Buying a property in Houston
Buying or investing in a property will be rewarding when using a professional Real Estate Agent. There are a number of unexpected difficulties when looking for the perfect home, and I will make that journey with you, guiding you all along the process.
A Real Estate Agent has access to MLS listing, properties preview, and will arrange for the visits. In addition buying a property is a commitment, and knowing the neighborhood is important. Here again a Real Estate Agent will be in position to guide you and select the right neighborhood based on your needs, such as schools, time to get to work, entertainment,…
By Texas law: Brokerage-Services
Before you start looking, make a list of what you want. Then assign each item a priority. Some areas to consider are:
Location: How close do you want to be to your job, shopping, the kid’s schools, or entertainment?
Type of home: A single-family house typically provides the most space and gives you fewer restrictions on customizing your home. But a condo offers amenities without yard work—for a price.
Age of the home: Existing homes have mature yards and established neighborhoods; however, they require more maintenance. Although new homes aren’t always without problems, they usually require less maintenance initially. Of course, you may have to put in landscaping and endure nearby construction.
How-much can I afford?
It is important for you to determine how much you can pay toward your mortgage each month. It is commonly agreed that for the average household a mortgage payment should not exceed about 35% of its income and debt, including the mortgage payment itself.
Consider these factors:
Downpayment: Most loans require a downpayment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs. Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage.
Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems.
Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math and determine what you’re comfortable spending.
You can indeed, add your spouse or partner as income (and debt) into the deal. I would recommend you use mortgage calculators to help you figure out the cost of your mortgage. (Click here for a mortgage calculator).
Getting a loan has become recently more and more difficult. pre-qualifying for a loan will help you figure out what price range for the purchase of your property you are entitled to receive. It will save you time, by focusing your search to the right properties.
Another option is for you to get pre-approved for a mortgage loan, which means that your loan application has been processed by a lender. It will help you negotiate when submitting the proof to the seller.
Find a home
From detached single family home, a townhouse, or a condominium there are a number of options. It is important that you know what will work best for you, and I will help you in this process.
You should also consider the location based on your needs such as work proximity, schools, grocery stores. Make sure that all you special needs such as wheelchair accessibility, parking, are included in the property you plan on purchasing.
Before driving and visit homes, I will help you sort the properties that fit best you requirements, show you photos, and explain the details of the property. Then I will make the necessary reservations for a smooth visit of the properties.
Once you have found a property that you like do not look any further, start thinking about making an offer. I will guide you in making an offer that will you lead to the best value for your money.
Make an offer
You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your Texas REALTOR® is invaluable in this part of the process that involves many steps, including:
Preparing a contract and the myriad details on it
Handling negotiations with your best interests in mind
Juggling inspections and option periods
Close the deal
Move in and enjoy your new property.