Austin Home Buyer's Resources
Importance of a buyer's agent when buying an Austin home
Buying a home is the largest purchase most people will ever make. Without professional real estate guidance, this experience can be complicated, problematic, and stressful. All real estate buyer's agents ( realtors ) are required by law to represent the "best interests" of the home buyer. However, there are different levels of real estate services provided to meet these "best interests" when they buy a home. I can only speak on my own behalf on what excellent service should be provided to an Austin home buyer. Full real estate service and assistance should be from the early search stage to the final settlement closing stage of the home buying process. This includes guidance through the buyer's needs & wants analysis, detailed home search, buyer's financing, price / terms negotiations, contract paperwork, home inspection and closing procedure. I relate this experience to a linked chain with the links being steps in the process. All links (steps) are critical for a solid strong chain and a good transaction when you buy a home. It is my responsibility, as the buyer's rea estate agent (realtor) , to guide you step by step through the entire buying process making one of your largest lifetime investments a pleasant experience.
What are you looking for in an Austin home?
Most Austin home buyers do not realize all the options available. Start your search for an Austin home by making a list of your "must haves", "want to haves", and "do not wants". Be specific and narrow down your search to what type of home are you looking to buy. You want to consider AREA (Austin city limits, downtown, suburb, country), NEIGHBORHOOD (new, old, schools, recreation, transportation, commute), HOME STYLE (1 story, 2 story, townhome, condo), HOME SIZE (bedrooms, baths, square feet, living area), HOME FEATURES (backyard, patio, fireplace, cabinet space, closets, storage), HOME VALUE (price range, resale value, planned timeframe of living in the home), and any other requirements for your Austin area home.
Benefits of Buying an Home
Are you ready to buy an Austin home? Homeownership has great benefits.
Buying a home has many advantages - both financial and personal. But buying a home is an important decision. Look at the benefits and the differences between buying and renting to better understand if buying a home is right for you.
What are the benefits of homeownership?
- Tax savings.
You may earn significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax and many states' income tax if you itemize your deductions. Unlike other tax shelters, you can live in your investment. Consult your professional tax advisor for your specific situation.
- Bigger paycheck. If you earn tax savings, you may increase your withholding allowances which puts your future tax refund into your paycheck. Consult your professional tax advisor for your specific situation.
- A more stable monthly housing expense.
Your monthly housing loan or mortgage expense can remain the same for the life of your mortgage, depending on the type of loan you choose. Mortgage payments can be more predictable than rent.
- Equity.
You may build equity in your home over the life of your loan, which allows you to build a down payment for a future "move up" home or plan for future goals like your child's education or your retirement.
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New versus Existing Home?
New home construction is a preference to some buyers in Austin. Home builders attempt to change with the times by providing new technology, features, and materials for current Austin trends and lifestyles. Some home buyers find it attractive to have everything "new" in their home. They often choose their floors, colors, paint, wallpaper, and features to their specifications. Often buying a new home is more expensive but the maintenance costs can be more predictable. As with any real estate purchase, caution must be used and a buyer's agent is recommended.
Buying existing homes appeal to some buyers in Austin. The "settled" feel of an existing home can give a sense of warmth. The yard, trees, interior, foundation, and the neighborhood community are all "settled" and give buyers the warmth of a "lived in" home. Often times, the home pricing is less expensive and buyers choose to use the extra money towards personalizing the existing home. It is always recommended to get a real estate professional inspection for needed repairs when you buy any home. The buyers decision for "new" vs. "existing" is strictly a personal decision.
Consult with your real estate buyer's agent (Realtor) to learn more about the facts in making this crucial decision.
How Much Can You Afford?
A mortgage lender, a housing counselor, or consumer credit counselor can help you better understand these guidelines. Before you talk to a financial professional, you can organize your financial picture by creating a budget.
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What Are Possible Repairs to Determine a Home's Condition? Always get an inspection!
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| Check For Properly Working Appliances/Fixtures: |
- Bathroom
- Sinks
- Showers/tubs
- Toilets
- Vent fan
- Heating fan
- Appliances
- Dishwasher
- Stove
- Oven
- Ice maker
- Garbage disposal
- Range hood
- Refrigerator
- Freezer
- Microwave
- Trash compactor
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- Kitchen
- Kitchen cabinet doors
- Drawers
- Sinks
- General
- Lights (interior & exterior)
- Windows
- Heating system
- Ceiling fans
- Hot water system
- Air conditioning system
- Electrical outlets
- Door bells
- Doors
- Water purifier
- Fireplace damper
- Garage door
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| Ensure House Is Well-Built & Systems Are In Working Condition: |
- Exterior
- Brick bulging or cracking
- Shingles missing or broken
- Siding rotted or missing
- Gutters damaged or need to be cleaned
- Concrete cracked in sidewalks/driveway
- Basement
- Water seepage in basement
- Cracks in foundation
- Poor ventilation
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- Interior
- Sub-flooring damaged or loose
- Cracked walls or ceiling
- Cracked tiles
- Loose plaster
- Flooring damaged
- Soft, springy floors
- Water stains near windows
- Water stains on ceiling below bathroom
- Water stains in attic
- Pipe insulation missing
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Myths About Home ownership
Lenders evaluate mortgage applications a lot differently today than they did even 10 years ago. And even more has changed in the last 20 years. What used to close the door to homeownership may not be a factor today.
DO NOT ASSUME COMMON MYTHS! Each individual and circumstance is different and varies in many ways. Consult a mortgage lender, a housing counselor, or consumer credit counselor who can help you better understand your specific situation.
Here are some common homeownership myths:
Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.
Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving expenses, and repairs.
Myth: You can't buy a home in the U.S. if you're not a citizen.
Fact: If you're a legal resident, you can purchase a home in the U.S.
Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history of payments you've made for items such as rent, utilities, and car payments.
Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.
Myth: If you're late on your monthly mortgage payments, you'll lose your house.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency and fall behind, it's possible to keep your home and get back on track if you contact your lender early.
Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.
Each individual and circumstance is different and varies in many ways. Consult a mortgage lender, a housing counselor, or consumer credit counselor who can help you better understand your specific situation.
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