10 Tips for Buying a Home in Fort Worth
Thinking about buying a house in Texas, but unsure where? Fort Worth is one of the best spots for property investment in this enormous state. Home prices are lower there than in Dallas, but you want to be quick – they’re rising 10% each year, likely because it’s a great place to live. For young people, families and retirees alike. To get in this market before you’re out-priced, check out our 10 tips to help you buy a home there.
Fort Worth, Texas
Known as, ‘where the west begins’, Fort Worth, Texas is a fantastic spot to live. It boasts a nostalgic drive-in, an annual arts festival, and lush botanic gardens. Let’s not forget brisket barbecue, football season, light rail, and 40 school districts to choose from. It has something for everyone.
To get closer to the dream lifestyle of fort worth, have a look at our 10 tips for buying a house in Texas.
Tips for Buying a House in Texas
Let’s launch your plan for a house in Texas with our 10 tips for buying a house.
1. Know Your Borrowing Limits Early-On
The Texas housing market can be competitive. We see people fall in love with a property only to realize too late it’s outside their financial capacity. We recommend that you speak to three lenders to have a clear idea of your borrowing limit, compare rates, and get your pre-approval financing in place.
2. Look Beyond the Big Banks
Don’t only speak to the big banks. Sometimes smaller, reputable, local lenders have more competitive rates. There are also advantages to working with local businesses. With a local mortgage lender, all communication is direct, with a small staff, in a nearby office.
3. Do Your Sums
When the bank tells you what they’re willing to loan you, don’t take that figure as how much you should loan. Work out what you’re able to pay back in monthly installments. This means looking at all the debts and expenses you pay each month. You should spend 43% or less of your income on car loans, student loans, insurance, taxes, and your mortgage repayment, combined.
You now know not only how much the bank will give you, but how much of that you can take on as debt. This’ll make the housing search easier, as you can focus on properties in that range. Take the bank’s pre-approval letter with you to meetings with realtors.
4. Don’t Only Save for the House
To ensure your home-buying experience is as smooth as possible, don’t only save for the house. Keep some extra money for legal fees, due diligence, and unexpected expenses along the way. If you’re selling another property to buy the new one, you’ll need rent and other expenses during the cooling-off period following a sale.
5. Cut up the Credit Cards
Where possible, clear pre-existing debts and cut-up your credit cards before committing to a home purchase. This will help with your credit rating. It will also help you focus on home repayments. Avoid making any big purchases before buying your home. You want a paper trail that shows savings and good financial management to lenders.
6. Start Small, Grow Big
You won’t get to property magnate heights if you break the bank with your first purchase. Instead of stretching the budget to buy the biggest house on the block, think investment. Less expensive homes will appreciate faster. Buy in good neighborhoods or in those that are just beginning to gentrify.
7. Think of the Real Cost of a House
Look at potential future costs when you check the price of a house. A big yard is great – but it means you need to factor lawn care into ongoing expenses. The cheapest house in a nice suburb might seem like a steal – until you factor in all those ongoing repairs. And yes, more space is great – but it’ll need furniture and decoration – have you got funds for that?
If you’re unsure what the real ongoing cost of a property might be, get in touch with us for some expert advice.
8. Bring Someone Independent to Inspections
There is a temptation to get caught up with emotion upon seeing a great house. The kitchen you always dreamed of. High ceilings, sunlit rooms, a double shower. A courtyard where you can throw a great Christmas party.
Take along a no-nonsense friend, relative, or colleague. Someone who has made smart investment decisions in the past. They can help you keep the bank book in mind, making sure your decision is a smart, business-led one.
9. Get a Professional Home Inspection
This is some of the smartest money you can spend when buying a home. Thinking of it as an additional expense is a mistake. When an independent person inspects the house, you get advanced warning of future costs.
You’ll know what structural issues will need repair. Or replacement. Retiling a roof, restumping a house’s foundations, or replacing floorboards or an HVAC system.
These jobs can run into the thousands of dollars. Make sure you know what you’re buying, and how much it will cost you in the short to medium future.
10. Look for Professional, Local Realtors
To get the best bang for your buck in Texas, find professionals that specialize in the area. At Lone Star, we have many years of experience in the local area. We won’t talk you into buying something you can’t afford.
We’ll work with you to help you make the smartest possible investment decision. And, as it starts to pay off, we know you’ll be back to see us again! We explain the home buying process and keep you informed at each step.
A House in Fort Worth: Let’s Make It Happen!
There you have it; our top 10 tips on buying a house in Texas. Now it’s time to stop thinking and start planning! Buying property is a big commitment. We suggest you get some help from professional, respected real estate services.
To start planning your home in Fort Worth, find a realtor with local knowledge. Like Lone Star. We look forward to working with you to make your dreams a reality. Pick up the phone or drop us a line today!