Buying a Home
Are you interested in buying a home in El Paso, Texas? The buying process can be overwhelming and mind-boggling, but before you enter the housing market, it is important to allocate some time to make some important decisions. In this article, we will walk you through some of the factors to consider before shopping for properties and attending open-houses.
Here’s everything you need to know:
What’s your Budget when Buying a home
You simply cannot enter the home buying market without determining your budget and understanding your credit score. You need to understand what you can afford as your monthly mortgage payment which normally includes the principle, property taxes and home owners insurance. How much of a down payment can you afford and do you have enough money to cover your closing costs?
Normally you can get a lower interest rate with a larger down payment. A mortgage loan officer will be able to sit down with you and help you determine the costs of the mortgage.
Another crucial step to undertake before entering the buyer’s market is to visualize all the aspects and features that you want in your dream house. You must determine your needs versus your wants. How many rooms do you want? How much square footage would you like? How many bathrooms? 1-Story or 2-Story? Refrigerated air or evaporative?
It is important to write down all your needs and wants before you begin house hunting.
Neighborhood & Amenities
The neighborhood and location of your desired property is an important factor that will determine how and where you begin your search. What kind of a neighborhood do you want to move in with your family? Do you want to live on the west side or east side of El Paso?
The location and neighborhood has a significant impact on the sale and market value of the house, so be sure to invest in a neighborhood that holds value in the market. You must also need to consider factors like amenities, crime rate, safety rules, market values, and community services.
Hiring a REALTOR® when buying a home
Many buyers believe that they can breeze through the home buying process without hiring a real estate agent, but that’s farthest from the truth. A REALTOR® will help you save time, money and resources, and guide you through contracts, inspections processes. In El Paso, the seller pays the brokerage commission for both the listing agent and the buyers agent. so the seller is paying the brokerage fee regardless if you use a REALTOR® or not.
So if your interested in buying a home in El Paso, Texas, contact us and we can guide you through the process. Also, please be sure to download our buying guide. Guide Book for Buyers
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