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5 Tips to Prepare Yourself Financially to Buy Your Ocean Edge Condo

5 Tips to Prepare Yourself Financially to Buy Your Ocean Edge Condo

Purchasing a home is a huge financial commitment, how do you know if you are ready? There are a number of factors to take into consideration when you are thinking of buying a home. You need to prepare yourself mentally, physically and financially. Mentally you need to get yourself ready for the amount of responsibility that comes along with owning your very own condo. Physically, you will find yourself doing a lot of projects around your new home that you have never done before to save yourself the money of hiring someone else to do it. It’s time to roll up your sleeves and get your hands dirty! Financially, you need to make sure that you are able to pay your mortgage on time along with your other expenses. How do you make sure you are financially ready to handle purchasing a home? Here are our 5 tips to prepare yourself financially to buy your Ocean Edge condo.

Create a Budget

Buying a condo comes with a lot of set expenses. You have your condo fees and your mortgage that unless you have a variable rate mortgage, should be set expenses. In addition to these set expenses, you also have expenses that are associated with your new home that typically stay the same but fluctuate. These expenses are your gas, electric, cable and other utilities for your home. These are all new expenses that need to be accounted for in addition to the expenses that you currently have to pay every month. Your current expenses include your car payment, student loans and credit cards. Creating a budget for yourself is the only way you can set yourself up financially to buy your Ocean Edge condo. Budgeting for a down payment can be tricky. Check out our blog, “How to Save for a Down Payment on an Ocean Edge Condo” for tips on how to put aside some money to make your purchase.

Create a budget for buying your Ocean Edge condo

Pay Off Your Debt

Paying off your debt before you buy your Ocean Edge condo takes care of two birds with one stone. Eliminating debt will give you more money in your budget for non essential items such as splurging on some fun or updating your Ocean Edge condo. Paying off your debt also helps you boost your credit score so that you can get a better mortgage product when you meet with a lender for a loan to purchase your home. The higher your credit score, the lower your interest on your loan, which means you will pay less every month. Want to learn more about how your credit score impacts your ability to purchase a home? Check out our blog, “Clean Up Credit Score Before You Buy.”

Look at Your Spending Habits

In order to create a true budget, you need to take an honest look at your spending habits. With mobile banking and credit card apps, it is easy to take a look at your spending to see where most of your money goes. This will give you an idea of where your money is going that you might not be aware of. Your findings when going through your financial statements may surprise you! You may have only budgeted $75 per month to fun, which could be going out to dinner or going to the movies, but when you check your statements you may find that you pay 3 to 4 times that amount per month. Looking at your actual spending habits will help you create your budget so you have a more realistic idea of where your money is going and what you can do to cut down these expenses so you can buy your Ocean Edge condo.

Look at your spending habits before you buy a condo at Ocean Edge

Make Some More Money

It may not seem like it is possible to do more than you already do now, but you may be surprised. Saying yes to a couple extra shifts at work, or a couple of overtime hours will make a difference in your overall budget. If your job does not offer overtime, picking up a part time job could be the answer. Serving or hostessing in a restaurant a couple hours a week can line your wallet with a little extra cash so you are not living paycheck to paycheck. It can also help you save up the money that you will need for a down payment to buy your Ocean Edge condo. Take advantage of living on Cape Cod in the summer time and see if you can find a part time job that fits your current schedule to make a little extra money.

Save Your Money

Once you have decided that home ownership is your ultimate goal, you need to start saving your money. When buying your home, you need to have money for a down payment. This amount varies depending on the type of mortgage product you will be eligible for. A down payment is one of the expenses you will be expected to come up with when closing on your condo. For more information on what expenses you are expected to come up with at the closing of your home, check out our blog “Hidden Costs of Buying a Home.” The down payment is not the only cost you can expect to have to pay up front at closing, so it is best to be prepared. Closing on your home can be stressful, and it can have its issues which could cause delays when purchasing your home. Check out our blog, “5 Closing Day Problems and How to Fix Them,” so you can see what could potentially go wrong and how to deal with it. Knowing the worst case scenerio can help you prepare so it doesn’t happen  to you and you could get into your condo sooner!

Save money to buy an Ocean Edge condominium

Prepare Yourself Financially to Buy Your Ocean Edge Condo

Preparing yourself financially to buy your Ocean Edge condo is essential in setting yourself up for success as a homeowner. For more tips on how to get ready to make the transition from renter to homeowner, check out our blog,  “Renter to Homeowner – How to Make the Leap.”

