Impressive job growth, energy “boom-towns”, and no income tax are just some of the things that make Texas attractive. Moreover, if you add a rich and interesting culture, and relatively affordable housing, you will clearly see why people are moving there. Texas is a great place for living and it really does have a lot to offer. You can expect to have steady jobs, enjoy many outdoor activities, and have a perfect surrounding to raise a family. If you are thinking about buying your first house in Texas, you are definitely not making a mistake. However, this entire process can be a huge and overwhelming task, especially if you rush it. But, if you prepare well and do your research about procedures and paperwork, you should have no trouble at all.
Why buying your first house in Texas is a good choice?
Besides the affordability, there are many pros of starting over in Texas. In general, it is a very large state with plenty of open space. This means, there is enough room for expansion and improvement in the matter of housing options. Some of the most attractive locations are major cities such as Austin, Houston, Dallas, and San Antonio. They are cultural and industrial centers of the Lone Star State.
However, you are not limited only to the urban parts of the state. Vast suburban areas are well known for beautiful natural scenery and can be a great option for outdoor enthusiasts. In fact, camping, hiking, and boating are very popular across the state, so you can soon meet people with similar interests. Woodlands, Frisco, McKinney, and Sugar Land are popular suburban areas just outside larger cities. They are popular for their safety, low unemployment rates, close communities you can easily adapt to, and plenty of budget-friendly housing options.
Prepare for the mortgage process
Owning a house can be expensive because of the added costs for repairs, utility costs, garbage pickup, and electricity. Also, even though Texas has no income tax there are other taxes that you will have to pay. Let’s not forget the insurance of your home and additional costs related to the purchase itself. If you do not prepare yourself financially, you can quickly end up in problems. The best advice would be to clear your previous debts and stack some money before even considering the purchase of your first house in Texas. Another great tactic is to get pre-approval for a mortgage unless you are paying in cash.
Get Pre-Approved for a Mortgage
Getting the mortgage pre-approval is an absolutely necessary and smart move when buying a house in Texas. It is a guarantee you’re financially ready to buy your first home, and it shows your purchasing power. In fact, it can give you the upper hand in negotiations when dealing with sellers. If you are a first-time buyer in Texas, there are many mortgage programs available for you:
- Department of Agriculture’s programs
- VA Loans
- FHA Home Loans
- Southeast Texas Housing Bond (SETH)
- MCC Program – Texas Mortgage Credit Certificate Program
Documents to provide when applying for a mortgage
You will save a lot of time if you ready the papers when applying for a mortgage. Those include:
- Social security numbers of applicants.
- Copies of your financial statements for the past 6 months (checking, earning, and savings account).
- Evidence of possession of assets like stocks or bonds.
- List of credit card accounts with an estimated monthly balance.
- Lists and reports of other loans, like car loans.
- The copies of Income-tax statements.
- Verification of your employment, or contact for verification.
Finding a real estate agent
This is an important step when you are buying your first house in Texas. Even though in Texas it is not obligatory to hire a real estate agent, it will certainly make the entire buying process much easier. Mostly, because it will minimize the human error possibility, especially in legal matters. The good agent will deal with all the financial details and will guide you through the entire process. Not only that but, he will provide you with some of the most genuine information about the area, like:
- the price range you should aim at
- pricing in each part of neighborhoods
- the quality of schools in the area
- info about children demographic in case you have kids
- best moving options in the local area.
- the safety of each neighborhood
- traffic volume and capacity
Hiring an agent can save you an incredible amount of time you would waste in looking around the neighborhoods by yourself. And the best thing, you don’t have to pay anything since the seller is dealing with those costs. Another important thing, besides real estate agents, is that you should look for a professional moving company. A company like Evolution Moving Company NB can help you find the best solutions for dealing with your possessions.
House hunting and options you have to consider
The purpose of buying a house is to improve the way of living. So, while thinking about the qualities you are looking for, you should not forget to make a list. Just to have something to reminds you about your priorities. Generally, some of the everyday consideration to remember while hunting for a house are:
- Proximity to work and transportation options.
- Distance to schools, parks, and libraries if you consider kids.
- Quality of education in the area.
- Availability of medical care.
- Distance to shopping, restaurants, entertainment, and other amenities.
- Traffic condition during the peak hour.
- Friendliness of the close community.
Have the property inspection and appraisal
If you are buying a house in Texas, inspectors and appraisers are necessary. For your own peace of mind, an independent inspector will make sure everything is in order with a house, and without hidden problems. Mold problems, termites, foundation problems, or roof damage can cost you a lot if you are not careful about what you are buying. And, the appraiser will help you in a way you don’t end up paying more than you need. You should be cautious because some sellers might not always be completely honest about the condition and the value of the property. You don’t want to end up discovering problems after you are done with packing and moving.
If everything goes well, you will be free to close the deal on your first house in Texas. Be patient and bear in mind that some details may differ for different areas in Texas. So, the key to success is to explore, research, and find the most comfortable solution you can afford.