What Is the First Step to Owning a Home?

The very first step you should take when buying a home is getting your financing in order. I’ll explain why today.

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The most common question I get asked when someone is looking to buy a home is “What is the first step?”  

When you’re getting ready to buy a house, the very first thing you’ll want to do is secure your financing. You’ll want to make sure that your budget is where it needs to be as well as make sure your debt-to-income ratio matches up with what you want your monthly payment to be.

Meet with a lender to figure out how much you can spend, how much you’ll need for closing costs, how much you’ll need for a down payment, and what your total monthly payment is going to look like.

As humans, we always compare everything to the one that got away.

The last thing you want to do is look at homes before you’ve got your financing in order. The pre-approval process can take up to 72 hours, so if you fall in love with a home and have to wait for a pre-approval letter, you might lose the home during the waiting period. As humans, we always compare everything to the one that got away, so make sure you’re ready to go with a pre-approval letter.

If you have any questions about this topic, buying or selling a home, or any other real estate questions, please feel free to give me a call or send me an email. I look forward to hearing from you!

The Pros and Cons of Building a Home Addition

If you’re thinking about making an addition to your home, here are a few things you should consider first.

Selling in the greater Houston area? Get a market analysis report

Purchasing in the greater Houston area? Get full MLS access

Building a new addition to your home is a great idea for various reasons, but interest rates and property values can change the effectiveness of your investment. If you’re thinking about building a home addition, consider these four factors before making your decision:

1. Cost. When budgeting for your addition, it’s important to plan for the costs that are often associated with major home improvement projects. It’s also important to consider the additional costs of the utilities and taxes that will affect your annual budget.
2. Investment value. Experts suggest you can recover the cost of midrange home additions at the point of sale. This is the main inspiration for many homeowners investing in extra square footage. Even though extra square footage should drive up the value of your home, sellers don’t necessarily recoup the entire investment due to other variables associated with property values.

Always work with a reputable contractor.
3. Stress. From conflicts with contractors to the inconvenience of living in a construction zone, home renovations and new additions can be fraught with stress. While stress is a con, it’s also likely to be only a temporary problem. Moreover, selling your home and buying a new one may prove no less stressful. The most important thing is to make sure you’re using a reputable contractor.
4. Design aesthetics. A poorly designed addition can detract from the appearance of your home. It’s important for homeowners to work with an architect who has the experience and knowledge to create an addition to keep the aesthetic of your home. An addition that’s mismatched with the main construction can detract from the visual appeal of the house and ultimately turn off buyers.

Consider all the pros and cons when it comes to making a decision about a new home addition. Talking to other homeowners can also help you gather advice and enhance your decision making process.

If you have any questions about this topic, feel free to reach out to me. I’d be happy to help!