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Benefits of Home Ownership

Questions to Ask Before Buying a Home

Steps to Buying a Home

WHAT TO ASK BEFORE SIGNING ON THE DOTTED LINE...

Whether you’re a first-time buyer or a seasoned real estate investor, buying a home is always an exciting process. However, there’s also a lot to consider when you decide to buy.

So before you begin your search for the perfect property, here are a few questions you should ask yourself.

 

  • What do I want? Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condos and co-ops, there are many different options on the market and it’s important to choose the type that best fits your needs. Figuring out the town or neighborhood you want to live in is equally important. While a property might have all of the amenities you’re looking for, factors like crime rate and proximity to highways can impact the overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system) before you begin your search.

 

  • What can I afford? The 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’s accurate, and fix any issues you discover. It’s likely that you’ll also want to get 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 best bid possible? Do your research! Your opening bid should be based on the sales trends of similar homes in the area. So before making your opening bid, 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’re looking at, you can feel comfortable a bid that’s slightly lower than what the seller is asking. Your Realtor will help you do this correctly. 

 

  • Should I wait a little longer? Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future. If you’re not quite ready to make a purchase, then leasing is a solid hold-over. Click here to see if leasing is right for you.

Have More Questions? Contact Us!

1017 Folsom, Dallas image
1017 Folsom, Dallas $849,035

These are must see skyline views! Built in 2019, this Cape-Dutch townhome was intentionally crafted with high ceilings and ample natural light embracing the open concept ...

  • 3 Beds
  • 4 Baths
  • 20104938 MLS
Courtesy of Rogers Healy and Associates

Listing courtesy of Rogers Healy and Associates.

3382 River  Trail, Frisco image
3382 River Trail, Frisco $935,000

Stunning luxury home in the heart of West Frisco is situated on a corner lot facing the greenbelt. Spacious open floor plan boast designer touches throughout including so...

  • 4 Beds
  • 4 Baths
  • 20087504 MLS
Courtesy of EXP REALTY

Listing courtesy of EXP REALTY.

2264 Lobo  Lane, Carrollton image
2264 Lobo Lane, Carrollton $525,000

CUSTOM UPGRADES GALORE, GREAT CURB APPEAL, MODERN FARMHOUSE BOHO STYLE. Owner’s pride shines in this 3 BDs, 2 BTHs plus multi-use flex room with french doors. Lush, beaut...

  • 3 Beds
  • 2 Baths
  • 20098727 MLS
Courtesy of Compass RE Texas, LLC

Listing courtesy of Compass RE Texas, LLC.

7719 La Haye Drive, Irving image
7719 La Haye Drive, Irving $899,000

Beautiful Darling Homes Single Family home, near new, less than 3 yr. old. Large in-field lot with spacious and private backyard. Boasting tons of upgrades, including app...

  • 5 Beds
  • 4 Baths
  • 20106676 MLS
Courtesy of Douglas Elliman Real Estate

Listing courtesy of Douglas Elliman Real Estate.

6803 Erin  Lane, Parker image
6803 Erin Lane, Parker $1,250,000

Extravagant Home with Open Space sprawling over 1.23 acres! Corner lot, fully landscaped with iron fencing! Transitional design with modern and luxury accents! Custom, on...

  • 4 Beds
  • 5 Baths
  • 20106658 MLS
Courtesy of JPAR Southlake

Listing courtesy of JPAR Southlake.

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  • My wife and I are beyond lucky we found such a patient and well rounded agent like Rawlins. No question was left unanswered as he explained the entire process from start to finish. We visited multiple houses and at no point did he come off as wanting to find a quick sale. He helped us look for the home that would be right for "us"! No matter how many times he had to drive across town to meet us, his friendly attitude and level of professionalism showed the entire time. At times it seemed like he was more than an agent doing his job, he seemed like a real good friend in the business who was looking out for us to make sure we got the best deal that would work both for our future family and our pocket. So if you're renting like we were and are now ready for home ownership, I would highly recommend letting Rawlins and his team help you find your future home!!! Johnny A., Grand Prairie, TX

  • I'll admit I can be very picky with the location and type of home I was looking for. So that, on top of a very competitive market made it seem impossible to find the perfect home. I was becoming overwhelmed, but Rawlins was always very flexible with his time and made it possible to view the homes with me. He always answered his phone and stayed in good communication the entire day no matter the time. When I least expected it, we found the home that made perfect sense for my family and a purchase I was truly proud of! They say patience is key, and it is true! Thank you Rawlins!! Lucy, Grand Prairie, TX

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