They say that buying a home is among the most stressful events anyone can endure. But it can be made a lot less so by understanding what is involved and planning in advance. So, you’ve got your heart set on a condo in Texas. It’s a great choice as there are many excellent locations, some of which are surprisingly beautiful. Whether you’re looking for a home in one of the state’s fantastic cities or in a wonderful beach-front location, we’ve put together a simple guide to buying a condo in Texas, so let’s get started.
Step By Step Process of Buying Condos In Texas
01. Choose Your Location:
You will be spoilt for choice when looking for a condo in Texas as there are many excellent locations. For example, specialist real estate agent Next Home on the Coast always has many superb properties in the popular beach resort of South Padre Island, with surprisingly affordable condos among them. If a waterfront property is what you are dreaming of, this is one of the prime destinations on the Texas coast and is worth checking out.
You may already have a location in mind, in which case your search has just become a lot easier. Once you are set on a location or general area, it’s time to work out your budget.
02. Check Your Finances:
Nobody likes dealing with the financial aspect of buying a home, but it is sadly essential, especially when it comes to your down payment. In Texas, the mortgage lender will usually expect you to put down 20% of the cost of the home. There are schemes that allow you to put down a lower figure, but generally, the larger your down payment, the less your mortgage repayments will be. Once you have clarified that you have access to the relevant funds, you can start talking to mortgage providers.
03. Get Pre-approved for a Mortgage:
With the Texas real estate market being strong right now, you will find that sellers will require you to prove you have been pre-approved before they will let you view their home. They consider it a waste of their time showing around someone who they later discover did not have access to a mortgage. So, you need to talk to mortgage companies and see who can offer you the best deal for your budget.
You can also use a mortgage calculator to get an idea of what you will repay but be aware the rates may change quite often. The lender will take into account your income and outgoings, any debt you may have, and your employment status, so be prepared to show them documents when you get pre-approved. The lender will prepare a letter that confirms they are willing to lend you the money so you can prove to buyers and agents that you are a valid buyer.
Also, look at the most effective tips for getting a mortgage loan approved – 3 Tips to Ensure Approval from Your Mortgage Lender!
04. Find a Good Real Estate Agent:
A good local real estate agent is a must when looking for a condo in Texas. They will know the market and the area and will be able to show you properties in the places you are looking and at the right price. It’s worth talking to a few agents as you may find one that is an expert condo in your chosen location. Let the estate agent know that you are looking early in the process as they may know of properties due to come onto the market that has yet to be advertised. This gives you a head start.
05. Start Viewing Condos:
Now you can start looking at the condos the agent has selected for you. Be sure to take your time and make notes so that you can compare later on. This is the stage that will take up most of your time, so you need to find accommodation in the area if you don’t already have it.
When you find the perfect home – and it may take some time – you need to move quickly to the next stage. Be aware that the average Texas condo will be on the market for no more than two months.
06. Make an Offer:
This vital stage of buying a home in Texas is done with the help of the real estate agent, who will put together a formal offer to the seller. It may take some time for them to consider, but usually, a seller has decided what they want to get for the property and will be ready to act on offers. If you have found the home of your dreams and want to offer full price, feel free to do so, but remember that the next stage needs to be undertaken – the inspection and appraisal.
07. Arrange Inspection and Appraisal:
Inspection and appraisal will cost you money, but it is an essential part of the purchasing process. The inspection involves examining the property for faults and problems. This includes the structure of the property, heating and air-con systems, and all other areas where there could be costly repairs needed. If the ensuing report has notable faults or problems, negotiation with the seller begins – but not until the property has been appraised for value.
The lender needs to know for certain that they are lending money on a property that is worth the agreed price. This is because they use the condo as collateral should anything occur that prevents you from keeping up repayments. If the appraisal comes back low, the seller may reduce the price or may pull out of the deal. If it comes back higher than you have agreed to pay, all is well!
08. Complete the Deal:
So, you’ve found your dream Texas condo, you’ve got your offer accepted, and you’ve had a successful inspection and appraisal that gave you the green light. All that needs to happen now is the lender transfers the money to the seller – along with your agreed down payment – and you arrange a date with the seller where you pick up the keys – the Texas condo is now yours. Enjoy!
If the buyer has not remained alert, the buyer’s happiness may only last for a short time after taking possession of their dream home. So, while taking possession of your dream home, we have attempted to provide a comprehensive list of documents to take from the builder/developer/seller. To know, go to the following link –
