As you prepare to buy a house, there are many items that need your attention for you to go through the process. From your financing pre-approval to home inspections, there are many areas you need to complete with your home-buying due diligence. Here are some recommendations for you to use as you search for a home to help your experience in the process be more successful.
Use Your Realtor's Knowledge and Resources
As a new or a returning home buyer, one of the first things you should consider is hiring a buyer's real estate agent. A real estate agent is going to be your eyes and ears on the market and can help you find the right property for you.
Your agent will have access to the local real estate listings for properties including single-family homes, vacant land, and multi-unit properties. So, if you want to buy a duplex where you can live in one unit and rent out the other unit, they can provide you a complete list of these properties and all their features. This will help you find a duplex, for example, that has an attached garage with a yard of mature trees and complete landscaping.
Or if you want a single-family home that has a basement rental unit or income suite, they can help you search for those properties that fit these criteria. Then, if you only want to look at properties that are on the east side of the city, they can complete the search for you.
Your realtor will also be able to connect you to other professionals you need in the buying process, such as a home inspector, mortgage professional, and a title company. Because your real estate agent has years of experience and many transactions under their belt, they will be your go-to contact to help you out in addition to finding your properties.
Know Your Spending Limits
A second important task for you to complete is to look at your spending limits and set up a realistic budget for your new home. You can get prequalified with a mortgage broker to find out how much your mortgage approval maximum is, but you will also need to calculate other homeownership costs along with the mortgage payment principal and interest.
For example, along with your mortgage payment, you will be responsible to pay for the property's hazard or homeowner's insurance and the property tax. These two costs are traditionally collected monthly with your mortgage payment and held in an escrow account until the bills are due. But you need to also plan for unexpected repairs or updates your home will need, and you will need to put some money aside each month to save up for these. So, be sure to calculate all these expenses into your monthly budget to come up with a total cost budget where you can still pay your other expenses comfortably.
For more information, reach out to an agent such as an ATX Real Estate Agent.