Buying a home, particularly your first home, is a thrilling experience. It’s the biggest investment decision most people make in their life. Therefore, you are bound to have plenty of questions about buying your first home in Dallas real estate market.
So, to make your home buying process a breeze, I have compiled a list of questions most commonly asked by homebuyers and have tried to answer them in an as easy and as straightforward manner as possible.
1. How much can I afford?
There’s no definite answer to this question. How much you can afford will depend on your income and your financial obligations. Enter this information in a Home Affordability Calculator (or you can easily find one by a quick Google search) to know how much you can afford. This is an important first step because if you see houses you love that are outside your budget, you will feel disappointed. So, partnering with a real estate agent is important to get a pre-approved home loan and avoid setbacks in the home buying process.
2. Can I sell my current home and buy a new one at the same time?
This is a tricky question. To do this, you will be required to add a clause about ‘sale contingency’ in your contract. A sale contingency means that you buy a home only when you can sell your existing place. This way, you do not have to rent a place in case you sell before you buy a home and vice versa. Other option is to explore bridge loans which allow you to get a short term loan for buying a new home as long as you sell your existing home in six months or so. Talk to your lender for this option.
3. How can I know if buying a certain property makes a good real estate deal?
No one can predict that a particular property is a bargain and that its value will appreciate after some time. However, an experienced real estate agent can study Dallas real estate market trends and dynamics and provide you a general idea about whether property prices will increase or decrease in the future.