REAL TipS: BUYING

Look before you leap

Try to keep a cool head during the homebuying process. No home will be absolutely perfect – particularly the older ones. Typically, many buyers will have to take care of some minor home repairs themselves, so don’t let that be the deal breaker. If the seller refuses to fix a small problem with the house, keep your emotions in check. With a little work, you can still have the home of your dreams.

If you purchase a home that exceeds your comfortable price range, other living expenses will likely suffer. Sit down with your family and determine how much home you can really afford. Take into account monthly expenditures such as property taxes, home maintenance, and entertainment. You should also consider future plans as well. Do you have children that may be going to college? What about your own retirement plan? Factor in all the expenses that you can.

In the rush to qualify for a mortgage loan, don’t overlook the various lending options available to you. As the market continues to normalize, prospective buyers will find they actually have more time to look at what’s out there and to find a loan product that fits their circumstances. The amount of your monthly mortgage can vary dramatically depending on what type of loan you secure. There are adjustable-rate and fixed-rate mortgages, and you can choose different loan lengths, too. Run the numbers and see what option best suits your needs.

Before purchasing a home, sit down with your Texas REALTOR®. REALTORS® are experts in the process and can walk you through each step, helping you to avoid future regrets.

Texas Association of Realtors®