Buying a home in the Rio Grande Valley requires homeowners to do three essential things:
- Understand your needs,
- Research the market, and
- Get your finances in order.
It is easy to fall in love with the warm of the South Texas valley and decide to call it home. And yet there are a hundred things you need to check before making your first payment on the house.
Because buying a home can be time-consuming and confusing, especially for first-time owners. So here are some of the critical things to consider before purchasing a home in the Rio Grande Valley:
What does your dream home look like?
Zeroing in on the right combination of style and functionality is a challenge best tackled first on paper.
How many bedrooms do you want in the house? How big should the kitchen be? Does a walk-in closet strike your fancy? What about energy savings? How would you like to integrate future expansions or alternations within the structure? These are some of the common questions that homeowners grapple with. You can only start looking for a good fit once you have most of the answers. A house that matches your space and design preferences would be the best investment.
Another aspect to consider is whether you are buying an old house or building a new one. An existing structure could be cheaper, albeit a bit risky. If you build a new one, you could sleep well, knowing that the builder gave you the best materials and price.
Where do you want to live?
Usually, a well-connected neighborhood is the most preferred choice. Proximity to schools and shopping centers is paramount. Ease of commute and a safe environment are the most asked about features of a locality. All in all, the neighborhood you choose to live in will be crucial in dictating your future lifestyle.
You could get in touch with RGV home builders or real estate agents in the valley to help you find a suitable locality.
How much would the house cost?
Anything you want included in the house will cost you money. The building material you choose or the fixtures you need are some of the things that affect your budget. Add to it the different fees related to taxes, registration and so on. Besides, house prices change, and budgets tend to exceed their limits. You will need to set aside some funds. Hence a big part of your savings will go into this project.
Mortgage calculation could help you find out how much you are likely to spend. And how much you would be left with. Banks ask for a reliable credit score to grant you loans. Some of these loans have fixed interest rates and a set pattern of payment. Others offer more flexibility. Long-term repayment choices are stretching over 15, 20 or 25 years.
Homeowners usually choose a loan plan that fits their investment goals. If you don’t seem to be eligible right away, take a little time to get your finances in order. Affordability issues can make severe dents in your dream.
Who will build your house?
Finding the right builder is as important as finding the right locality. It is best to search for licensed and certified builders who have years of experience. Having the proper permits is essential too. Reputed builders most likely will have the financial backing and highly-placed connections. It will ensure the successful completion of your home building project.
You can ask to visit finished homes and talk to their existing clients before you sign the contract.
What can a model home tour do for you?
The model home is a reflection of what the builder has to offer. It is where their plans and designs come to life. After you have shortlisted a few houses, set up a date with the property, when touring the new site or the model house, make sure to make mental notes.
Buyers should take this tour seriously and ask the builder for their inputs on the property. Compare the pros and cons of all the houses you visit so you can make an educated choice. Talk to your builder to dispel any doubts you might have.
House inspection, when done by a professional, can open your eyes to many aspects of homebuilding. It may be unknown to you. So, first-timers should select a home inspector to check the condition of the house.
What paperwork do you need?
While making a move on the house, you need to be sure that your paperwork is also well arranged. Banks ask for several documents before releasing the loan amount. These include tax receipts, account statements, payment proofs and related documents. You may also need homeowners insurance. While compulsory, it can safeguard your investment from natural disasters—fire, flood, and storms, to name a few. Also, getting approval is not complicated if your documents are ready.
What to consider while making an offer?
At one point you would be making an offer on the house. Although prices are open to a bit of bargaining, you must ensure that you’re getting your money’s worth. Consider the average property prices in the neighborhood against what your builder asks.
Offers and counter-offers are made before both parties reach an agreement. But make sure that the quality of your house is not compromised. Raw materials, paint, finishes, and fixtures can make a massive difference in the final price. Expect to shell out more for premium materials and greater customization.
What happens on closing day?
Finally, after all the stress, the closing day arrives. You make the balance payment on the house and the realtor hands over the keys. Don’t forget to receive the purchase papers from them. That’s it. Your home-hunting trip is over.
To enjoy the benefits of a well-made house, connect with an expert builder who cares for your needs and offers the industry experience to make it a reality.
If you are looking to buy a home in Pharr, Mission, Edinburg, or anywhere in the Rio Grande Valley, contact us to talk about your property and get the best deal available.
