Buying Your First Home in Houston
For many, buying your first home in Greater Houston is something that you've dreamed about for a long time.
But do you know what it takes, mentally, physically, and financially?
Keep reading to see if you're ready to take on the exciting commitment that is home ownership and what steps you'll need to take to get there.
Questions about buying your first home in Houston? Contact the Sam Team today for trusted assistance finding a home in Greater Houston that fits your needs!
Are You Ready for Houston Home Ownership
Are You Ready To Buy?
Owning your own home is a much greater commitment than some estimate. It's more than just painting the walls the colors you like and having as many four-legged friends as you can. While those are definitely some of the perks, it means you're also responsible for ongoing maintenance throughout the years, whether it be mowing the lawn or replacing the roof.
How Much Can You Afford?
It can be one of the hardest realities for first-time buyers to accept, to find out that their salary isn't quite enough to cover the cost of the home they want. Many will convince themselves that they can sacrifice other aspects of their life, like their hobbies and other expenses, to make room in their budget for a larger mortgage, but this simply isn't a good idea. If anything, it's a surefire way to turn the home of your dreams into a major burden rather than something you love. If you're buying your first home, it's best to buy a modest and affordable home now so you can build some equity and consider buying your dream home down the road.
What Is Your Debt-to-Income Ratio?
This is a really important equation that lenders take very seriously. Your overall debt should never be more than 40% of your income, and your housing debt shouldn't be more 32%. That leaves 8% for other things like car loans, credit cards, lines of credit, etc. It's also important to consider how your income might change throughout the upcoming years; things like growing your family and buying new vehicles for instance
Where Do You Want To Live
Do you want to live downtown in the middle of it all, or tucked away in a quiet suburb? Let's assume for a moment that you're approved for a loan of $200,0000. The location of the home you're after plays a big role in how far your dollar is able to go. In downtown for instance, $200,000 could get you a modest townhouse or condo. Or, you could buy a spacious, single-family house in Pearland with an ample backyard.
What Kind Of Home Do You Want?
Do you like the idea of mowing the lawn, or climbing up on the roof the clean out the gutters? How do you feel about rules and restrictions? Take stock of your priorities, wants, and needs, to determine what kind of home you actually want to buy. A single-family home is the traditional vision that most buyers think they want, until the realize the amount of maintenance that's involved. Alternatively, condominiums and townhomes are typically more affordable and come with less maintenance, but there are restriction and strata fees that you need to take into account. Think about your lifestyle, what you want, and what you really need. This can help you narrow down exactly what type of property is just right for you.
If you're feeling comfortable and confident with the questions above, then it's time to get the ball rolling. Keep reading to learn more about the process, or search now for homes in your preferred Greater Houston community.
How to Buy Your First Houston Home
First and foremost, The Sam Team is here to help! We'll help you find the right home for your needs at a price that matches your budget. The first step to homebuying is finding out how much you can afford, so visit a mortgage broker to get pre-approved for a loan so you know how much you can spend.
Keep your priorities in check when viewing a home. The whole homebuying process can be a very emotional experience, so it's important to be mindful about your emotions and do what you need to do to to ensure that your feelings don't overrun your practical senses. Some people like to bring their friends or parents along, but we usually recommend just bringing a checklist with you to help keep you mindful of what's really important to you.
Hire a reputable real estate lawyer. If you need a little help with this one, we'd be happy to refer one that we trust. When it comes to transferring land ownership, it's crucial that everything is properly signed and documented. Plus, it never hurts to have a good lawyer in your corner in case trouble arises down the road. While it is a considerable expense, it's one of those things that's could potentially save you thousands in legal fees if a problem were ever to arise.
Found your home? Then it's time to place an offer. The Sam Team will negotiate with the seller on your behalf, prepare the paperwork, and walk you through the whole process. Just so you know, the seller could refuse the offer at this point, so it's important to not get too attached to this particular home until the entire process is finished.
Get a home inspection done, especially if it's a resale. A certified home inspector can check for things like mold, asbestos, and cracks in the foundation, just to name a few. As a buyer, it's in your best interest to get a home inspection done, because it could save you from being stuck in a derelict home that's in need of repairs that you didn't count on having to pay for so soon after buying. That said, they do cost a few hundred dollars, but the peace of mind is well worth it.
Take one last look around. Before closing the deal, do a final walkthrough with your agent to make sure that everything that was agreed upon is finished by the final signing.
From your initial consultation to the moment the keys are handed to you, we can help you through the whole process. If you're looking for the best Greater Houston REALTORS®, trust the team with over 40 years of experience behind it. Contact The Sam Team online or give us a call at 832-200-5656 for more information.
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