Whether you’ve just moved to Texas and are a first-time homebuyer in the Lone Star State. Or you want to expand your already-existing real estate portfolio with a sound investment. Finding the right property in Texas is somewhat difficult as the state has one of the most competitive real estate sectors nationwide. On average a home for sale in Texas stays on the market for a little over two weeks before its sold!
Amidst the tough competition, Texans bought and sold over 400,000 homes in 2021. The number is quite significant, considering the otherwise post-pandemic real estate slowdown across the country. So if you’re looking to buy property in Texas for investment or want to start a life in this vibrant state, here’s your step-by-step guide.
Buy Property in Texas – A Six Steps Guide
Here’s what you need to do to buy a home in Texas.
Plan the Down Payment
Most home buying mortgage lenders require the buyers to put down at least 20 percent of the total value as a down payment. Save up and strategize your finances to save up for the down payment. However, if you’re unable to accumulate 20 percent, some government-backed home buying programs allow you to pay 0 percent or up to 3.5 percent of down payment too.
Find a Real Estate Agent
For first-time home buyers, the whole process of buying a home in Texas can be overwhelming. Having an experienced and skilled realtor at your side is crucial to making the process seamless. Alongside helping you find the best property, a local realtor will also advice you regarding home buying loans, inspectors, and mortgage lenders.
Pre-Approve Your Mortgage
With a skilled realtor by your side, the next step for you is to get pre-approved mortgage letter. While you may take time to finalize a lender for your house loan, having this paperwork done will make you a better contender for the seller.
Look for the Right Property
The next and most fun part is to find the property that best addresses your needs. Your realtor will shortlist properties for you keeping in mind your budget, preferences, and requirements. All you need to do is pick the best one.
Make an Offer
On average, a home in Austin Texas costs around $624,000. Based on the neighborhood, amenities, and the property’s condition, your realtor will advise you on the right offer. You will then write a compelling offer letter to the seller.
Inspection, Appraisal, and Close the Deal
Once the seller accepts your offer, you need to get the property inspected to find any problems. Your mortgage lender may also order an appraisal to see whether the property is worth the money you’re paying. After this stage, you can close the deal and buy the property.
Buy a House with an Advisor in Texas
Buying a property or home may seem complicated but you can always reach out to us. We at Z Finance Solutions offer home buying services and property investment advice in Texas. Call us for assistance with home buying, real estate investment, and home loan programs.