Expert Realtors - Dallas Builder Associations Realtor of the Year

Call Now (972) 317-5900




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

buy dallas home

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

  • In 2007 Bill Nelson of Team Nelson sold our home in Flower Mound and in turn we bought our home from him in Highland Village. I was extremely happy with the attention to detail and making a stressful time easy. I will always use Bill and his team and recommend them highly.Louise Morrish

    Louise Morrish Avatar
    Louise Morrish

    Team Nelson communication and customer service was outstanding. Our house wasn't on the market long.

    Carla Bridges Avatar
    Carla Bridges

    Bill and Andra are some of the most knowledgeable and honest realtor's you will ever meet. What a GREAT team!!! I will use them for all of my real estate needs.

    Bill Blackshear Avatar
    Bill Blackshear
  • 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

    The Nelson Team made our most recent move a pleasure by securing a full asking price offer on the home we were selling within a few days, helping us preview a number of potential new residences in a short time period, connecting us with a lender who moved at an incredible rate of speed, and effectively negotiating with the seller to deliver an excellent value on the home we purchased.

    Greg Smith Avatar
    Greg Smith

    Everyone we interacted with was superb! They were responsive and professional and made us feel as if we were their only priority. Should we decide to move again we will definitely be using Team Nelson Realty!!

    Marisa Patel Avatar
    Marisa Patel
TREC Consumer Protection Notice
Skip to toolbar