As a first-time home buyer in Texas, you should count yourself lucky. Texas is a phenomenal place to establish your roots and raise a family.
However, a home is a big purchase. As such, you need to consider a few things before your start the house-hunting process. What is your budget? Do you know your loan eligibility?
These are just a few things you need to think about as a new home buyer. But don’t worry, we’ve got your back. Keep reading for everything you need to do as a first-time homebuyer.
Figure Out Your Financial Situation
Being able to afford a home, in theory, is quite different than paying for a home in real life. When you buy a home, there are additional expenses, as well as those associated with homeownership. For example:
- Realtor fees
- Closing costs
- Moving expenses
- The costs of furnishing your new home
- Homeowners insurance
- Utilities and services
- Regular maintenance and repairs
- And more
Furthermore, as a first-time home buyer in Texas, you need to determine your home loan eligibility. Get preapproved by your bank and several other lenders to identify your potential loan amount and interest rates.
Based on the different types of loans you qualify for, you can also see how big of a down payment you will need to contribute. If you don’t qualify for as much money as you’d like, you might need to invest some time in boosting your credit score.
Hire a Real Estate Agent
The Texas real estate market is full of homes that will serve you and your family well. To find the best home, however, we recommend working with a real estate agent.
They are knowledgeable about the local neighborhoods and school districts. They also have experience buying and selling homes. This includes negotiating with sellers to get you a better deal.
They might also be able to direct you to valuable state programs for first-time home buyers in Texas. These programs can help with down payments, loan eligibility, and more. You can find an experienced real estate agent at Kendrahudson.com.
Find a Home and Make an Offer
Finally, after touring homes with your realtor and finding the right one, your next step is to make an offer. We recommend coming in low, but not too low. Making an insultingly low offer may put the seller in a confrontational mood in which they’ll be less likely to negotiate.
Additionally, your offer should be contingent on both a home inspection and a home appraisal. Hire a home inspector to verify the condition of the house. They’ll be able to identify all major and minor issues that will affect your desire to buy the home (as well as its value).
An official home appraisal is necessary for determining the fair market value of the home. This is a safety net for you to ensure you’re not overpaying for a house.
Assuming everything checks out, both parties will agree to the offer and sign a contract. Then, it’s a waiting game while the lender approves the home and your financing. After four to six weeks of closing, you can move into your new home!
Are You a First-Time Home Buyer in Texas?
If you’re a first-time home buyer in Texas looking for the best house for you and your family, heed the advice written in this article. Take your time and consider how your choice will affect you now, and in the future.
And if you’re looking for more real estate advice or financial tips, stick around. Before you go, read through some of our other articles to find more valuable insight, inspiration, and information.
