Buying a house in Texas, or buying a house pretty much anywhere else in the world is many things. First of all, it is scary as it is probably going to be one of the biggest investments you will ever make. Secondly, it is energy and time-consuming, especially if you are not working with the right real estate agent. However, buying a house is also something very exciting – it represents a new beginning and a dream come true for many people.
But do not worry, buying a house in Texas can be a pleasant and painless experience as long as you know what you are doing. It is important to ‘educate’ yourself properly before you start home hunting. And, we are here to help you with that! Thus, today, we are sharing all the steps necessary for an easy and stress-free home buying process in Texas. If this is something that may interest you, keep on reading.
Assess Your Financial Situation
Unless you are a millionaire, or unless you have a lot of savings, you must take out a mortgage to pay for your Texas home. However, taking out that kind of loan is no piece of cake and many people do not get even pre-approved. Thus, the process of starting to buy real estate begins by making sure you actually qualify for a mortgage. In order to do that, take the following factors into consideration:
- Your credit score
- Debt-to-income ratio
- Down payment (20%)
- Closing costs
- Homeownership costs (1% of the house’s value)
How much all the things mentioned above will cost you, depends on the price of the home you plan on buying, and of course, on your income. But, let us give you some numbers that may help you calculate. The median home in Texas value is around $224,065, and the median monthly income in Texas is $5,052.
Find a Reliable Real Estate Agent in Texas
Once your financial situation is fully assessed, it is time to start looking for a real estate agent. Do not try buying a home on your own, you will get overwhelmed. Instead, look for a local real estate agent. Only this kind of agent will be able to find you the home of your dreams in no time, one that suits all your needs and budget.
The real estate agent you hire will guide your home-buying process from start to finish. Your only job would be to make a list of must-haves and can’t-haves, and of course to hire movers such as Heavenly Moving and Storage which will ensure you and your belongings relocate to your new address safely and quickly.
Start Home Hunting
Attending open-house events is always fun and exciting. However, you mustn’t let your guard down and forget why you are here. That is, before you buy your new home in Texas, first you have to make that list of priorities, as previously mentioned. That list should include things like your preferred neighborhood, the amenities you would like to have both inside and outside, the square footage, the amount of money you are willing to pay, etc.
It would be a good idea to do some researching and thinking on your own before you hire a real estate agent. For instance, try researching different areas in Texas as well as figuring out what is an absolute must for you and what can you do without. Once you have these figured out, your real estate agent will have no problems finding you that dream home.
Make an Offer
If you found the home you love, or at least the home that suits most of your needs and budget, it is time to make an offer. Two things are important here – to move fast and not to rush your decision. This is confusing, we know. So, let us explain. In Texas, homes, either houses or apartments, stay on the market for approximately 55 days. This gives you enough time to think your decision through.
However, if you have found that perfect home and if you notice that there are other buyers interested in it, it is crucial that you act fast. Do not hesitate to rely on your real estate agent – he or she will be able to sweeten the deal and actually influence the seller to accept the offer you made. And, once the offer is accepted, all that is left is to relocate and feel at home in no time – for that, you can rely on your residential movers.
Take Care of Inspections and Appraisals
Be patient, you are almost done! Before you transfer your money and sign all the papers, you must take care of all the inspections and appraisals. Many people are confused and they think that a real estate agent is the same as the inspector or the person evaluating the home and the market. Your real estate agent is there to simplify the process of buying a home, among other things.
But, inspectors determine the condition of the home you plan on buying. They tell you everything that is good and bad with that home. And, most importantly, they tell you whether there are some hidden problems like bad plumbing, leaking roof, mold, etc. Moreover, appraisals are done by professionals whose job is to determine whether the home is worth the money you agreed upon. These two together save you from a lot of future problems, and of course, they save you a lot of money.
Do a Final Walkthrough and Close the Deal
If everything seems in order with your inspections and appraisals, be sure to do one final walkthrough before you sign the papers. Check every room, every cabinet, every closet, etc. Be sure that everything is as expected. Moreover, if you have any doubts or questions, now is the time to ask.
Finally, prepare for closing the deal. This part of the home buying process is bitter-sweet. It is bitter as you will have tons of paperwork to read and sign. But, it is also sweet as it is the last step separating you from your new home. Once you sign everything, the seller will give you the keys, and you can slowly start moving into your new Texas home.