Insider's Guide to Buying a New Home in the Oak Forest Neighborhood of Houston
Insider’s Guide to Buying a New Home in the Oak Forest Neighborhood of Houston
Oak Forest is a trendy, charming community in northwest Houston that has undergone a remarkable renaissance in recent decades.
Rated as one of the five most underrated neighborhoods in Houston by the Houston Press, Oak Forest provides an array of appealing housing options, from brand new homes and renovated homes built as early as the 1950s to townhomes and more.
When you’re ready to call Oak Forest home, this guide can help you navigate the process. It walks you through each stage so you know what to expect from start to finish.
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How to Start the Home Buying Process
As you dive into buying your first home, here are the most important things to do:
1. Check your credit – Your credit impacts your borrowing options. Bad credit can make borrowing difficult or expensive. Decent to good credit can give you more options among lenders, letting you shop for the best deal.
2. Nail down your budget – Know what you can put towards a down payment and towards a monthly mortgage payment. Financial experts recommend not spending more than 28 percent of your monthly gross income on your mortgage payment (including property taxes and insurance).
3. Find your best lending option – While banks can offer good lending options, they are not the only available lenders. Here are some alternatives to look into also because they may offer you a better deal. Whatever option you choose, make sure you get a pre-approval first.
4. Start looking at listings – Online listings and video tours let you do this from anywhere. And with search filters, you can easily filter out options that just won’t work.
5. Visit your top options in person – As you do this, check out the home, as well as the neighbors and neighborhood in general. All of these can be important when it’s time to decide whether to make an offer or look for another option.
What to Do When You Find the Home You Want to Buy
6. Figure how much to offer – This can be tricky because the asking price is just one factor to consider. Others will be how in-demand the home is, how eager the seller is to unload the home, how soon you want to be in the home, your budget, and more.
7. Present your offer – If your offer is one of many, you may need to go an extra step here to make it stand out.
8. Be ready to negotiate – Don’t expect your first offer to be accepted. Know what else you can offer, and be ready to counteroffer if you really want the home.
9. Get creative with negotiations if you need to – Upping the purchase price is just one option for a counteroffer. If you know the seller, you may be able to get creative in the negotiations, offering anything from letting the seller stay in the home for a while to paying the closing costs.
10. Agree on a purchase price and the terms of purchase – Ironing out these details can take some back and forth. Getting the deal in a signed contract is highly recommended in case the seller tries to change the terms later.
What to Do after You & the Seller Agree on the Purchase Price & Sale
11. Take out a mortgage – If you have a pre-approval, this part is easy. Call the lender and give the go ahead to take out the mortgage loan. Without the pre-approval, this can take a bit longer.
12. Get a home inspection – This is important to making sure there aren’t any hidden problems with the house that you should know about before you buy it. Inspections can uncover anything from roof and plumbing problems to foundation problems and more.
13. Get an appraisal – Usually required by the lender, the appraisal assesses the fair market value of the home.
14. Sign the paperwork – The paperwork finalizes the mortgage and the sale. The lender will usually go over all of the paperwork with you at this stage.
15. Pay the closing costs – You and/or the seller may have to cover these, depending on the terms of the sale.
Want Half of the Buyer’s Commission at Closing? Work with the Trusted Realtors® at New Home Gurus
While this guide can be extremely helpful when it’s time to buy a home, the entire process can be much simpler – and put money back in your pocket – when you work with the Realtors® at New Home Gurus.
That’s because New Home Gurus has a special program for first-time homebuyers purchasing new homes in Oak Forest (and anywhere in Texas). Our program offers:
· Professional support and expert assistance at every step of the home buying process (after homebuyers have found the home they want)
· HALF of the buyer’s commission at closing.
An average of $4,500 to $12,000 is back in homebuyers’ pockets at closing when they work with New Home Gurus.
Find Out How Much Cash Back You’ll Get at Closing
Call (281) 668-8124 or Email Us
We are ready to tell you more about our commission-sharing program and help you get into your dream home!