If you’ve decided to buy your own home – congrats! It’s a huge step that is very important for the whole family. However, buying a home can cause a lot of stress, since people are often confused with the process, their priorities and all the financial details. And you need to do this right – get the house of your dream. That’s why we made a simple guide to buying a home in Texas, which will make everything easier and help you move into your dream home as soon as possible.
Know what you want
First things first, you need to know what you want when buying a home in Texas. Think of your long-term plans, your family’s needs and write down all the things you would want from a house. Writing things down will help you be more realistic and organized, so be sure to have a notebook dedicated to the house purchase, where you can write all the financial details, tasks, wishes, contacts, etc. The Internet can help a lot when doing this – you can look for homes online and decide on the things you really want and need.
When writing your wishes, use this time to think about your long-term plans and Texas as your future home. It’s okay to have second thoughts about moving to Dallas or any other city in Texas. Talk to some of your friends or family about buying a home in Texas, and ask them about their experiences until you make the final decision.
Access your budget for buying a home in Texas
Knowing what you can afford will help you narrow your search to specific homes. It’s important to access your credit score and know exactly how much you’re able to pay for a house. In Texas, a good credit score is around 620, but it can vary from city to city. Also, don’t forget about the down payment of 20%. Get educated on all these financial aspects of buying a home in Texas, so you can be sure you’re ready for this adventure. If necessary, contact a professional to help you out – this may be an investment that really pays off.
Get a real estate agent
Another thing you should consider is hiring a real estate agent – especially if you haven’t lived in Texas before. Consulting with someone who really knows the Texas housing market and general rules on buying a house in Texas will be of huge help. Real estate agents can help you get the best value for money, which is amazing if you have a limited budget. However, be sure to hire someone you can trust. Have an interview before you hire an agent, and try to find out more about their previous clients, as well as their references.
Start the pre-approval process
Knowing your budget is final only when you get pre-approved for a loan. That’s why you should contact the financial institution of your choice – the lender, and get the loan pre-approval as soon as possible. If your credit score is not the best, and you still have time – try to improve it a bit by improving your monthly debt-to-income relation. Also, when you get the loan amount – don’t browse homes of the maximum price. Be sure to leave some money for additional payments. In this case, too, having a professional by your side is a good thing, so consider contacting a broker to help you out.
One advice for buying a home in Texas is – take your time. The housing market here is huge, so be sure to narrow your search a bit to make things easier. For example, if you’re moving to Dallas, know some numbers before you start your search. The median house value in Dallas is $223,148, and the prices are expected to rise in the following years. The median list price per square reaches $202. All of the prices are around the national average, so you’ll be getting a good deal. Make sure you pick a neighborhood you like or narrow your search some other way – the size, type, etc.
Make an offer
Your real estate agent should help you make an official offer on a house you like. After taking all the different aspects into consideration (the price, down payment, your limits, etc.) you’ll be able to make an offer that’s best for you. To make you an attractive buyer and make sure you really get the house you like, here are some tips:
- be realistic and don’t offer a price too low
- offer to pay a deposit – it shows you’re serious about buying the property
- be assertive, but don’t cross the line
- make a handwritten letter along with the offer – show your personal side and list the reasons why you’re the best buyer
- shorten the negotiation and inspection periods.
House inspection is a must
Before you sign the deal, make sure you give the desired house an inspection. Let a house inspector do this properly, so you know exactly what you’re about to buy and find out if there are any problems with the property.
If you do happen to have any problems with the house, be sure to hire a construction professional like Am Roofing Company Dallas to help you out. Doing things like this on your own or by hiring an unreliable contractor can end up costing way more.
In Texas, you’re not required to have homeowner’s insurance. However, if you have a mortgage, the lender usually requires clients to have some kind of insurance. This is to protect your home from various hazards like floods, fires, storms, etc. In general, it’s always good to have insurance and stay safe if anything happens.
Even though buying a home in Texas seems like a lengthy process – it finally pays off. Having your own house gives you a feeling of satisfaction, security, and independence. Enjoy your new home and an exciting life chapter. Good luck!45