Texas Lending Counts Down Top Four Things First Time Buyers Overlook

© Copyright 2010 CorbisCorporationTexas Lending mortgage professionals share the excitement with each first-time buyer whose dreams they help finance. The Texas-based lender says there are a few vital pieces of information that may get overlooked – and that can turn a celebration into cause for concern. Here, the experts list the top four checklist items new homeowners often fail to consider.

1. Expenses beyond the mortgage.

Many first time buyers don’t consider the added expenses of homeownership when planning their budget. Texas Lending cautions that items like added fuel costs for a different commute, utilities, and HOA fees can add up quickly.

2. Homeowner Association Contract

According to Texas Lending, an HOA offers numerous benefits to homebuyers. Adversely, their associated contracts may also cause headaches for unsuspecting new residents. Some HOAs impose strict regulations on fence and parking location, boat storage, and may eliminate the possibility to use the home as an income property later on. Texas Lending suggests reading the contract before buying a home in an HOA neighborhood.

3. Getting to know the neighborhood.

Technology has made it easy to get a snapshot of what a neighborhood looks like before making a commitment, say the experts at Texas Lending. Still, bits of data on a screen don’t really offer a clear picture. Before embarking on the adventure of homeownership, spend some time in the area. Drive the streets at night and check out property records to see if the neighborhood is renter-heavy or owner-occupied. A few bad rental homes on a street can take its toll on everyone’s property values.

4. Staging makes a home look better.

Clever Realtors use the services of a professional interior designer during the showing process. A home stager has the ability to turn a one-room shack into a quaint cottage with the right furniture, colors, and accents. However, Texas Lending cautions that some of their décor may not be functional for real-world living. When buying a house, imagine it stripped bare before loving the layout.

 

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