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Buying your first home Category

Buying your first home – Step 1: Rent vs Own?

This is the first post in a series designed to educate first time home buyers on the process of purchasing a home in Spring Texas. As a potential first time home buyer, you have probably been thinking about owning your own home for some time now. You may have already been on the real estate web sites searching for homes and maybe even attended an Open House or two.  But before you get too far down the path, you really need to stop and begin...Continue Reading!

Buying your first home – Step 2: Loan Pre-Approval

This is the second post in a series designed to educate first time home buyers on the process of purchasing a home in Spring Texas. Okay, you have determined that you are ready to own your own home, now what? The next step is to know your numbers.  If you have always liked numbers, like me, you will enjoy this step. If numbers are not your thing, I am sorry but you need to understand the numbers before proceeding to the...Continue Reading!

Buying your first home – Step 3: the Search

About 87% buyers start their home search on the Internet and for good reason too. With just a few clicks of the mouse, buyers can view listing information, watch virtual tours, pinpoint the home's location on a map, and view multiple photos.  And with numerous real estate web sites from which to choose from you just may have a difficult time deciding which one you like best. A couple things to note about real estate web sites, they do not all have the same listings and...Continue Reading!

Buying your first home – Step 4: Get a Buyer’s Agent

As a home buyer and especially as a first time home buyer you need someone who is looking out for your best interests and a buyer's agent is just that someone.  A buyer's agent has a fiduciary responsibility to represent his buyer's best interest including reasonable care, loyalty, and confidentiality. A buyer's agent is different than a listing agent.  The listing agent is the real estate agent whose name and phone number you see advertised with the listing of the home.  The listing agent...Continue Reading!

Buying your first home – Step 5: the offer

Now that you have found the ideal home, it is time to make an offer and close the deal. How much do you offer? - First you need to determine if the home is overpriced, priced right, or under-priced for the market. You should have a general idea of how the home's pricing and value compares to the other homes on the real estate market you have viewed. Next, you will want to sit down with your real estate agent and review the comps. The...Continue Reading!

Buying your first home – Step 6: the Option Period

The Option Period - a defined length of time usually 7 to 10 calendar days from the effective date of the contract. The buyer pays the sellers a nominal fee usually $100 - $250 for the Option Period and in exchange the seller gives the buyer an unrestricted right to terminate the contract during the Option Period. The buyer has the unrestricted right to terminate the contract that means you can terminate the contract for any reason. In fact, you don't even have...Continue Reading!

Buying your first home – Step 7: the Home Inspection

You have your first home under contract and you are in the option period, it is now time to get the home inspected.  Even though you have 7 to 10 days depending upon the length of your Option Period to get your Spring Texas home inspected, you want to schedule them as soon as possible.  Scheduling the home inspections as soon as possible will give you time to coordinate the home inspectors schedule with yours, review the inspection report, if necessary get quotes for repairs,...Continue Reading!

Buying your first home – Step 8: Insurance

Unless you are paying cash for the home, your mortgage lender is going to require the home be insured. The cost to insure your Spring Texas home varies from insurance company to insurance company. Sometimes the difference between the insurance companies rates are so significant that you wonder just what it is you are missing.  In order to get the best coverage for the lowest price you will need to shop around for your homeowners insurance and while you are shopping around remember to ask about discounts including...Continue Reading!

Buying your first home – Step 9: Survey and Appraisal

Survey - shows if the home is within the property borders, whether there are any encroachments on the property by its neighbors, and the location of any easements.  Your Spring Texas real estate contract specifies whether you as the buyer of the home or the sellers will pay for the survey. The survey which costs around $300 - $500 is typically considered a buyer's expense since it is the buyer's lender that requires a survey for the property.  If the sellers have an existing survey and no...Continue Reading!

Buying your first home – Step 10: deed restrictions and title commitment

We are nearing the end of the series but we are not quite there yet as we have a couple more important steps to discuss on the way to home ownership. Deed Restrictions: There are very few Spring Texas neighborhoods that do not have deed restrictions. There is a high probability the subdivision you are purchasing a home in is governed by deed restrictions. You need to familiarize yourself with the subdivisions deed restrictions before you purchase your home so you do not have to make any unexpected decisions later. For instance, if...Continue Reading!

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