How to Avoid Houston Home Buying Mistakes
Whether you are buying your first Houston home, or re-entering the market, there are some common home buying mistakes that are easy to make. Fortunately, these can all be avoided with good planning, and by working with an experienced Houston real estate agent. Here are tips to help you!
Get pre-approved for your mortgage. Even if you’ve owned a home for several years, make no assumptions about your credit score or home buying power. Mortgage underwriting guidelines are more conservative today than they were 10 years ago. Also, by knowing how much home you can afford, you can make your purchase offers with confidence.
Choose a Houston real estate agent with experience in your market. We specialize in the Houston Energy Corridor and Memorial neighborhoods of West Houston. Our expertise will help you find the ideal home!
Know your home buying priorities. The variety of homes for sale in Houston can be overwhelming! By deciding on the features and amenities you need, and the locations you prefer, you can focus on homes that best suit your needs, in your price range.
Do not push the envelope on what you can afford. It’s easy to get caught up in the excitement of home buying, and find yourself embroiled in a bidding war. Staying within your budget will help you manage all the expenses of home ownership – taxes, maintenance, utilities and so on.
When you buy a Houston home, you’re buying the neighborhood along with it! Be sure to drive around the neighborhood at different times of the day and night. Observe the activity. How busy are the streets? Is the neighborhood quiet or noisy? Also observe the condition of nearby homes. Are homes and yards well-kept?
When you find the ideal home, make an offer! Some home buyers get so used to “looking” that they’re never buying. Meanwhile, the homes they liked go under contract, and home prices trend higher. Keep in mind that mortgage rates, while currently low, are always subject to change. You should not rush your home buying decision, but indecision can cost you thousands of dollars in lost opportunity.
Be sure to use proper contingencies in your purchase offer. Such as, contingencies for financing approval and a satisfactory home inspection. You can have a contingency for the review of homeowner association deed restrictions, by-laws and financial condition, too.
Finally, do not make any changes to your credit or financial picture prior to closing! This is extremely important, because your mortgage lender will review everything before funding the loan. Any changes to your credit score, employment, income, debt loads or bank accounts can potentially revoke your mortgage approval. Do not make expensive purchases, change accounts, or open or close lines of credit.
Looking for a new home in West Houston? Let us be your guide to Houston Energy Corridor and Memorial neighborhoods! Obtaining the expert advice of the KW Energy Corridor Team is the first step in a successful home purchase. We will be happy to provide you with local market insights, current sales trends and community information. Contact us today for your home buying consultation!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079