As a first-time homebuyer in Texas, the home buying process can seem terrifying and overwhelming. Buying a home is usually the first big purchase of a person’s life, so going into such a big and unknown process can be intimidating. However, if you go into the experience prepared, you’ll know exactly the steps to take and who to talk to. Here are some key preparation steps you or someone you know should follow when they are ready to buy their first home.
Are You Financially Prepared?
Before you make any big moves, it’s important to stop and get your finances in order first. Make sure you have enough cash for a down payment, any closing costs and other moving expenses. Next, hire a professional that will be with you every step of the way and can ensure that you close the deal. Get a real estate agent to help you along the way, as well as a mortgage broker or banker. Together, your team will be able to find out how much you can spend on a house and how much you’ll need to close. Calculate each and every cost so you’re prepared for anything that comes up, and budget your money at the start of the process so you don’t spend all your cash.
When you start shopping for your house, make sure you’re looking for the right things. This means focusing on the basics you know you need, such as number of bedrooms, a fenced backyard or a large garage. Don’t worry about things that you can easily add later, like countertops or stainless-steel appliances. Make sure you get properly accustomed to the neighborhood by visiting at different times of the day and talking to the neighbors. If you’re shopping for a condo or apartment, make sure you know the rules of the building and development, such as pet ownership, pool restrictions and other general policies.
Review Contracts and Closing Documents
Your real estate attorney will help you understand the fine print under any contracts that you’ll sign during this process. Your attorney wants to make sure that you know all the rights and responsibilities involved with buying your first home. Your attorney will also make sure you’ve properly signed all closing documents relating to any closing costs, title transfers, or other settlements. Keeping track of all of your finances during this time can be tough, which is why your real estate lawyer will help you stay organized and informed.
At Sheehan Law, our attorneys will give you personal assistance while you buy your new home, and will help in any real estate transactions or litigations that you might run into. Contact the lawyers at Sheehan Law, PLLC for more information.