In your journey toward homeownership, you have decided on two things: making the decision to buy a house, as well as your ideal location – Dallas, TX. Know that preparing for the purchase could be just as overwhelming as the actual home-buying process, especially with your sights set on a real estate market that’s steaming hot with activity.
Early preparation is your key to a successful, fast, and stress-free transaction as you begin to work on your Dallas homeownership goals – and we at Sarah Boyd & Company have this set of tips to get you started.
Hold off on big purchases
Unless you are buying with cash, it is best to postpone any big purchases using credit from three to six months before buying a home. You need proof of financial stability at this point to earn a better credit rating. And with a better credit rating, you’ll have higher chances of getting approved for a mortgage at terms that will suit you the most.
A pre-approval may not be a guarantee that you will be approved for a mortgage but it gives a general idea of how much a lending institution can grant you for a mortgage, given your financial status. Knowing this can help you and your agent in focusing on homes within your budget. Moreover, sellers will most likely prioritize you over other buyers as your pre-approval indicates to them that you have the financial capacity to pay for their house.
Consider total costs
It is essential to see the entire financial picture when buying a home. The price tag attached to a home for sale is merely a fraction of all the costs related to purchasing a house. You also have to allot funds for taxes, insurance, affiliated services like home inspections and staging, and several others. Moreover, in a seller’s market like Dallas, you may even have to shoulder the closing costs to gain an edge in bidding wars.
Post-sale, your new home’s repair and maintenance costs could put a dent on your regular budget, on top of the monthly mortgage payments. Note that all these costs dedicated toward homeownership should not exceed 33% of your total monthly budget if you want to live comfortably.
Search beyond Downtown
Downtown Dallas is where the city’s Central Business District is. Living within its periphery gives you a world of convenience just outside your doorstep. Then again, the cost of living here will entail you to pay top dollar for a small parcel of residential space.
As an alternative, you can choose among Dallas’ beautiful neighborhoods found beyond the city center. You can get far more spacious homes here for the same price as a smaller home in need of an upgrade that’s found near Downtown.
Align with seasoned professionals
It can be a challenge navigating through Dallas-Fort Worth Metroplex real estate without a seasoned expert to guide you in your home-buying endeavor. However, with our team at Sarah Boyd & Company providing assistance in your search for the perfect Dallas home, you can be assured of a working relationship that combines expert strategizing with a personal touch that keeps you engaged and in the know from start to end of the real estate transaction.