What is your comfortable monthly budget? That is typically the first question we will ask all home buyers. After you have picked a Realtor to assist you, your Realtor should help walk you through the entire process of home buying. For the Hawaii Starts Here team we realize that not every home buyer is ready to buy now and during our first talk together we will ask the questions necessary for our buyers to figure out where they stand.
A majority of Realtors may start by getting buyers in touch with a loan officer and asking the loan officer “How much can they qualify for?” Then the Realtor starts showing properties in that price range. The buyer finds a home that they love but come to find out that the home’s “total monthly payment” is much more than the buyer wanted to spend. This is all too common of an occurrence. Our Hawaii Starts Here team realizes that there are a lot of factors that can change the total monthly payment of a property including, down payment, interest rate, credit score, mortgage insurance, taxes, home owners insurance, maintenance fees, association fees, and other property costs.
The best question to ask is always “What is your comfortable monthly budget (Total Monthly Payment)?” From there we can show you estimated payments of properties that may be in your comfortable monthly budget and in the area you are searching for. If those properties do not fit what you were searching for then we will ask you the normal questions most Real Estate Agents ask such as:
1. What type of home are you looking for? Condo? Townhome? Single Family Home?
2. How many Bedrooms are you looking for?
3. How many Bathrooms are you looking for?
4. What areas are you searching in?
After searching through properties we can rerun the numbers and show you what the homes you are hoping for will cost you on a monthly basis. A lot of home buyers fall somewhere in-between what their budget can afford and what they are hoping for. Our home buyer consultations are low pressure and many times we provide all of the important information to our clients to decide what they want to do. Our clients may need to think about a few things before the next step happens.
• Am I okay with the properties that fit my budget?
• Do I want to wait until I can afford what I really want?
• Do I want to compromise somewhere in between?
• Do I want to reconsider my parameters and think more short term? (Stepping Stone Property)
Once our clients are ready to consider one of the options then we can move on to Step 3.
If you would like to set up a Home Buyer Consultation please feel free to use the link below or contact us HERE.
Previous, Step 1: Find the Right Realtor For You
Next, Step 3: Get Pre-Approved by a Lender
Joe is a realtor with Better Homes and Gardens Real Estate Advantage Realty. He majored in finance and has experience as a former mortgage loan originator. He has helped buyers both with new project loans and going through the process of applying and obtaining units in new projects. He uses his finance, mortgage, and real estate knowledge to help home buyers find the right properties to fit their needs. Contact Joe by phone or email at (808) 351-8394 or JoeC@BetterHawaii.com.
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