Homes for sale in Houston

1. Make a wish list. “You’ll waste a lot of time if you don’t know what you want,” Brian Davis, director of education for Spark Rental, says. “Know how many bedrooms you need, which amenities are must-have, and which are desired but not mandatory. Most of all, know your price range and stick to it.” And if you’re purchasing the home with a loved one, “make sure you both are on the same page,” Patrick Gobin, associate broker with District Realty Team at New York Living Solutions, says. “Conflicting opinions makes the process very difficult. Example: One person wants a ranch and one person wants a two-story house.”

2. Get your finances in order. Determine your debt-to-income ratio (DTI), or how much you make vs. how much debt you’re already paying off each month. More than 50% will severely limit your ability to borrow. Also, check your credit score. It’s going to play a major role in whether you can actually get a mortgage and what rate you’ll pay. (If you have a co-buyer who’ll be on the mortgage, he or she will want to check their credit, too.) If there are any errors on your credit report, dispute them. Credit bureaus have 30-45 days to resolve disputes and remove inaccurate information, so if something’s amiss, now’s the time to address any errors that you may find. And finally, pay down credit card debt, because getting rid of big balances can improve your DTI and creditworthiness.

3. Decide on a down payment. A 20% down payment is considered ideal, since any amount below that will have you paying for private mortgage insurance (PMI). But there are programs that help homeowners get a mortgage with less money down. Do your research to find them.

4. Research rates, too. Your interest rate is going to play a big role in determining your monthly payment, so be sure you know what current rate ranges are being offered — and what you’re likely to qualify for, based on your credit.

5. Prepare for property taxes. You’ll want to get an estimate of how much money you’re likely to owe, since it will seriously affect your housing budget.

6. Account for closing costs. They generally run between 3% and 5% of your purchase price, depending on location and other factors.

7. Feed your emergency fund. Buying a home is going to put a serious drain on your bank accounts, and you don’t want to be down to your last dollar. Experts generally recommend you have at least six to 12 months of income as a backup reserve.

8. Get pre-approved for a mortgage. Once your credit is as good as it’s going to get and you’re ready to start your search, get pre-approved to show sellers and Realtors that you’re a serious buyer worthy of their consideration.

9. Based on all of this, figure out how much home you can realistically afford. You may not want to spend the entire amount you’ve been approved for.

10. Learn the process. There are a lot of steps between finding a home and closing on it. Get familiar with all the major steps: pre-approval, home inspection, home appraisal, title search, closing, etc.

11. Then, pick a neighborhood. “Location is one of the most important factors when finding a home,” David Lewis, owner of full-service real estate agency the Lewis Group, says. “It’s also the only one that you can’t change. Knowing what areas you’d like to live in prepares you to make the jump when it is time to move forward with an offer.”

12. Calculate your potential commute. The length of your commute can seriously affect the enjoyment of your home. How much time are you realistically willing to spend in the car or on the bus?

13. Study the market. You’ll want to know what you’re in for: What’s the median home price in the area you’re looking to live? Are you in a buyer’s or seller’s market? Are solid homes going for more or less than list price? A reputable Realtor can help you walk you through this process and give you some insights.

14. Visit open houses. Do this before you start your formal search to get an idea of prices in your preferred areas and whether your list of “wants” is realistic with your budget. And remember: Wear shoes that are easy to remove, because most homeowners or listing agents are going to ask you to leave your shoes at the front door.

15. Learn what to look for and get an inspector. It’s not just about your wants and needs. When viewing a potential home, you’ll want to, among other things, check out the furnace, hot water heater, roof, plumbing, windows, insulation, HVAC systems, basement, closets. A home inspector can help flag potential problems that you’ll be on the hook for after you buy the house.

16. Determine your DIY IQ, and get a work estimate. “Assess your abilities as a handyman or handywoman,” Gobin says. “Buying a fixer-upper can be very expensive if you can’t even change a light bulb.” Even if your home is almost perfect, research what a particular project is likely to cost you. That’ll help you establish the true cost of the home.

17.Get ready to compromise, and be disappointed. “Keep in mind the perfect home doesn’t exist unless you build it yourself,” Gobin says. And you may not get the first, second or even third home you bid on. “Multiple offers are very common these days,” Dorothy Mazeau, sales representative at Royal LePage RCR Realty, says. “You may be competing with one, two, or even 20 other buyers. Still, don’t get discouraged and/or recklessly ramp up your budget. “Know what you can afford and stick to it,” Mazeau says.

Source: freep

About Ameri State Realty: Professional Realtors, Marisol Mendez and Esteban work together and represent early buyers for the purchase or sale of new or used homes in Houston, Cypress, Katy, Spring, Tomball, The Woodlands or any other community in the Houston area we can advise you. “I am a Real Estate Professional in the Greater Houston Metropolitan Area. It has been my greatest pleasure to have helped many families close on their properties in the Houston Area. I am committed to making sure that your buying/selling experience is an enjoyable one. I am passionate about what I do and always looking out for the best interest of my clients.”

Homes for sale in Houston.

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