Are You Ready to Buy a House?

Are You Ready to Buy a House

As you look forward to buying your first home, how can you know that you are ready? You're living according to your budget, keeping an eye on your credit score, and saying for a down payment.

How will you know when you are ready to buy a house? Keep reading for some things to keep in mind.

Anticipate the Cost of Homeownership

As you make sure you are financially prepared for homeownership, make sure you're taking the full cost into account.

Owning a home requires more financially than just making your monthly mortgage payment. There are many other costs of homeownership that are different from rental costs. There are one time costs to be prepared for when you move in, including:

  • Window coverings, which are sometimes included in the sale of the home but may need to be replaced
  • Any appliances that weren't included in the sale, which commonly include washer, dryer, and refrigerator
  • Appliances that need to be repaired or replaced
  • Furniture, especially if you are moving into a house that is larger than your rental home

And then there are costs that you should be prepared for throughout the course of owning the home, including:

  • Repairs, ranging from something small like a new faucet to major repairs like replacing a roof
  • Seasonal maintenance, like gutter cleaning, sprinkler blowouts, and fertilizing your lawn
  • Landscaping costs, whether you invest in the equipment to do it yourself or opt to hire a professional service or neighbor kid
  • Appliances, which will need to be repaired or replaced over time
  • Property taxes, a cost that varies depending on your location but should be taken into account

You are ready to buy a house when you can afford the monthly payment and be able to financially manage any of these additional costs, which are currently handled by your landlord.

Credit Score

In order to be ready to buy a house, you need your credit score to be at its best.

Credit scores are categorized in five tiers. In general, credit scores under 579 are poor, 580-669 are fair, 670-739 are good, 740-799 are very good, and 800-850 are excellent.

A lender will consider you as an applicant based on which category your credit score falls under, so it makes sense to find out what your score is and how close you are to bumping it up to the next tier. For example, if you have a score of 720, it’s worth the time and effort required to bump that score up over 740 in order to be considered someone with “excellent” credit.

A credit score over 700 is likely to secure you a good interest rate, but anything in the “very good” or “excellent” category is a good enough credit score for the best mortgage terms your lender has to offer.

If your credit score is fair or poor, you may not be ready to buy a house yet. Work on bringing the score up to be able to qualify for the best rates.

Look at Mortgage Options to Suit Your Budget and Timeline

If you are a first time home buyer with good credit, you have many mortgage options available to you. Saving up for a 20% down payment isn't necessary, with mortgage products that require as little as 3% down available for first time home buyers.

Take the time to look at your options, and even talk to a few lenders to anticipate the budget and timeline you should have in mind. Knowing when you are ready to buy a house depends significantly on the down payment you need to save.

For more information about becoming a first-time homebuyer, contact us today! We are ready to help.

Check out the Newest Listings in Horseshoe Bay

70 Properties
Page 1 of 6
$247,500,000
Neighborhood: Doublehorn Crk
3.5
Acres
2
Days on Site
164718
MLS
Nice Big Flat Lot 3.5 acres plenty of room for your toys and family. Big Oak trees. Lot is across the street from the home at 307 Vista View Tr. Easy build quiet neighborhood, lots of open space....
3
Beds
2
Baths
228
Acres
1954
Year Built
6
Days on Site
163997
MLS
The property is nestled in northeast Burnet County. There are multiple types of wildlife such as white-tailed deer, hogs, dove and wild turkeys. The home has a well that feeds the house and...
152.65
Acres
6
Days on Site
163571
MLS
Matern Mesa Ranch has been in the same family for 3 generations. It has an abundance of large trees, open pastures and incredible views. A cleared road takes you meandering up to the top of a vast...
8
Beds
5
Baths
5,245
Sq.Ft.
2014
Year Built
6
Days on Site
162966
MLS
Welcome to the Taplin Ranch. This 90+ acre ranch is located in a coveted portion of the Central Texas Hill Country, just minutes from both Burnet and Bertram and less than an hour from Austin. This...
8
Beds
5
Baths
5,245
Sq.Ft.
2013
Year Built
6
Days on Site
160572
MLS
Welcome to the Taplin Ranch. This 90+ acre ranch is located in a coveted portion of the Central Texas Hill Country, just minutes from both Burnet and Bertram and less than an hour from Austin. This...
4
Beds
1F11/2
Baths
186
Acres
6
Days on Site
164676
MLS
Introducing an exceptional 186 +/- Acre ranch that is truly remarkable, with boundless potential waiting to be realized. Nestled within this expansive property, you will discover a charming...
$1,475,000
Neighborhood: Lago Escondido
0.54
Acres
6
Days on Site
164681
MLS
Welcome to Lago Escondido, a private peninsula on Lake LBJ, where we invite you to build your custom lakeside estate and private boat house on this .54 acre WATERFRONT lot! Included with the sale of...
$1,349,000
Neighborhood: Kingsland Est
4
Beds
3
Baths
2,825
Sq.Ft.
1977
Year Built
2
Days on Site
164715
MLS
Enjoy views of Packsaddle Mountain and your own private Beach! This extraordinary lakefront home offers a perfect blend of luxury and serenity, making it an ideal choice for both buyers seeking a...
$1,300,000
Neighborhood: Spicewood Trails
3
Beds
3F11/2
Baths
3,000
Sq.Ft.
2023
Year Built
5
Days on Site
164699
MLS
Welcome to this exciting new construction home in Spicewood Trails! With a modern European design, this stunning residence showcases the epitome of luxury living. The home features a 3-car garage,...
$1,199,000
Neighborhood: Miller Creek Ranch
4
Beds
3
Baths
3,000
Sq.Ft.
2023
Year Built
4
Days on Site
164710
MLS
Located in beautiful gated community of Miller Creek located about an hour north of Austin between Lampasas and Briggs. 70 acreage tracts ranging from 12-95 acres. Inspiring views of the storied...
$1,150,000
Neighborhood: Oo Ranchettes
3
Beds
2
Baths
2,078
Sq.Ft.
2004
Year Built
8
Days on Site
164652
MLS
10 miles out of town you can escape from life at this 3/2/2 custom built home on 2.53 acres of the Llano River. This home has no unused space, it has a large living room with a wood burning stove...
$997,000
Neighborhood: Scott Acres
2
Beds
1F11/2
Baths
864
Sq.Ft.
2005
Year Built
7
Days on Site
164664
MLS
Fantastic opportunity on the Llano River! Introducing the Llano River House! This long-established short-term rental is perfectly set up for you and your family to enjoy while also generating income....

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