What Renters Should Do Now Before Purchasing A Property

Dated: 11/14/2014

Views: 779

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
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