Whether you are a first-time buyer or a seasoned real estate investor, buying a home can be both an exciting and complicated process. There is a lot to consider when you decide to buy.
Before you begin your search for that perfect property, here are five questions you might want to ask yourself.
What do I want in a home?
Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condominiums and co-ops, there are many different options on the market, and it is important to choose the type that best fits your needs and your lifestyle.
Figuring out the town and neighborhood you want to live in is equally important. While a property might have all of your desired amenities, factors like crime rates, schools, and proximity to highways and airports, can affect your overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system, shopping, transportation) before you begin your search.
What can I really afford?
A good rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary. For a more tailored look at what you can afford, use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today.
Am I financially prepared?
A few months before you start searching for a home, review your credit history and make sure it is in good standing. Get copies of your credit report, ensure that it is accurate, and fix any issues you discover. It is likely that you will also want to be pre-approved for a home loan, which will put you in a better position to make a serious offer once you find the right property. Pre-approval from a lender is based on your credit history, debt, and income.
How do I make the right offer?
Do your research! Before making an offer on a home, you should look at the recent sales of similar homes in the area. Get online and review the selling prices of comparable properties.
If these properties sold for less than the current asking price of the home you are looking at you can feel comfortable making an offer that is slightly lower than what the seller is asking.
Where do I start?
Buying a home should be a fun, and rewarding experience. Stress and surprises are not requirements on the path to ownership! Call or Text 469-262-5411, and a Real Estate Advisor | REALTOR® at Martin Real Estate Advisors, a United Real Estate Company, will help you have a positive and rewarding home buying experience in Dallas-Fort Worth. Be sure to ask for our FREE guide – Things to Consider When Buying a Home.
We have the real estate knowledge and experience required to help you find and buy your dream home in the area and neighborhood of your choice, at the right price, with minimal stress!