Feb. 11, 2013
As a current renter, it would be easy for me to make my monthly rental payments and wait to research homebuying until I’m ready to buy. But I can be proactive about buying before I even start looking. Here are three important ways I’ll prepare that you can try, too:
Take a homeowner’s budget for a test drive. While you can’t predict all homeownership costs down to the last penny, you can come up with a rough estimate of how owning a home will impact your budget. A Texas REALTOR® can help you figure out how much home you can afford, the potential mortgage payment you’d make, your local property taxes, and repair costs you might want to consider as a homeowner.
Check your credit report. Before you apply for a loan, you should request a free credit report to find out what a lender would see. If your report has errors, you can correct them before they affect your ability to qualify for a mortgage loan. And if you find legitimate flaws, you might be able to take steps to improve your credit before purchasing a property. Your Texas REALTOR® may be able to help you find resources to repair your credit.
Create a (realistic) wish list. There’s probably not a home that will offer every single amenity you desire, but it’s good to have a general idea of what you’re looking for. So while a home with fewer than two bathrooms may be non-negotiable, perhaps you’d see the potential in one with a smaller kitchen or a not-so-appealing exterior paint job.
It’s never too early to talk to a Texas REALTOR® when you know you’re going to buy a home. A Texas REALTOR® can answer your questions about the homebuying process and help you avoid surprises along the way.