You may not be ready to buy your first home, but that doesn’t mean you can’t prepare now.
Here are three actions you can take while renting that will put you in a better position when you’re ready to buy.
Test the budget: You don’t know all homeownership costs, but you can estimate how owning a home will affect your budget.
A Realtor can help you determine how much you can afford, the potential mortgage payment you’d make, your local property taxes and repair costs you might want to consider as a homeowner.
Check your credit: Before you apply for a loan, request a free credit report to find out what a lender would see. If your report has errors, you can correct them before they affect your ability to qualify for a mortgage loan.
You might be able to take steps to improve your credit before purchasing a property.
Create a wish list: There’s probably not a home that will offer every single amenity you desire, but you should have a general idea of what you’re looking for.
While a home with fewer than two bathrooms may be nonnegotiable, perhaps you’d see the potential in one with a smaller kitchen or a not-so-appealing exterior paint job.
It’s never too early to talk to a Realtor when you know you’re going to buy a home. A Realtor can answer your questions about the homebuying process and help you avoid surprises along the way.
The largest Realtor association in North Texas and fifth-largest real estate association in the U.S., MetroTex provides programs and services to over 27,000 professionals involved in all aspects of real estate.
For information, visit the MetroTex Association of Realtors website dfwrealestate.com.