Are you looking to purchase a new home in El Paso, TX, but not sure you’re ready to take the next step? Buying a home is not just the American dream. Home ownership is an investment in your future. Read on for a few ideas that will help ensure you’re ready to buy.
Know before You Go
Don’t even look at new homes before you get pre-qualified. This is a step many prospective home buyers fail to do before shopping for a house. It’s the most important step to take and can save you a lot of heartache. Many real estate agents who market new homes for sale in El Paso, TX, will not show homes to a client who has not at least been prequalified. Most agents prefer a pre-approval. What’s the big deal? Pre-qualification gives you a picture of your financial standing. You’ll know how much you can afford. You won’t waste time looking at home beyond your budget. Imagine falling head over heels in love with a home only to discover it was way beyond your buying ability.
Think beyond the Mortgage
You’ve heard the catch phrase think outside the box. Before signing up for a home loan, take a few minutes and think beyond the mortgage. Property insurance, property taxes, and homeowner’s association dues are additional costs incurred when owning a home. Maintenance will also be your responsibility. Even in a brand new home, sinks get clogged. Lawns need to be nurtured. Sometimes you just get tired of the paint colors. If you take time to plan for these extra costs before taking on a mortgage, you won’t be surprised later.
Save Something for a Rainy Day
Don’t blow your entire savings on the down payment and closing costs. Yes, the higher your down payment, the lower your mortgage. You may also eliminate private mortgage insurance. But draining your savings isn’t the best action to take. Keep a portion of your savings for a rainy day. If you’re concerned about down payments and mortgage insurance, ask your lender to help you find down-payment assistance programs and loans that don’t require 20% down.
Fall in Love with a Builder
You’ve been pre-qualified. You have your budget in place. You have a good idea of what you need for a down payment. You’ve decided to go with new construction. You’re ready for one of the most important choices you’ll make as a new home buyer. Choose a builder with a reputation for building the best new homes for sale in El Paso, TX. Then, get as much information about them as possible. How long have they been in the business? Ask current owners for their views on what type of service and quality they experienced. A good relationship with your builder is important since you’ll be working together for several months. At the end of what sometimes feels like a long, winding road, you will get the keys to your new home.