What You Need to Know Before Buying a Home

By Jeff Cheney | On

Are you considering buying a home in North Texas? If so, you’ve come to the right place. As the economy in Frisco, Plano, McKinney and other surrounding cities continues to boom, more and more people are looking at buying a home here. Whether this will be your first home or not, buying a house requires a lot of time and effort. If you’ve never done it before, buying a home can be an extremely intimidating and overwhelming experience. As the housing market in North Texas is at an all-time high, we are seeing homes sell at a record pace. This is one of the main reasons why it is imperative that you enlist the services of a Realtor from The Cheney Group before moving any further in the home buying process. Our knowledgeable team of Realtors have the experience, connections, and resources necessary to help ensure you find the right home for you and your family. As an established real estate firm that offers a broad scope of services, we will be your one-stop shop when it comes to looking for a home and putting in an offer.

Before you start the home buying process, it is important that you sit down with one of our Realtors to determine whether owning a home is right for you. This decision will depend on numerous factors, such as your financial status, long-term goals, and priorities. Here at The Cheney Group, our Realtors have adopted a low-pressure style that enables us to help you determine when is the best time to take the plunge and buy a home. It is our goal to establish a long-term relationship with our clients and to ensure they are making the right decision when it comes to buying a home.

In order to better prepare you for this process, let’s take a look at what steps should be taken before signing on the dotted line:

Plan Ahead – As soon as you think you may want to buy a home, start planning. Home buying is a time-consuming and demanding process that can take anywhere from a couple of days to a few months, or even longer, in some cases. You will be doing yourself a favor by channeling your management skills early on and coming up with a plan of action. From getting a copy of your credit report to meeting with a lender or financial adviser, there are several things that must be done before you even begin to look at houses. During this planning phase, it may also behoove you to look at your long-term goals. Are you planning on starting a family? Do you need extra space for your parents or in-laws? Will you be working from home? These questions will help you determine whether you need to consider a home with more room than what you need right now.

House and Money with Pad of Paper and PenFigure Out What You Can Afford – Once you have looked at your credit report and have determined how many rooms and what layout you may need, it is important that you calculate how much you can afford. This can be stressful for some, which is why it may help to use a financial planner or a representative from The Cheney Group. There are several online mortgage calculators that will give you a good starting point, but in order to get a true estimate, you will need to go through a lender or someone who is an expert in this area. Lenders typically recommend that people look for home that cost no more than three to five times their annual household income, as long as the home buyer is planning to make a 20 percent down payment and does not have much debt.

Don’t Rush – Buying a home is both exciting and nerve-racking, which can make it difficult not to say yes to the first home you buy. With the help of a knowledgeable Realtor from The Cheney Group, you will be able to find the perfect home that fits all of your family and individual needs. For many people, this is the first or second home they look at. On the other hand, some look at multiple homes before finding the one that sings to them. When starting this process, it is important that you don’t set your expectations too high and have patience. New construction in North Texas is bountiful, and we are seeing more and more homes on the market with spring in full swing. There is no reason for you to settle on a home that isn’t exactly what you are looking for, so take your time and let us do our job!

Buying a home is an exhilarating and exciting experience, but it does not come without its stresses. These tips are a good place for you to start when considering buying a home. To find out more about our real estate services or meet with one of our team members, please contact The Cheney Group today.