You already know that you’re moving to Dallas. Well, as soon as you buy a house, that is. You can feel the excitement, you’re ready to start looking for the right property. However, this is the time to be really careful. Buying a home is a huge investment. It’s a much bigger decision than moving. While saving money for your next move is possible, it’s a lot more difficult to save money for the next house. So, you should definitely, read these tips before buying your first home in Dallas. Even more so, because it’s your first home. And this article can prepare you for the process.
Create a budget for buying your first home in Dallas
Before you relocate your entire household to your new house in Dallas, you need to have money to buy one. So, the first step is to think of the financial aspect of buying your first home in Dallas. According to zillow.com, the median home value in Dallas is $226,145. But, that’s not the only cost. There’s a deposit, that can go from 5% – 20% of the cost of the home. Also, there are these costs:
- The survey will generate some costs
- Solicitor’s fee
- The costs of buying new furniture
- The potential costs of remodeling
- Mortgage arrangements and the fees of valuation
In addition to this, you should think about moving expenses as well. For starters, you can find a good moving company at evolutionmovingdfw.com and get the estimate, so that you can know the approximate costs of moving services.
Check your credit score
Before you think about qualifying for the loan, you should check your credit score. This is the first thing to do, and it’s not so hard since there are many platforms online where you can check your credit score for free. And if it’s good, you have a better chance of getting favorable terms. If the score is not that good, your interest rate might be too high, or you might not even get approved at all.
Have a head start
In order to beat your competition and buy your first home in Dallas before another potential buyer does, you should get a letter from a lender. It will prove that you’re qualified, even before you start making offers. And this way, you won’t miss a great house, only because you couldn’t provide this letter initially.
Know what you’re looking for
People have different perceptions of what a home is. So, someone is looking for a small apartment, someone who’s moving with a family is going to look for a big house. While this is something you probably know already, there are other details you need to know, too. You should know what Dallas neighborhoods you’re considering. Some neighborhoods will be closer to schools. while others might be closer to good restaurants. Have your priorities set, so that you don’t get confused when all the tempting offers start coming in.
Be ready to view a certain number of properties before finally buying your first home in Dallas. Don’t go for the first one, however tempting it might seem. You can schedule 3-5 properties on the first day, and 3 or fewer properties on the second day. Usually, you can schedule appointments with a 24-hour notice, as sellers want to sell their properties, too. Your realtor will be very helpful since they know what to pay attention to and can usually notice some of the potential flaws.
Ask all the questions
Don’t be shy away from asking every single question that you can think of. This could become your home and you can suffer the dire consequences only because you didn’t want to ask some questions. This means that you should check the doors and windows, electricity, the plumbing, you should check everything. Ask your realtor if they have an opinion. Also, be careful if you’re buying a fixer-upper. Carefully calculate if it’s going to be worth it or not. And don’t forget these questions:
- Ask how long has the home been on the market- very useful to know when buying your first home in San Diego
- Why are they selling the home in the first place?
- Ask when you can move in.
- And, of course, you should ask if the seller is considering other offers, or not. This will let you know what seriously you should take this offer
Be very careful with this part. If the seller seems to be evading the questions, well, that’s also a reaction that tells you something. Trust your instincts, so if the seller seems like they’re hiding something, they probably are. This is a serious investment and there’s no reason to risk it.
Make an offer
You can’t buy a house in Dallas unless you make an offer. Now, this is the time to be smart, because you can get a good price. First, check what is the median price for the property in that specific neighborhood. And, you should know the average number of days on the market of comparable homes. After that, you’re ready to negotiate. Of course, don’t say the price you can offer at the start, but don’t suggest a price that’s too low. That way, a seller might get the impression that you’re not serious and you might lose an opportunity.
First, it’s important to determine if you and the seller are on the same page. If this is truly the case, then put it in writing. The Purchase Agreement will have all the details, like information on the property, finances, deposit, important dated, and other terms. Read the Agreement carefully and make sure that everything in it is as you agreed.
After buying your first home in Dallas
After buying your first home in Dallas, it’s time to move here. Keep in mind that there are ways to make your move easier. Don’t worry, as soon, you’ll be able to enjoy your Dallas home and the beginning of your new life here.