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Three Reasons You May Not Be Ready To Buy A Dallas Home

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If you’re considering whether or not to buy a Dallas home, you probably feel you are ready – but are you, really? A home is likely the biggest investment you will make, but if you jump before you are truly emotionally or financially prepared, it could possibly result in tough financial issues down the road.

Before you sign on the dotted line, be sure you are practicing responsible home ownership and that buying a home can be accomplished with financial confidence.

Here are three reasons you may not be as ready as you think you are to buy a home:

You haven’t reviewed your credit report. If you haven’t taken a good look at your credit report in a couple of years, it’s important to know that the status of your credit plays a huge rule in whether you will be approved for a mortgage loan. A study was conducted by the FTC in 2013 that found 5% of consumers’ credit reports contained errors – errors which could mean higher interest rates and a higher mortgage.

You have no “safety net” in place. Having little or no savings when you go into the purchase of a home is not a wise choice. You know you will have to put a down payment on the home (unless it is a VA loan), but there are other costs including inspections and appraisals. Even if you have enough tucked away to cover these out-of-pocket expenses, consider whether you will still be financially secure if the home is older and may need repairs in the future, or in case of an unforeseen emergency.

You haven’t prepared a budget. How much home can you afford? It’s important that you know for certain how much you spend each month, not only for utilities, the car payment, or in insurance premiums, but for groceries, gas, incidentals, school lunch money for the kids – every dime counts. Make out a budget so that you have no question that you can afford a home, and how much of a mortgage you can afford.

At Team Nelson, our real estate agents don’t want to scare you off from buying a home; in fact, that’s the last thing we want to do! We simply want those who are excited about buying a home to be 100% prepared so that you can enjoy your new home without future financial worries. For more helpful tips, come by or give us a call today!

What People Are Saying

  • Bill Nelson and his team with "Your Home Free" in Highland Village, Texas are the "Best". Mr. Nelson made selling our home and purchasing a new home stress free. His knowledge of the Dallas/Fort Worth Metroplex provides a buyer with choices including custom built homes from the luxury home market to farm and ranch properties, short sales and foreclosures helping the client find the perfect home for there needs. Mr. Nelson assisted us in building a new home and provided expertise in location, design and advice up to and including our final walk thru of the house and our big day at closing. Mr. Nelson always returned our calls and always answered our questions. If you are buying or selling, contact Bill Nelson at Your Home Free to get the best results.

    Linda Kalmbach Avatar
    Linda Kalmbach
    12/11/2018

    We love selling people's homes for free!

    Bill Nelson Avatar
    Bill Nelson
    12/11/2016

    Kevin Engelbrecht and the entire team at Your Home Free were all extremely professional and went above and beyond in both the sale of our previous home and the purchase of our new home. We highly recommend them and would not hesitate to use them again in the future.

    gr8pic Avatar
    gr8pic
    8/06/2018
  • Team Nelson really did an amazing job at selling my home and finding me a new one. I highly recommend them if your looking to do anything with your house!!!

    danny beason Avatar
    danny beason
    9/07/2018

    Bill and his entire team were amazing from start to finish. Honestly, I don't know when any of them ever slept! Everyone was very personable and responsive, and they definitely knew what they were doing. Highly recommend 100%!

    Paula Fletcher Avatar
    Paula Fletcher
    8/13/2015

    The Nelson Team is awesome, I have done many transaction with them. They are Spot on with their assessment of a property, really knowing the market which is tricky!! They are very straight forward, many agent start with a high price and then come back the execuses on why they can’t sell your house. Bill and Casey are very good at really getting the value right the first time.

    Bill Godfrey Avatar
    Bill Godfrey
    12/11/2018
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