Becoming a homeowner can be one of the most exciting and complicated financial decisions you will ever make. Fortunately, Baker Realty is here to answer all of your questions and make your upcoming purchase as smooth and easy as possible. With extensive experience in the Central Texas area, the agents that make up Baker Realty are uniquely qualified to assist you in all of your home buying needs. Having said that, there are several steps you should take before you begin your property search in earnest.
Getting preapproved for a mortgage can help you determine exactly how much house you can afford. Speaking to a mortgage broker should be one of the first steps in your home buying journey. Make sure you take into consideration all of the costs involved in purchasing a home. In addition to the price of the house, you will likely have to pay interest, closing costs, taxes, and maybe even Private Mortgage Insurance (PMI).
A general rule of thumb is that you can afford a house that is two to three times your annual household income. Experts also recommend that your mortgage payments be less than 28% of your monthly income. Take a look at the mortgage calculator on this site to get an idea of how much home you can afford. Once you have secured financing, you will be ready to start narrowing down your options. Speaking to an agent and browsing this website will help guide you in the right direction. Search Properties in Central Texas!
The Home Search
Choosing the perfect home for your family is an important decision. Consider the features that you cannot live without as well as the ones that would be nice to have, but are not completely mandatory. Examples include having a home office, a backyard patio, or an attached garage. Also consider the negative aspects of a home that might be an immediate deal breaker for you, such as a busy street, a small yard, or a long commute.
Another consideration is your home’s future value. While no one can predict the future values of homes, houses in hot areas near major employers are likely to rise in value. But regardless of future resale value, if you choose a home that fulfills your priorities and meets all of your family’s needs, you are sure to be happy in it for years to come.
Making an Offer
Once you have chosen a home, your agent from Baker Realty will help you draft an offer. The terms of the offer are very important – they can affect the final purchase price by thousands of dollars! After your offer has been accepted, you will have to go through the closing process. (Which is also known as “settlement” or “escrow.”) This brings together the buyer, seller, real estate agents, and the bank that is handling the mortgage. In practice, this is a fairly automated process, most of which you will not have to deal with on your own. Once this process is complete, you will be ready to move in and start enjoying your new home! Contact Baker Realty today to get started on your home buying journey.