Guide To Buying Property In Texas, USA
COVID-19 has scuppered all our plans for 2020. The lucky among us have been able to ride out the storm thus far, while others have had to contend with job losses and businesses going under. Whoever you are, the future is as uncertain as it has ever been. Buying property in Texas right now might not be on your to-do list.
On the other hand, crisis creates opportunity. We’ve seen this with companies like Amazon, along with sellers of masks and sanitizers. And we can see it in the property market too. With few people able to buy real estate in 2020, property prices have sunk. Any listed prices are up for negotiation, and sellers may be willing to go low.
If you have comfortable circumstances and an appetite for risk, now could be a perfect time to buy property in Texas that you can rent out while overseas. This quick guide will take you through the basic steps.
Speak to your bank
A mistake that many people make when looking to buy property is that they make assumptions about their spending power. They end up looking for properties they won’t be able to afford and falling in love with a place they cannot buy. Alternatively, they limit their search to subpar homes when they could find something far better.
This is why it is a good idea to speak to your bank from the get-go. Ask them to pre-approve you for a mortgage. This way, you have a clear idea of the price range you can afford.
At the moment, it is difficult to go see houses in person. Depending on your level of caution, this might be the case for a while still. However, you can still search for property online. In fact, this is where you should begin even in normal circumstances. On good property websites, you can search listings with a large array of filters. For example, you can search for two-bedroom homes of a certain size, with a garden, in particular neighborhoods, and within a particular price range. You’ll find a list of exactly what you're looking for. You can then eliminate the properties you do not like or which do not fulfil other requirements. Before you leave your house, you have a strong idea of what you have to work with.
Speak to a realtor (maybe)
Real estate agents, or realtors, are great assets to people selling their homes. They connect sellers with buyers and help show the home, providing all the necessary information and facilitating sales. For buyers, their usefulness can come at a cost. Most good realtors are honest, but remember that they earn money from commission. The more you pay for a property, the more they earn. Try suss out from other sources what you should be paying for a property they show you before negotiating.
Find out about warranties
Consider a Texas home warranty, which can make it easy for you to get repairs while overseas. Home warranties cover maintenance and repairs and facilitate the repair process for you. They are especially helpful if you are not in the country and if renters or vacationers are staying in your property.
Negotiate an offer
Once you have settled on a property, along with the extras and warranties, it is time to negotiate a price. In 2020, you should always negotiate. Many sellers are particularly desperate to sell, and are willing to go low on the price. You can use this to your advantage, and even end up getting a property that would otherwise be out of your price range.