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Buying an Ocean Edge Condo: How to Prevent Buyers Remorse

Buying an Ocean Edge Condo: How to Prevent Buyers Remorse

We have all experienced buyers remorse at one point or another in our lives. You see something in the store, you feel like you just have to have it so you buy it. When you come down from your little shopping high purchasing this coveted item, you start analyzing your purchase. Did you really need it? Did you need to spend the amount you spent on it? What are you going to do with it? How could you have spent your money better? Why didn’t you comparative shop before making the leap? All of these questions swimming in your head could leave you feeling buyers remorse. Although it’s not a desirable feeling to get after making a purchase, at least you are typically able to return your purchase for a refund or at least store credit if you realize your purchase was a mistake. When you buy a home, you can not just return your condo if you determine that your purchase was a mistake. Avoid feeling homeowner buyers remorse and ask yourself these questions before you pull the trigger on purchasing your Ocean Edge condo.

Is It All About Winning?

When a property has many desirable features, is priced competitively and marketed well, many times a bidding war will ensue. Sometimes people get so caught up in trying to outbid the other person to “win” the home that they don’t really think about whether the home is worth it or not. They also don’t consider whether they would be able to afford the home now with that the price has gone above their original offer. It always feels good to win, but if you’re winning a home that you spent way too much money on and suddenly realize it, that feeling will definitely turn into buyers remorse. Keep a clear head if a bidding war starts. Determine what you are comfortable spending and stick with it. You might be able to pay a little more on the condo than you originally thought if the home is in good shape and you don’t need to do any major upgrades or remodeling to make it your dream home. If the condo does need some work, it might be a good idea to hold back and let this property slip by. New properties will be listed on the market. The perfect condo that fits your needs and budget could be just around the corner. Check out our blog “Find Your Dream Condo at Ocean Edge.”

Ocean Edge Buyers Remorse: Is it all about winning

How Familiar with the Condo are You?

One of the major reasons people feel buyers remorse after purchasing their home is because they are not completely familiar with the property before purchasing it. Sometimes surprises are fun, but when it comes to a home, unexpected surprises are not a good thing and can make you question why you bought your home. It’s important that you visit the condo multiple times, and that you inspect it thoroughly before purchasing the home. How many times have you visited the house you are thinking about purchasing? Buying a home is a huge investment, and you want to make sure you are making the right decision. Take someone you trust to see the home, whether it be a family member or friend. Try to see the home unfurnished so you can imagine yourself and your belongings in the space. You want to be confident in your purchase, so take your time and visit the home as often as you need until you are sure that it is the right home for you.

Have You Seen the Condo Alone?

Go to the home and tour it alone so you can really pay attention to the condo and see how you feel about it without anyone else’s opinion. If you’ve only been through the home with your significant other, trusted family member or friend, you might be feeling their excitement about the condo instead of your own. Are they talking you into what a great purchase this home is or do you believe it is the best place for you? Having your real estate agent there with you one on one to point out the positives and negatives of the property is always helpful. Their unbiased opinion and knowledge of the property and local real estate can help you make a more clear headed decision regarding the condo. After doing a walk through with your real estate agent, do a walk through by yourself. This will give you time to process what they said and see if it is a home that you can live with, flaws and all. When you’re done with your walk through it is helpful to have your real estate agent there to ask any questions that may have come up during your home tour. Not sure if you are working with the right real estate agent? Check out our blog “5 Reasons to be Thankful for a Great Real Estate Agent” to make sure yours is making the grade.

Buyers Remorse Ocean Edge: Have you seen the condo alone

Do You Have a Contingency for That?

When buying a home, it is important to have a safety net just in case things do not go as planned in the inspection, appraisal or while securing your mortgage. If you are working with a real estate agent, they will likely recommend that you put in a contingency for the home inspection for the property. This is the only way that you can walk away from purchasing the condo if there is something really wrong with the property that is found during the home inspection. If you do not include the contingency regarding the home inspection, the property could be a total loss but you would still have to purchase it. If there is something wrong with the property that the inspection uncovers and you have that contingency in place, you have the opportunity to then walk away from the sale. Check out our blog “Top Home Buyers Fears and How to Face Them” which will discuss contingencies and other ways to protect yourself when buying your home.

How to Prevent Ocean Edge Buyers Remorse

Buyers remorse is a feeling that no one likes to get when they are making a large purchase. A home is most likely the largest purchase you will make in your life, and it is the worst purchase to regret because you can not return the home if you decide it was a bad idea. By taking the time to ask yourself the above questions, you could save yourself from living with regret over making the wrong purchase or the hassle of trying to sell your condo once you realize that it is not for you.

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