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

72 Properties
Page 1 of 6
$3,995,000
Neighborhood: Horseshoe Bay
4
Beds
5F11/2
Baths
4,061
Sq.Ft.
1995
Year Built
7
Days on Site
162002
MLS
Uniquely private, gated sanctuary in prestigious Horseshoe Bay features magnificent water views from virtually every room and offers .52 acres and almost 400 waterfront feet of glorious outdoor...
529
Acres
2
Days on Site
162046
MLS
Terrain: The property is gently rolling, transitioning into beautiful hardwoods in the bottom land along and near wet weather Saline Creek. The soil is mainly sandy loam reddish type soil. There is...
488
Acres
2
Days on Site
162044
MLS
Terrain: The ranch is gently rolling with slight elevation in some areas. Scattered hardwood & mesquite thickets dot the ranch. One of the best things about this property is the abundance of deep...
78.96
Acres
2
Days on Site
162045
MLS
Amazing location on CR 336 in Bertram, Texas!! Beautiful 78,964 acres, pasture land, would make a great horse ranch. Only 45 minutes to Austin, 35 minutes to Georgetown, and 20 minutes to Highland...
3
Beds
2
Baths
1,831
Sq.Ft.
2
Days on Site
162056
MLS
The HUNT for your next ranch stops here in the HEART of Texas! Located on Hwy 190 between Brady & Menard in the SW portion of McCulloch County, this 5th generation owned ranch has so much to offer!...
$1,106,000
Neighborhood: Enclave At Barton Creek Lakeside
3
Beds
3
Baths
2,430
Sq.Ft.
2021
Year Built
3
Days on Site
162028
MLS
Welcome to the Texas Hill Country Lifestyle! This lock & leave OR stay & play property is low maintenance, showcases quality craftsmanship while being energy efficient. This low maintenance home...
$1,052,000
Neighborhood: Enclave At Barton Creek Lakeside
3
Beds
3
Baths
2,310
Sq.Ft.
2022
Year Built
7
Days on Site
161999
MLS
The Enclave at Barton Creek Lakeside is an exclusive gated community offering single story garden homes with six floor plans spread out on 10 acres. There are also two larger lots available to build...
3
Beds
3F11/2
Baths
2,800
Sq.Ft.
1874
Year Built
2
Days on Site
161525
MLS
Located on Cypress Creek on what is known as the pecan bottom, this historic property holds a historic marker with the National Register of Historic Places. Built in 1874, it has been a Stagecoach...
$949,999
Neighborhood: Highland Haven
2
Beds
2
Baths
2,279
Sq.Ft.
1970
Year Built
7
Days on Site
161997
MLS
Serene Highland Haven LBJ Lakefront Home! A rare opportunity to capture ownership on LBJ with your own private dock and almost 1/2 an Acre of Unmatched Land under $1M. Stunning Oaks, lush grass,...
$895,000
Neighborhood: Horseshoe Bay W
3
Beds
2F11/2
Baths
2,573
Sq.Ft.
2020
Year Built
7
Days on Site
162000
MLS
Beautiful, like-new golf course home perched high on a large lot on #7 Apple Rock Golf Course. This three bedroom, two and a half bath home boasts soaring ceilings, an open floor plan in the main...
$894,900
Neighborhood: Sandia Ridge
4
Beds
2F11/2
Baths
2,638
Sq.Ft.
2022
Year Built
7
Days on Site
161995
MLS
New construction located in the gated golf and waterfront community of The Legends on Lake LBJ. This community features a Tom Kite designed 18 hole, semi private golf course which graces the shores...
$875,000
Neighborhood: Buchanan Lk Vil
3
Beds
2
Baths
1,680
Sq.Ft.
1982
Year Built
4
Days on Site
162017
MLS
Charming Lake Buchanan waterfront home situated on over 3 acres in Buchanan Lake Village. The 3 bedroom, 2 bath manufactured home includes a spacious sunroom leading out to the covered deck in the...

Post a Comment