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Featured Community

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Featured Properties

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Home Valuation

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Mortgage Calculator

calculator

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Financial Hazards When Buying A Golf Home

Buying a golf home means having the convenience of being near a great course and enjoying many community amenities. It's a great lifestyle to embrace, with plenty to explore, see and do. When you're in the market for a golf home, you'll be faced with many choices. Fortunately, it's often difficult to decide because contenders offer so many wonderful things. So, the last thing you want to do is to commit one or more financial mistakes.

What to Look for in a Golf Home

There are some things you should know about buying a golf community home. First and foremost, is location. While you might want to be close to the clubhouse and pro shop, be sure to look into traffic and parking. You'll also need to learn about the community amenities and any restrictions. For instance, you might be limited as to how many guests you can host at the clubhouse. Ask about any future development if there is a lot of green space nearby.

When a lender pre-qualifies you for a loan, they just take a quick look at your financial situation. Then they throw out a number they might be willing to lend you. It's all very breezy and informal (i.e., worthless). The pre-approval process goes deeper. This is when the lender actually pulls your credit score, verifies your income, etc. But neither of these things guarantees you will get the loan. The only time you can be 100% certain of your mortgage approval is when you close the deal. Up until that time, there are plenty of things that can derail the process. --Home Buying Institute

Do a little research into the homeowner's association. Ask current residents about the HOA members, rules and more. The great thing about living in a HOA community is the maintenance. Plus, you won't run the risk of a neighbor devaluing your house with some crazy exterior paint. Of course, you'll want to find a golf home with exceptional design. Also, plenty of creature comforts, as well as personal likes.

Avoid these Big Financial Home Buying Mistakes

What you need to avoid is committing any unintentional financial mistakes. If you are financing with a conforming or nonconforming mortgage, you need to stay focused. Just one misstep can put a serious damper on living in one of the best golf communities as planned or having to make adjustments. Here are the biggest financial mistakes you need to avoid when buying a golf community home:

  • Opening new lines of credit. You probably know your loan amount is based on your debt-to-income ratio or DTI. That figure is the difference between your monthly income and monthly obligations. So, don't throw off your DTI by opening new credit lines. Even you don't use these for purchases, they will probably going to be considered potential debt. (Remember, lenders usually run a "soft credit check" just a day or two prior to closing.)
  • Spending more on open credit. The same applies to your already open lines of credit. While you can pay these down, no new purchases should be made. After settlement day, this won't matter to the lender. But until you have the keys in your hands and are moved in after closing, don't use credit.
  • (Re)moving bank account funds. Whether it's to pay cash for this or that or simply transferring money from one account to another, try to avoid this. Ask you real estate pro and lender what is and isn't acceptable. Moving cash around is just an unnecessary risk.
  • Changing jobs before closing day. Unless you have this cleared with your lender, don't change employers prior to settlement. A huge factor in your home loan amount and approval is based on your employment history. Lenders simply do not like any unknown risk. If you are planning on going to another employer, be sure to consult your lender first.
  • Making a career change prior to closing. Even worse than going to another employer is making a career change. Here again, unless your lender is in-the-know about it, such a move is one that puts your financing at risk. Changing careers means starting in a different field of work and that's what can make your mortgage lender uneasy.
  • Not obtaining the proper insurance coverage. Here in the Sunshine State, you'll probably be required to have an insurance policy in-place by your mortgage lender. Know what insurance policies, amounts and more are needed so you aren't inconvenienced at the last moment. Additionally, look into pros and cons of bundling insurance policies.

In addition, be prepared to interview with the HOA. This is a common formality and you should know what to expect; so, ask your buying agent for any helpful advice. If you are considering buying a golf home, contact me for more advice about what to expect with the process. Plus, get help to navigate the entire purchase from beginning to end.

If you are looking for a local lender in the Bradenton, Lakewood Ranch, Sarasota and Venice area try Fairway Funding 

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Fine Properties logo

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Dennis Boyle, The Golf Home Pro

941-400-5584

Info@SuncoastGolfHomes.com

logos

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