10 Tips for First-Time Home Buyers in Dallas, TX

Your first home purchase is an important one—and potentially scary one. After all, this may be the biggest and most important purchase of your life thus far, so you need to make sure you’re prepared. Luckily, we’ve got you covered. Here are 10 of our most important tips for first-time home buyers:

Look Into Dallas Assistance Programs
Consider Mortgage Options
Decide What You Can Afford in Dallas
Keep Your Credit Score Strong
Start Saving Up Early
Fully Utilize Open Houses
Stay Within Your Budget
Negotiate With the Seller
Buy Quality Home Insurance
Pick a Good Real Estate Agent

Look Into Dallas Assistance Programs

Some states offer programs—both online and in-person—for assisting first-time home buyers like you to make the right decisions and get the help or advice you may need. If you have questions about buying a home and could benefit from professional advice, it might be a good idea to research these programs.

Consider Mortgage Options

Generally, there are four types of mortgages: conventional mortgages, FHA loans, USDA loans, and VA loans. The down payment and timeframe of all these categories will vary, as well as who has access to them. Before you buy your first home, do some research on these mortgages and decide which mortgage plan would be the best fit for you and your financial needs.

And if you want to get pre-approved fast, you’re in luck! At EmpowerHome Team, we have our own in-house Mortgage Company, EmpowerHome Mortgage LLC, which can help you move into your dream home stress-free. Visit HERE for more information.

Decide What You Can Afford in Dallas

Any large financial decision, especially buying a home, requires a well-thought-out budget. At the start of your home search, you should know what your precise limit is so you can find your ideal price range and narrow down the houses you should be considering. Make sure you plan to have some money left over in case of unexpected expenses that could come with the home, like any unforeseen repairs or updates.

Fully Utilize Open Houses

Anytime you visit an open house, pay close attention to any potential warning signs that could indicate serious issues with the home. Is there any termite or water damage? Will any appliances need replacing? Things like these could lead to thousands more in expenses than originally anticipated. Additionally, you’ll want to get a feel for the rooms and think about how the house might suit your needs. Ask yourself: “Could I picture my family living here?” And if you have any questions or concerns, never hesitate to ask your Real Estate Agent.

Negotiate with the Seller

During negotiations, you can ask the seller to make repairs to the house beforehand or even pay a portion of the closing costs for you. Their willingness to do these things may vary, and will depend on the current state of the Dallas housing market, as well as the current demand for the home. Before you go to the seller with your requests, always discuss any negotiation tactics you have with your real estate agent first.

Keep Your Credit Score Strong

A high credit score could fetch a substantially lower interest rate on your home and make it easier to navigate loans and mortgages. So, if you’re not already taking steps to track your credit score, start as soon as possible, and do whatever you can to keep it strong leading up to the purchase of your first home.

Start Saving Up Early

This advice may seem obvious, but you should always consider setting aside money long before you intend to buy a house at all, and many people put off saving until it’s too late. There are so many costs that come with buying a house, so if you’ve already been saving up for a while, you’ll already have a head start on saving for the various expenses you’ll encounter like closing costs, down payment, and home repairs.

Stay Within Your Budget

Staying within the budget you’ve set for yourself is one of the most important rules to follow when buying a home. When you’re bidding against another buyer for your dream home, it may be tempting to spend just a little bit more, but in the end, it’s never worth it to end up owing more money than you have. If you have to give up on one house because the price gets too high, don’t fret! There are always other houses on their way to the market. Don’t pay too much, turning your dream home into a nightmare!

Buy Quality Home Insurance

Look into different homeowner’s insurance plans and make sure you’re prepared for anything that comes your way. The last thing you want to do is not invest in quality insurance and be caught having to pay for costly home repairs out of pocket.

Pick a Good Real Estate Agent

Since Real Estate Agents are the avenue through which you find and buy a home, they can make or break your house-hunting experience. You want to make sure you pick an experienced agent who has the knowledge and skill to find you the best deal for your dream home. At EmpowerHome Team, we have decades of Real Estate experience, so you can rest assured that we know just how to find you the perfect house stress-free! Call us today to find out what sets us apart from other realtors!

And if you’re a first-time buyer who still has questions, don’t worry! We’ve got you covered! On the first Tuesday of every month, we hold a FREE virtual First-Time Homebuyer Workshop for people just like you, who are looking to take the next big step in life! Hosted by Sarah Reynolds, EmpowerHome CEO, our workshop will tell you all the helpful insider tips you need to know before you buy your first home, including: