What renters should do before purchasing a Home

What renters should do before purchasing a Home

If you are thinking about buying your first home, there are things that you should do before you even start your home search. Here are some steps you should take in order to get started.

1. Get preapproved for a loan, this will indicate how much home you can potentially afford, what your “estimated” down-payment and closing costs will be.

2. Try living on a homeowner’s budget. Although you can’t predict all actual homeownership costs, you can get a rough estimate of what true home-ownership really costs. Consider how much you can afford, potential mortgage payment, your local property taxes, and home maintenance. Remember, you won’t have a landlord to call when the dishwasher leaks.

3. Decide where you want to live! Consider commute times, proximity to shopping, entertainment and dining. You may also want to consider schools, so review school ratings and greatschools.org or ask me for a copy of DFW School Ratings. 

4. Make a realistic list of features you’d like your home to have; starts with “needs” and then “wants.” Keep in mind that there’s probably not a home that will have every feature you desire, so you must either compromise and/or raise the price range of the home you are seeking.

As a Realtor® who specializes in real estate home sales in the Frisco, McKinney, Plano, Allen and surrounding areas, I would be more than happy to help make you a more educated buyer so that you can make the very best home-buying decision for you and your family.

It’s never too early to talk to a Texas REALTOR® when you know you’re going to buy property. A Texas REALTOR® can answer your questions about the home-buying process and help you avoid surprises along the way.