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Buying an Austin Texas Home in 2016? Here’s What You Need to Know

Posted by Kent Redding

As we get closer to the end of January it’s becoming clear that 2016 is going to be another busy year for Real Estate especially if you plan on buying an Austin Texas Home.

Buying a home is a smart move because home ownership means you will build equity over the lifetime that you own your home, enjoy fixed housing costs and best of all you will be able to enjoy many tax deductions that come with being a homeowner especially from the tax and interest portions of your mortgage payment.

Before you start you search for an Austin Texas Home here are several things you should know.

#1 – Know the Home That You’re Searching For

Although you may think that you know what you’re searching for in a home you should also consider all of the other elements that come with buying a home like: location, home size, amenities, neighborhood and more.

#2 – Think about the Cash You’re Going to Need Up Front

Another important thing to do before searching for an Austin Texas Home for sale is to think about the money that you’re going to need up front to buy a home especially when it comes to paying for these costs:

  •          Appraisal
  •          Property Inspection
  •          Survey
  •          Escrow
  •          Notary
  •          Homeowners Insurance
  •          Property Taxes
  •          Attorney’s Fees
  •          Down Payment

According to the National Association of Realtors, the median selling price for single family homes in November (most recent data) was over $220,000. If you are making a 5% down payment (common with FHA mortgages), that's $11,000 you'll need just for the down payment.

Source – fool.com

#3 – Don’t Change Your Financial Picture before Buying a Home

During the process of buying a home remember that it’s important to not change your financial picture because one wrong move like accepting a new credit card or leasing a car can jeopardize your mortgage loan pre-approval status so it’s best to not make any major financial, lifestyle or job changes until after you buy a home.

#4 – Be Ready For the Costs of Owning a Home

There’s no doubt that buying an Austin Texas Home will be a great investment for your family but the reality is that before buying a home you should also think about the extra costs associated with homeownership including: property insurance, Homeowners Association fees (if applicable), maintenance costs, additional maintenance costs (for landscaping and pool), appliances, flooring, kitchen and bath.

Remember that in order to keep your experience as a homeowner a “dream” instead of having it turn into a “nightmare” you should save at least $100 or more per month that you can use to pay for unexpected expenses so you’re never caught off guard and unable to pay for them.

Buy an Austin Texas Home

To get started with buying an Austin Texas Home contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us through our website. 

The Kent Redding Group

#1 Berkshire Team in Texas

512-306-1001| www.CallKent.com 

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