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Are you ready to take on a mortgage, taxes, insurance, and home repairs? If you answered yes, you may be looking for your new Texas dream home. Here are a few things to consider before you sign on the dotted line. 1. Compare Prices It’s important to know where your potential dream home stands relative to other homes in the housing marketing so you don’t get ripped off, which is where the expertise of your Texas real estate agent really comes in handy. 2. Use a Mortgage Calculator Determine the amount of your monthly mortgage payment with one of the many mortgage calculators available online. Take into consideration other expenses like utilities, insurance, etc. To get a general idea of how much your insurance will cost, randomly choose a property in the neighborhood you wish to live in and call one of the real estate agents in Tarrant County for an estimate. You won’t be obliged to actually get the insurance, but it will give you a good indication of the cost. Note: Keep in mind that the intricacies of the local area tax law and certain exemptions may create somewhat of a difference between what you’re currently paying as a homeowner and what you can expect to spend in your new home. Obviously, this doesn’t apply to first time homebuyers. 3. Closing Costs Don’t make the mistake of overlooking how much you’ll spend in closing costs since this can be a significant number. Closing costs typically include origination fees charged by the loan lender, settlement and title fees, taxes, and other prepaid items like homeowner’s association fees and insurance. Talk to a knowledgeable Texas real estate agent to answer all your questions whether you’re buying or selling, or just want answers for future reference.
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