What You Should Know Before Buying a Home

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

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

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

20% Down Payment
With a 20% downpayment of the purchase amount, 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 mortgage insurance in some cases.

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

Location
While owning a home gives people a feeling like no other. It is a symbol 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 before making the call. After all, buying is a much bigger commitment than renting as it’s something that you commit to for a lifetime, and one of the upsides to owning a home is the chance to build equity. Likewise renting has its own perks and cons.

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

Many agents can help answer any questions about townhomes in their area of expertise and
knowledge about the best school districts.

Lifestyle
Overconsumption of resources against optimum utilization 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 construction homes are not eco-friendly or energy-efficient. With new energy-efficient homes being constructed, you’ll save thousands of dollars in energy costs over the
years. Additionally, you’ll be lessening your carbon footprint.

Many new construction builders are leading the way for energy-efficient, environmentally-friendly living in many cities. Seeking a professional, friendly agent in the area where you’re looking for a purchase can help you find a beautiful, ‘green’ townhome that meets your lifestyle and budget needs.