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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!

1110 Muncie  Avenue, Dallas image
1110 Muncie Avenue, Dallas $579,900

Gorgeous modern new construction in Trinity Groves. Sleek minimalist design with a large open layout perfect for entertaining, chef's kitchen with stainless appliances, h...

  • 3 Beds
  • 3 Baths
  • 20289038 MLS
Courtesy of Compass RE Texas, LLC

Listing courtesy of Brandon Travelstead from Compass RE Texas, LLC. Contact: 214-814-8100

210 N Frances  Street, Dallas image
210 N Frances Street, Dallas $675,000

Builder will be building a spec home in June. If buyer purchases the home prior to construction, seller is willing to make it a custom home. This modern property offers f...

  • 4 Beds
  • 4 Baths
  • 20288971 MLS
Courtesy of Rogers Healy and Associates

Listing courtesy of Leston Eustache from Rogers Healy and Associates. Contact: 214-368-4663

628 Treaty Oak  Drive, Lewisville image
628 Treaty Oak Drive, Lewisville $774,990

This beautiful and spacious new home in Parker Place is designed to adapt to your family’s lifestyle! A large, open-concept kitchen, living and dining room overlook the f...

  • 3 Beds
  • 3 Baths
  • 20288920 MLS
Courtesy of David M. Weekley

Listing courtesy of Jimmy Rado from David M. Weekley. Contact: 877-933-5539

6320 Everest  Drive, Celina image
6320 Everest Drive, Celina $794,700

This Beautiful Northeast Facing home floor plan feature 6 bedrooms including a grand owners suite that will become your private oasis. Hand scrapped Red Oak Hardwood Floo...

  • 6 Beds
  • 4 Baths
  • 20288664 MLS
Courtesy of DFW Home Helpers Realty LLC

Listing courtesy of Narsimha Ravula from DFW Home Helpers Realty LLC. Contact: 210-289-5233

1842 Nomas  Street, Dallas image
1842 Nomas Street, Dallas $799,900

Wow - Superb design! Home is currently being used as a Short Term Rental-AirBnB. 5 bed, 4 baths plus an office.Two master suites! Loaded with upgrades and a Roof top vie...

  • 5 Beds
  • 4 Baths
  • 20279181 MLS
Courtesy of Citiwide Alliance Realty

Listing courtesy of Sal Khan from Citiwide Alliance Realty. Contact: 214-326-0399

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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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