If finding that dream home in Corpus Christi is your long-time goal, then you’re so close to making that happen!
The real estate market in Texas, especially in Corpus Christi, is so hot right now. You can get that perfect home you have always thought and planned for at rates within your budget.
No matter if you’re planning to invest in Texas by buying a house or planning to move in, there are some great options at prime localities available for sale.
In this blog, we’ll take a lot at some essential tips and steps to buy a house in Corpus Christi, TX.
5 Essential Things to Do When Buying a House in Corpus Christi, TX
The time is right to buy a house in Corpus Christi Texas as the current median market price for buying a home in Corpus Christi TX, is $160,536 and the 5-year forecast increase is at 180,510. The median price per square foot in Corpus Christi City is 89 USD.
You can see that the forecasted line for the price is on the incline and the price seems to be recovering from a little downtrend during the COVID-19 crisis. This is the best time to place your cards on the table and get a good property at affordable rates in Corpus Christi.
If you’re looking to sell your old home, you can contact our real estate agents in The GrahamBelle Group. We buy houses in Corpus Christi and give you a fair rate that fetches you good profits. Or, if you want to buy homes from us, we also help you with a selection of houses according to your requirements.
So, how should you assess and pick the right home in Texas? Here are a few things from our experience to guide you.
Get the Appraisal Done on the House You Like
Knowing the current market value of the houses you have your eyes on will help you in more than one way.
First of all, the appraisal will give you an idea of how much money you can get from a loan. Usually, if the house is that good, there can be many buyers ready to pay above the appraised value. In this case, the lender may not give the complete house price and so you may need to pay out of your pocket.
There is also another situation where you can use the appraisal to finance the amount to buy the house. When the asking price is above the appraised amount, you can ask the seller to finance a part of the asking price. This helps you to get the money to buy the house.
But you have to keep in mind that the seller might quote a high price for the house in such cases along with a high rate of interest.
Calculate the Additional Expenses of Buying a Home
While you need to pay a substantial amount as the down payment, other cost factors are also involved. Many forget to factor in these costs and struggle to come up with the money at the last minute.
You would need to bear the cost of registration, title deed and other legal and brokerage fees.
All of these together come up to a sizable amount on top of your house cost. So, it’s crucial to estimate at least 2% more than the final price and keep this amount ready.
Talk with Your Loan Providers
If you’re planning to buy a house in Corpus Christi, TX, securing a loan, then it’s best to have the initial conversation with the lenders.
This will give you an idea of how much money you can secure from them and how much capital you need to prepare from your side. Go all-in with your credit score, history and the average cost of the houses you’re looking at. Get an estimate of the loan amount you’ll be able to get and the interest rates.
Sit down and calculate if you can afford to pay the interest and match the difference between the loan amount and the asking price.
You can even get a pre-approved home loan if your history is good. This will keep you one step ahead in finding homes that come within your loan budget.
Assess the Neighbour and the Locality of the House
Buying your dream house is one thing. But buying a house in your dream locality is another.
The neighbourhood of the house is one crucial factor that you should definitely consider when assessing the house. Some properties are small but are in a good neighbourhood.
So, if you like a house and are planning to place a rate on it, then make sure to take a walk around the locality and speak with the people over there to see if that’s something you can imagine living in.
It’s always best to know what you’re in for before investing your time and money there.
Calculate the Sleeper Costs
By sleeper costs, we mean the costs you never see coming but make a huge dent in your financial planning. These costs can be property taxes, homeowner association fees, utility costs, etc.
If you’re planning on renting out your new home, don’t calculate your mortgage costs with the rent. You also need to factor in the maintenance costs along with the other sleeper costs and see if this is something that you can afford.
‘Buy My House?’
‘Sell my house for cash in Texas’? – Is this how your online searches are looking?
You’ve come to the right place!Our real estate agents at GrahamBelle Group are experts in finding a good price to sell your home, sometimes above the market rates! Call us at 361.444.3722 to get more info about how we can help you to sell your house.