5 Signs That You Are Ready to Own a South Tampa Waterfront Home

5 Signs That You Are Ready to Own a South Tampa Waterfront Home 

If you are tired of renting and think that you are ready to buy a home for sale in South Tampa, you’ve made a great decision! The question is, how will you know if you are ready to buy a home and make one of the biggest investments in your life?

Real estate experts say that if you plan to stay in your home long enough to build equity (5 years at least), that is one sign you are ready to buy a home.

Here are some other signs that you are ready to become a homeowner:

1. You can adapt to the market.

If you find yourself complaining about how overpriced the homes are, then you are not yet ready to adapt to the current market. A buyer who is ready and serious about buying a South Tampa home for sale should research the market and set realistic expectations about home prices based on current market conditions.

2. You have enough savings.

Mortgage lenders prefer homebuyers who have sufficient savings and an emergency fund that will cover at least three months of their mortgage payments. It is not a sound financial decision to spend your entire savings to purchase your dream home.

3. You have the resources and time to maintain a home

One of the reasons why mortgage lenders do not recommend spending all your savings to pay for your new South Tampa home is because you may need money for repair and maintenance. Owning a house requires you to mow the lawn, wash the windows, and make minor repairs occasionally. You have to attend to these repairs as soon as they arise to avoid major repairs which could be more expensive.

4. You have been with your current employment for at least 2 years.

Mortgage lenders would like to see that you have a stable employment history before you can borrow money from them. Ideally, you should have at least two years of employment at the same company.

5. You plan to stay in the home for at least 5 years.

If you do not have any plan of staying in the home for at least 5 years, then it is not a good idea to buy a South Tampa home for sale. Although some buyers who relocate rent out their home, it is not a wise decision because of the difficulty in managing long distance rental property. You won’t be able to sell the home if you have not stayed long enough to build equity which will pay off closing cost and other costs related to selling a home.

If you answered “yes” to all 5 signs, then you are ready to become a homeowner. You can start searching for South Tampa waterfront homes for sale at http://www.TampaTodayRealEstate.com/. Otherwise, you need to work these things out before deciding to buy a home

If you have questions regarding South Tampa waterfront homes for sale or if you need help with your real estate concerns, call me, Mary G. Diaz at 813-245-9677. Let me help you get the best deal with my knowledge and experience in homes for sale in South Tampa area.

 

How Long is The Homebuying Process for a Home for Sale in South Tampa?

How Long is The Homebuying Process for a Home for Sale in South Tampa?

Many people who decide to buy a home for sale in South Tampa may wonder exactly how long the entire home buying process is. Will it take weeks? Will it take months? The timeline depends on a number of factors and conditions, and certainly varies for each homebuyer. Of course, knowing what these are and how they affect you may help speed up the process.

To give you an idea on how long the homebuying process takes, some factors and areas of the process are discussed below.

Credit Score and Savings

For any serious homebuyer, the first logical step is to know how much you can afford. This is most especially true for those who will opt for financing—getting a pre-approval for a loan will tell you exactly how much the loaning institution is willing to “lend” you. So, what factors can affect pre-approval in the first place?

Your credit score and savings have a great effect on pre-approval. The higher your credit score, the better loan options you will have. Where does savings come in? Remember, most home loans require down payment, thus you need to have a good amount on your savings for this purpose. If you do not have a good credit standing and savings, it is highly recommended that you get both of them in order. The last thing you want is to find your perfect dream home―a beautiful South Tampa waterfront home—only to end up not being approved for a loan.

The Search

Now that you know how much you can afford, the next step is to search for a home. Finding the perfect home for you and your family can range from a weeks to several months (or even more than a year) depending on your preferences, availability in the market, and most importantly your motivation in buying a home.

Loan Approval

Loan approval varies from lender to lender. While some banks can get your loan approved within 10-15 days, some mortgage lenders might take longer. A big factor that affects the speed of your home approval is how fast you can submit the documents required by the lender. The sooner you can provide these documents, the faster the loan will be approved. It is best advised that you submit your information 24-48hrs upon your lender’s request.

Home Inspection

The home inspection is a very important phase in the homebuying process as this will help avoid any unforeseen costs on repairs after you have closed the sale and signed the contract. Imagine getting into your new home only to find that the basement floods after the water is turned on. The length of this phase would depend on the home inspector and the number of reports that needs to be written detailing any damages to the property that may need repairs.

Closing the Sale

Closing is the fastest phase of the home buying process. As long as all the requirements have been submitted and all terms and conditions of the residential purchase agreement have been fulfilled by the buyer and seller alike, closing normally takes less than an hour.

How long (or short) it will take to buy a South Tampa home for sale greatly depends on your motivation. The faster you comply with all the requirements needed in every step, the faster it will be to proceed. Work with a well-experienced real estate agent and get the best deal from hundreds of South Tampa homes listed in http://www.TampaTodayRealEstate.com.

If you have questions regarding South Tampa waterfront homes for sale or if you need help with your real estate concerns, call me, Mary G. Diaz at 813-245-9677. Let me help you get the best deal with my knowledge and experience in homes for sale in the South Tampa area.