HOMES FOR SALE IN The Colony  

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The Colony New Home Construction & Builders -  Find The Colony, TX New Real Estate

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Tips For First-Time Home Buyers in The Colony

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If you are a first-time home buyer in The Colony, here are some helpful hints and tips to avoid common mistakes when buying your first home in The Colony, TX.

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• Pre-Qualification: Meet with a local mortgage broker or a lender and find out how much you can afford to pay for a home. This will be based on your credit score, your income, your assets and your liabilities.  

• Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved by a reputable local lender. You'll also avoid being disappointed when going after homes in The Colony that are out of your price range. With a mortgage loan pre-approval, the The Colony first time home buyer actually applies for a mortgage with a lender and receives a loan commitment in writing from a lender. This way the The Colony home seller knows immediately that you are a serious buyer for that property in The Colony. Pre-approvals are free and the new construction home builders in The Colony will generally require you to pre-qualify with their own lender before writing a contract for a new construction home in The Colony.

• Needs & Wants: Start with identifying what you really need in the home and what you want in your new home in The Colony. The first should include items you must have (i.e., school district rating, the number of bedrooms and bathrooms you need for the size of your family, yard size, etc.). The second list is your wishes, things you would like to have (swimming pool, media room, covered patio etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

• Representation by a Professional: Consider hiring your own real estate agent in The Colony, one who is working for you, the buyer, not the seller. Hire a top The Colony buyer’s agent who specializes in new construction homes and knows about new master planned communities in The Colony and is familiar with the top new home builders in The Colony.

• Take notes & photographs: Use your smartphone to take pictures of the homes in The Colony that you are interested in when you visit multiple homes in The Colony. You can even make a video of the home if the listing agent allows it. This will help you remember the details of various homes later when you go home and want to make a final decision after comparing all the The Colony homes you have looked at during the day. 

• Property taxes, MUDs & PIDs: Make sure that you understand the property taxes due on a home and also if there are any additional taxes or assessments due to MUDs & PIDs. 

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• Look for resale value: Try to buy a home in a good school district (remember that a home with a The Colony address may not be in The Colony ISD!), low crime crime rate, proximity to positive factors(shopping, parks, freeway access) and avoid negative factors(abandoned properties, garbage dump, sources of noise) to maximize your The Colony homes’ resale value.

• Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light in the home? 

• Do not buy a lemon: Make sure that you look for obvious problems with the home for sale in The Colony before you put the home under contract. Is the yard graded correctly to carry water away from the foundation? Are there signs of any active foundation issues or past repairs in the home? Are there signs of previous water damage?

• Follow your head, not your heart: Instead of thinking with your heart when you find a home, think with your head. Do not let emotions drive your decision. Does the new construction home in The Colony you want to buy now really meet your needs? Builders are always building new homes in The Colony, so don't make a hurried decision that you may regret later.  

• Do not skip due diligence: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.

2. Have the The Colony home that you want to buy inspected by a professional inspector.

3. Request a walk-through to take place 24 hours before closing. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap fixture).

4. Rely on your top The Colony real estate agent to make sure that you are getting all the warranty information for items recently replaced in the home and to make sure that all the work done has been permitted by the city.

All the above may seem rather overwhelming for a new home buyer in The Colony. That is why having a professional - a top The Colony first time home buyer’s agent and a top The Colony new construction expert real estate agent - represent you and guide you in the home buying process in The Colony is highly recommended. Please contact us at 469-269-6541 directly to discuss any of these items in further detail.

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