Which emotion surges higher when buying a home … excitement or anxiety? You will probably experience both during the homebuying process. Imagining the possibilities of your new house can bring great joy, while the financial implications of making such a purchase can create worries. Take these steps to reduce the stress, though, and you will be able to focus on the enjoyable aspects of buying a new home.
Get ready – Long before you start walking through properties, you can lay the groundwork for a good homebuying experience. The sooner you start saving for a downpayment the better. Having some money to put toward the purchase gives you more flexibility when it comes time to get a loan.
You’ll want to check your credit report, too, to see if there are any mistakes or problems you can clear up prior to applying for a mortgage. You can request one free credit report annually from each of the three credit-reporting companies by visiting AnnualCreditReport.com.
Speaking of mortgages, learning about various types of loans and assistance programs will give you the knowledge to find the right loan for you. You can research whether you qualify for any assistance programs at TxHomePrograms.org.
Finally, you’ll put yourself in a strong position by getting pre-approved for a mortgage. And don’t necessarily jump at a high loan amount just because someone says they will lend you that much. Take a hard look at your own finances and future plans to make sure you are living within your means.
What do you want? – Do you see yourself in a ranch-style home in the suburbs? A downtown loft apartment? A neighborhood where you can walk your kids to school?
Take the time to figure out what features are most important to you. Once you can determine the must-haves, you can quickly make decisions about which properties to view.
Get someone on your side – Buying real estate is much more involved than most other transactions – even high-dollar purchases like automobiles and stocks. It can be a tremendous help to have a professional looking out for your best interests along the way.
I’m sure it won’t shock you that I recommend hiring a Texas Realtor®. Your Realtor® can explain the entire process, help you negotiate, keep the transaction on track, and make sure you have the information you need to make good decisions.
Understand what goes into an offer – There’s much more to a good offer than deciding what price you’re willing to pay. Before you start searching for homes, talk to your Texas Realtor® about earnest money, option periods and fees, inspections, contingencies, closing time frames, and other factors that may make your offer more attractive to the seller while protecting your interests.
Don’t let up after your offer is accepted – Not every transaction successfully progresses from an accepted offer to a closed deal. However, you give yourself the best chance of getting the keys to your new home if you and your Realtor® stay on top of the deadlines and tasks to move the process forward.
If you have questions during this period, ask as soon as possible. You want answers long before you get to the closing table.
Buying a home should be an exciting time in your life. If you plan well and work with people who are looking out for your best interests, you can minimize the pressures involved and enjoy the process of purchasing a new place to call your own.
For your real estate needs, contact RE/MAX Genesis at 830-833-2000.