Since I became a Texas real estate agent, I have been helping first-time home buyers achieve the dream in Flower Mound, TX area. This is the most rewarding and enjoyable part of my job. Helping people build wealth through real estate is what I do, but that first home is so important.
Why you should buy a home soon as possible in Flower Mound:
The primary residence is the foundation upon which most Americans build for retirement. That's because your home is the best investment you can make for many reasons.
Paying rent IS buying a home- for your landlord. Unlike rent, every monthly mortgage payment reduces what is owed, until one day- you have no mortgage payment - only taxes and insurance. And it may not take 30 years - a few early extra payments can knock years off.
With rents rising in DFW, you may save monthly by purchasing a home. However, the REAL money in owning a home is in long-term tax-free appreciation. Gains on your primary residence are exempt from capital gains taxes (up to $250k single, $500k married). To qualify, you must live there 2 out of the last 5 years before you sell.
Long term, owning real estate in Flower Mound is a sure thing because they don't make any more of it. Homes have appreciated on average 3-4% per year over the last 70 years. It's your best hedge against inflation.
This will make you smack your forehead if you haven't purchased a home yet... The median existing home price in Collin County has risen over 260% in 10 years! If you had purchased at the bottom of the market and timed it perfectly, a median priced home would have added well over a hundred thousand dollars to your net worth since then.
The #1 reason to buy a home now in Flower Mound is low mortgage interest rates. Rates are not far from the all-time low, making this a once-in-a-lifetime opportunity to lock in low payments and qualify for more home. It can't last forever. Don't miss this opportunity!
How Much Money You Need to Buy a Home in Flower Mound
Your next month's rent may be ALL you need to buy a home. I recently helped a first-time home buyer, who needed only 3.5% down payment with help from FHA loans. The seller paid all of her closing costs. She bought a home for less than $1500 out of pocket, including a home inspection.
Qualifying for a loan has gotten easier and there are zero/low-down payment programs available again. Cash required depends on the financing program you qualify for. You'll need the normal $3000 earnest money deposit to make an offer on a $300,000 home, which will be credited toward closing. Typical buyer closing costs with a loan are about 3% of the purchase price, including reserves for taxes and insurance. Sellers can pay buyer closing costs, but it's not easy to work into the deal in this hot market.