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

91 Properties
Page 1 of 8
4
Beds
2
Baths
2,435
Sq.Ft.
2021
Year Built
1
Day on Site
163116
MLS
Newly constructed fully furnished contemporary home with breath-taking 360-degree views set on 40 acres of hill country beauty! Located in one of the most highly sought after areas in Blanco County!...
$2,499,000
Neighborhood: Horseshoe Bay P
5
Beds
4F11/2
Baths
4,966
Sq.Ft.
1984
Year Built
7
Days on Site
163034
MLS
INCREDIBLE PANORAMIC VIEWS VIEWS VIEWS of Lake LBJ, which is one of the largest constant level lakes in the United States! Enjoy breathtaking views from this 4966 SqFt gorgeous Spanish style lake...
133.35
Acres
8
Days on Site
163024
MLS
133.35 acre property with some the most phenomenal views in Blanco County. This property offers great access with approximately 966ft of frontage on Ranch-to-Market Road 3347 and electricity on the...
$1,895,000
Neighborhood: Cypress Shores
4
Beds
3F11/2
Baths
2,518
Sq.Ft.
2023
Year Built
2
Days on Site
163112
MLS
Modern waterfront home currently under construction located within the gated Cypress Shores on Lake LBJ subdivision in Kingsland that includes a private boat dock just seconds from Lake LBJ open...
$1,250,000
Neighborhood: 2 Rivers Landing
7,928
Sq.Ft. Lot
3
Days on Site
163076
MLS
Outstanding open water lot in upscale fenced and gated subdivision, with paved ribbon curbed roads. Lot is 55' on the waterfront and faces south from the waterfront. Only open waterfront lot in the...
$1,245,000
Neighborhood: 7 Creeks Ranch
4
Beds
3
Baths
3,080
Sq.Ft.
2023
Year Built
2
Days on Site
163111
MLS
7 Creeks Ranch Custom Beauty completed mid January 2023 and ready for immediate move in! This new construction 4 Bedroom, 3 Bath home on 5 AG Exempt acres embraces soaring ceilings and is flooded...
$1,125,000
Neighborhood: Applehead West
3
Beds
2F11/2
Baths
3,010
Sq.Ft.
2022
Year Built
5
Days on Site
163043
MLS
New complete construction in Applehead West. Approx 3100 sqft. with foam insulted walls. 3 bedrooms, Mudroom, walk-in pantry, Office, 2 full baths, 1 half bath, 3 car garage. The Chef's dream kitchen...
70
Acres
5
Days on Site
163045
MLS
There are a couple of different options for the sale of this property. The option with this listing is 70 acres out of a 96 acre tract. It will have a shared driveway with the remaining 26 acres...
18.15
Acres
4
Days on Site
163059
MLS
You must see this! 18 acres of prime unrestricted Hill Country Land three miles east of Marble Falls on RM 1431. With approximately 1000 feet of Hamilton Creek frontage, 1200 feet on 1431, long...
$995,000
Neighborhood: Bel Air/Shrwd
3
Beds
2F11/2
Baths
1,686
Sq.Ft.
2003
Year Built
1
Day on Site
161686
MLS
This charming waterfront Lake house has been COMPLETELY remodeled in the past 2 years, with no expense spared. The interior has been gutted & new cabinets have been installed, new ceramic tile...
$924,500
Neighborhood: The Waters (HSB)
3
Beds
2
Baths
1,637
Sq.Ft.
2006
Year Built
8
Days on Site
163021
MLS
Welcome to your new home away from home. Perfect for full-time living or weekends away on the highly desired Lake LBJ at the world-renowned Horseshoe Bay resort. With first floor entry for easy...
$850,000
Neighborhood: Horseshoe Bay W
3
Beds
3
Baths
2,452
Sq.Ft.
1981
Year Built
5
Days on Site
163047
MLS
Absolutely Charming Golf Course home located in HSB West. This single story East facing home overlooks Ram Rock #5 fairway. Living area is open featuring vaulted ceilings with exposed beams and a...

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