Captiva & Sanibel Islands. We look forward to helping you with all your real estate needs. Contact us today!

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