Many think that the pre-approval process is the only hurdle to jump when buying a home.  Looking for a property in the Houston, Texas real estate market is fun; there are so many different options for all tastes, styles and needs – needs being the operative word.  Wants vs. needs start a completely new slew of questions, which can make the homebuyer a little overwhelmed.  Once you know your price range, take the time to discuss the following before house hunting.

 

Distinguish needs vs. wants – three bedrooms, first floor bedroom and price range is needs.  Granite counters, stainless appliances and crown moulding are wants.  Your “wish” list and must-have list should not be the same thing.  Price range will distinguish the ability to have all your want items.  Make sure your Realtor knows your wants and needs, so they can personalize a search for you of homes.

 

LOCATION, LOCATION, LOCATION!  This should be high on your priority list.  Perhaps you want a certain school district for your children or want to move closer to work and other life necessities. You most likely will have a definite idea of where you want to live, but don’t limit yourself to that area.  Your realtor might have some great properties in an area comparable to your dream spot…be open to flex on variables to meet your needs.  Ask these questions in terms of the neighborhood:

 

*What are the schools, hospitals and other public services like?  How close are they?

 

*Is it an older established neighborhood, a transitioning neighborhood, or a younger community?

 

*Are there signs of new construction in the area?

 

*What will this neighborhood look like in 10 years?

 

*What are the values of other homes in the neighborhood?

 

*If there are nearby restaurants and other businesses, what time of day do they bring people out?

 

*What’s the traffic like during the week?  In the evenings?  On Weekends?

 

*Is the empty lot behind the house going to be developed?  If so, do they know what it will be?

 

Don’t be nearsighted when it comes to your future home.  Think about all the costs involved with owning a home, especially if you’ve been renting all this time.  Costs can be broken down into two categories – long term and short term.

 

Long Term items are the following:

Mortgage

Homeowner’s dues or Condo maintenance fees

County or City Taxes

Homeowner’s Insurance (Flood is separate)

Commuting Costs

 

Short Term costs can be:

Appliance replacement

Wear and Tear Home Maintenance

Future upgrade and/or updates

 

If home maintenance costs seem difficult to imagine, a good rule of thumb for these costs is 1-3% of the market value of the home each year.  Age and condition of the home are also factors you must consider.  So, if you are weighing it out between two homes, think about the condition of both properties to shed a more appealing light on the subject.

 

When you get down to the nitty gritty, maybe these questions will help distinguish one property from another:

 

*How long will it take to get to work?  What will it cost?

 

*Is it country, suburban or urban living?  What appeals to you most?

 

*How far will you be from family members?

 

*How far will you be from regular life activities?

 

* Are there any homeowners’ association dues?  How much?

 

* Are there any homeowner rules and restrictions?

 

* Can you afford the county/city taxes?

 

Some last advice when it comes to making a decision:

 

Stick to your budget – don’t look at homes beyond your means even if it’s “just a little more,” the only variable you can depend on is what you can afford.

 

Don’t think with your heart…You may fall in love with a property, but if it’s beyond your means, it’s not the right house for you.

 

Have an open mind…just because the houses in the area you desire or homes in the area you love are not what you envisioned.  Buy what you can afford…even if it’s not your dream home right now, visualize the potential!

 

It’s fun to look at houses, and the process of weeding out homes is exciting, but don’t let that rule the house-hunting process.  Looking for a home takes time, so focus on the list your compiled of needs and wants; take pictures of the homes you really like, so you can compare them later.

 

Lastly, compare what you’d like to have to what you really need – they might be significantly different!  The most important thing is to find the right house that fits your budget.  This might mean it doesn’t have all your wants, but most of your needs.

Your most valuable tool in the Houston Texas real estate market is a knowleagable Realtor!  The Don Puyrear Team are top-producing agents who specialize in inner loop real estate; the most diverse and dynamic area in Houston.  We are honest and take our obligation to you seriously, so you can be assured to have the best Realtor working for you!  Contact us if you have any questions.