What You Should Know Before Buying a Home

May 10, 2018

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In 2017, North Texas real estate agents saw an increase of 5% in the sales of pre-owned, single-family homes. The real estate market in Dallas is hot, and for prospective home buyers, there are many things to be aware of before buying a townhome in Dallas.

 

  1. Pre-approval

Deciding on a big purchase requires a budget, and buying a home is one of the biggest purchases a person can make over the course of their lifetime. By getting pre-approved, you’ll have a budget established for house-hunting.

It is much easier to shop for townhomes in Dallas when the purchase price is already laid out and pre-approved by a qualified lending institution. Be sure to speak to several institutions to get the best deal on a pre-approved mortgage.

 

  1. 20% Downpayment

With a 20% downpayment, banks see the prospective homeowner as less of a risk than one with less than 20% down. If someone offers the bank less than 20%, the bank will require them to purchase a mortgage insurance.

With a mortgage insurance, you’ll be paying a lot more money over the course of the loan. It’s very important to keep the monthly payment low and affordable, so consider getting that 20% downpayment ready before buying a home.

 

  1. Location

While owning a home gives people a feeling of freedom, confidence, and responsibility, there are practical implications to buying vs. renting. Buying a home requires the prospective owner to really consider the location. After all, buying is a much bigger commitment than renting, and one of the upsides to owning a home is the chance to build equity.

Also, be aware of your future goals, especially if you have children. It’s important to know which school district a home is in and if the students in the district are getting a good education.

The agents at EcoView Homes can help answer any questions about which of their townhomes in Dallas are in the best school districts.

 

  1. Lifestyle

Overconsumption of resources is harming the environment and worsening climate change. When buying a home, it’s important to consider the type of lifestyle you want to have, and if green living is important to you.

Many older homes are not eco-friendly or energy efficient. With an energy efficient home, you’ll save thousands of dollars in energy costs over the years. Also, you’ll be lessening your carbon footprint.

EcoView Homes is leading the way for energy-efficient, environmentally-friendly living in the Dallas and Fort Worth areas. Our professional, friendly agents at EcoView can help you find a beautiful, ‘green’ townhome that meets your lifestyle and budget needs.

 

Sources:

https://www.dallasnews.com/business/real-estate/2018/02/02/pace-dallashome-price-sales-growth-expected-cool-2018
https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/