The Basics of Home Buying

Ready to talk about buying a home in Flower Mound? Give Wise Advantage Real Estate a call at 972-829-9040.

buying a home flower mound txYou’ve dreamed of the home-buying experience nearly your whole life – and now here you are caught between adrenaline-rushing excitement and crippling fears. You’ve combed the market for ideas and inspiration. You’ve searched dreamy neighborhoods to find a community that meets your needs for education, recreation, employment opportunities, and long-term satisfaction. You’ve tinkered with searching through various websites, but you’ve made the wise decision to trust the expertise of a real estate agent. Now that you’re at the point of signing on the line, there are some things first-time homebuyers should consider. What you don’t know can hurt you. Buying your first home takes time, money, and educated risks to seal the deal.

These Things Take Time

Don’t be in a hurry. Putting an offer on a home could lead to timely negotiations. Once the offer is accepted and a good-faith deposit is secured, closing on a home takes time and there are lots of little things that could cause big delays for your move-in date. Patience is key in unlocking your home-ownership dreams and instant gratification is not on the menu when shopping for large investment items like a house. It likely took you a long time to find your dream home, and it’s going to take weeks, if not months, to go through the process that leads to owning a home.

Financial Planning is Important

Expect unforeseen costs. There are potential expenses uncovered during the home inspection process (some of which can be offset with a home warranty), and there may be expensive closing costs not covered in your home loan. Although there are several local and statewide programs available to financially assist first-time homebuyers, you’re going to need good credit and a substantial down payment. It’s a good idea to have an emergency fund to cover things that pop up during the home buying process.

If this is your first home purchase, there are things to consider that will differ from renting once your own your home. Depending on the location of your home, insurance could also be more expensive than renter’s insurance. You may have added utility expenses involved with water and sanitation which renters aren’t typically required to pay.

Do Your Research

You’ll want to inquire about the resale value of your property. Some dwellings, such as mobile homes, lose value, or cannot be covered in future home loans after a certain amount of time. Some homes are built in communities that have association fees along with rules and regulations about how you maintain your yard, where you park your automobiles, and standards for home maintenance. Association fees can be expensive, and living up to the expectations of an association board can be frustrating if you are uncertain about the rules.

There are many benefits for first-time homebuyers, such as being part of a community, tax benefits, higher credit scores, building equity, and being able to go to bed at night knowing you’re secure in owning your home. On the other hand, there are many responsibilities tied to home ownership. When you’re renting and feel the get up and go to move, all you need to do is wait out your lease and pack your things.

Home ownership means you must first sell your home or become a landlord with renters prior to moving. As a renter, if something breaks, you simply call your landlord to fix it. As a homeowner, if something breaks and you’ve not secured a home warranty, you have the expense of either dealing with finding contractors and paying for repairs, or investing in expensive replacement items such as dishwashers or water heaters.

Ask Someone Who Knows

You can avoid the nightmares of buyer’s remorse and maintain the dreamy future you’d imagined by going in to your first home buying experience educated. Knowledge is power, and if you know what to expect, how to prepare, and be patient with the process, owning your own home can be one of the greatest experiences in life. A house is more than a big investment financially. Home is where memories are created for you, family, and friends.

Fortunately, you don’t have to walk this path alone. Give Wise Advantage Real Estate a call today at 972-829-9040.

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