Tracking down your ideal home can be stressful, but it is considerably easier when you have a home buying guide to follow. At D&R Home Solutions, our realtors have helped countless buyers secure homes in cities across North Texas. Follow our home buying checklist and you can be on the path to finding your dream property.
1. Work Out Your Budget
The first stage is to work out how much you can afford to spend on your new property. You can start by using a mortgage calculator to determine a typical monthly payment based on your down payment and mortgage term. A credit check can also be useful for working out if now is the right time to buy. A better credit score could result in a lower mortgage interest rate that can result in significant savings.
2. Find a Mortgage Lender and Get Pre-Approved
Speaking to mortgage lenders will confirm you are eligible for a mortgage, and indicate the type of mortgage you can get. Factors like the term of the contract, and whether you opt for a fixed-rate or adjustable-rate mortgage are not decisions to take lightly. Speak to multiple mortgage lenders and assess your choices before proceeding. Additionally, getting pre-approval will simplify the buying process and make sellers more amenable to negotiating with you.
3. Browse the Local Communities
Texas has many communities that attract individuals, families and investors looking for properties. Having an idea of the type of community you’re looking for will save time when it comes to searching for a home. In truth, finding the best place to live in North Texas will come down to one’s individual requirements. Think about factors like proximity to your workplace, whether you require nearby schools – along with the presence of amenities, restaurants, nightlife and parks.
4. Find a Realtor
An exceptional realtor will make a big difference in the home buying process. From finding the right property to closing the sale, your realtor can guide you through an often complex process. The realtors at D&R Home Solutions understand the value of homes in each North Texas community, the intricacies of negotiating contracts, plus where to locate the best homes based on individual specifications. Don’t forget – as realtor commissions are typically paid for by the seller, there’s no real benefit to going it alone.
5. Start Searching for a Home
Let your realtor know what you are looking for and what you are unwilling to compromise on. Spend time thinking about what is truly essential, such as number of bedrooms, the amount of refurbishments required, proximity to local schools and other factors. Having a clear understanding of your property requirements will make the search far more enjoyable, too. You can also avoid wasting time with showings that are unlikely to yield a positive result.
6. Make an Offer for the Home
Making an offer and negotiating a final deal is one stage where a realtor adds value to the process. Understanding the value of a home based on buyer interest, the state of the property, local housing demand and length of time on the market is a skill. Of course, the negotiation phase will be focused on the price, but you may also be able to negotiate additional terms in your favor.
7. Schedule a Home Inspection and Appraisal
A home inspection is completed to identify any issues with the property. Inspections can discover many types of issues, from plumbing problems to structural damage. The home inspection will result in a checklist and, along with your realtor, you can decide how best to proceed. You could request damage be repaired before purchase, a better price could be negotiated, or you may decide not to proceed with the purchase. Additionally, an appraisal will be carried out to satisfy lenders that the home is worth what you have agreed to pay for it.
8. It’s Time to Go to Closing
If all inspections are complete and the financing has been arranged, it’s time to finish the paperwork and take possession of the home. Your realtor can guide you through the contracts and make sure there are no surprises. First-time home buyers can feel overwhelmed by the amount of paperwork, but it will be over before you know it. Remember, to complete the process you will need identification, a form of payment – and proof of homeowners insurance – before you can finally receive the keys to your new home.