What Renters Should Do Now Before Purchasing A Property

Dated: 11/14/2014

Views: 794

What renters should do now before purchasing a property

If you’re a renter thinking about buying your first property, you can be proactive about buying before you even start your search. Here are three steps you can take toward homeownership without signing any paperwork.Try out a homeowner’s budget. Although you can’t predict all homeownership costs down to the last penny, you can get a rough estimate of how it will affect your budget. Consider how much you can afford, potential mortgage payment, your local property taxes, and repair costs you might want to consider as a homeowner. Remember, you won’t have a landlord to call when the dishwasher leaks.Check your credit report. Request a free credit report to find out what a lender would see. Pulling it before you start your property search can be smart—you’ll have plenty of time to fix any errors you may find. If there are legitimate flaws with your credit, you might be able to take steps to improve it before applying for a loan.Make a realistic wish list. There’s probably not a property that will have every feature you desire, but it’s good to generally know what you want. While a property with fewer than two bathrooms may be non-negotiable, don’t rule out the potential of one with a not-so-appealing exterior paint job.It’s never too early to talk to a Texas REALTOR® when you know you’re going to buy property. A Texas REALTOR® can answer your questions about the homebuying process and help you avoid surprises along the way.
Source: Texas Association of REALRORS
®

Latest Blog Posts

Best Time To Sell When Competition Is At An AllTime Low

Best Time to Sell? When Competition Is at an All-Time LowIn a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because

Read More

Taking Advantage Of Homebuying Affordability In Todays Market

Taking Advantage of Homebuying Affordability in Today’s MarketEveryone is ready to buy a home at different times in their lives, and despite the health crisis, today is no exception. Understanding

Read More

New Index Reveals Impact Of COVID19 On Real Estate

New Index Reveals Impact of COVID-19 on Real EstateEarlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the

Read More

Three Reasons Homebuyers Are Ready To Purchase This Year

Three Reasons Homebuyers Are Ready to Purchase This YearA recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of

Read More