Maui Real Estate

6 Questions to Ask When Buying a Home

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6 Questions to Ask When Buying a Home

So, You finally decided that you want to buy a house!

Whether you’re a first time home buyer or just moving out, this is an important decision. You have probably asked yourself a million questions up to this point and now that you have finally narrowed it down to one, you are now ready to buy the home of your dreams.


Not so fast. There are six questions to ask when buying a home on Maui and take into consideration before owning your next, or first home.

1. Are you ready?

2. Do you know how much it costs?

3. Do you know how much you can afford?

4. What will you put down?

5. Have you readied the other fees, too?

6. Have you checked your finances and credits?

It is a major decision for anybody to buy a home. New home, new life, new beginning—as most people would put it. For some, it marks independence, cleaving, maybe even a paradigm shift. The things that come with home buying are usually big, including mortgage costs and a lot of paperwork. Documentation and the tedious process of repairs if any should also be something you’re ready for.

When you are, then you’re good to go!

Money gets harder to earn nowadays, and it’s very alarming that living expenses also get higher through time. This is also the very reason why we should be careful about the things we splurge on.

While a house is worthy of our hard-earned money, it should be something we could really invest in. Every home buyer should always carefully analyze a property’s price and market value. Be aware of how much is acceptable in spending for the type of house you prefer, so you won’t surprise yourself when it’s paying time.

We know what they always say, live within your means. While it could always be so tempting to purchase your dream home in a jiffy, it should always be remembered that a house’s price could be so overwhelming. Consider mortgage costs, miscellaneous fees, monthly amortization, and even maintenance expenses.

There’s a lot more than the down payment. It’s a great idea to compute how much money you can afford to allot to monthly payments, and that could be your basis of how much you’re capable of.

house 4Here comes the down payment. When you’re using a loan to buy a home, the lender usually requires a certain amount as a down payment. There are instances when a down payment should be paid in cash, or in installments. Either way, a home buyer should be ready for the down payment once he has decided about which to purchase.

It is highly essential that a buyer is ready with the amount before he starts looking. Escrow fees, documents, even the searching process could consume a lot of money, too.

Title searches, as well as other home buying documents need to be paid right away. If in any circumstance, one could not afford to pay such fees, a lender could be of big help.

When applying for a loan, lenders and banks naturally run checks regarding your credit and financial history. A home buyer should be aware of his current mortgages, if any, just to be sure that the property he will purchase is still within what he is earning.

These questions are just a few of all the things a home buyer should consider when choosing a property.  Bottom line is, being financially, emotionally, and mentally prepared for the expenses responsibilities goes a long way. So, research, look around, and be ready.

Melanie J. Vitale, ABR, GRI, RSPS, SFR
REALTOR/ Broker #19645
Coldwell Banker Island Properties
Direct: 808-870-7162

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