Taking the Leap into Home Ownership: DFW Style

Written by Posted On Friday, 17 August 2018 10:43

It’s finally your turn. You have watched while your friends and family members have made the leap and become homeowners. You’ve scrimped and saved your money to have the funds to get into a place you could call your own. Now you’re ready. You are about to become a homeowner too. Dallas-Fort Worth, look out!

With money in hand, you have a few decisions to make when looking for your new home in the Dallas-Fort Worth area:

 

Where do you want to live?

The Dallas-Fort Worth (DFW) area is not small and actually encompasses Arlington as well as several other metropolitan cities. It takes in 9,286 square miles. Rhode Island and Connecticut combined are smaller than the DFW area. The 2017 US Census estimates projected that there were 7,399,662 residents, making it the fourth largest metropolitan area in the United States.

So in considering where you want to purchase a home, it’s important to take into consideration where you work and how long of a commute you can handle. With so many people commuting each day, traffic, even a 15 mile commute, could take over 45 minutes. Would you consider the train or other mass transit? If you are interested in mass transit, Arlington, Texas, would not be a good fit for you; however, Dallas has an extensive mass transportation system as does Fort Worth. These are important considerations when choosing where to buy.

When deciding where in the DFW area that you want to live, it is often helpful to check out the best places to live in the area you are considering. What are the schools like in that area? How do home values compare to other areas? Good grades in both of these areas show that the place you are considering will be a sound investment.

 

Do you want to buy a new house or a pre-owned home?

Many people want to build their homes and select homes from new home builders in DFW where they can choose their own floor plans on lots of their choice; where they can personalize colors, fixtures, flooring, and more; where their homes can be built with the latest-and-greatest features such as energy efficient appliances, windows, and insulation, and smart home technology.

Others don’t want to wait the five to six months that it may take to get a new home completed and, instead, opt to purchase a pre-owned home with already established landscaping and already established neighborhoods.

 

What amenities are you looking for?

The neighborhood you choose is as important as the city or general area you’ve decided on. It is within your neighborhood that you’ll find your amenities such as schools, parks, shopping, doctors, etc. If you find two equally wonderful homes, yet one doesn’t have the conveniences you are wanting, the house with the amenities is probably the best choice for your new home.

 

What can you afford?

So now you’ve found a home in a good neighborhood, with the amenities you want; you’ve found the home of your dreams close to work, in an area with great schools and other homes which appreciate in value… now comes the big question: Can you afford it?

You probably already have a ballpark figure for what you can afford, but now you need to take into consideration all of the variables that come into play: property taxes, homeowners insurance, homeowners association fees, and if you don’t have 20% to put down for a down payment--mortgage insurance. Mortgage calculators can help you determine how much your monthly payments may be. You also need to take into account the cost of utilities: water, sewer, trash, electricity, gas, internet, cable, etc. Contact potential carriers to see what the average costs are for your size home.

There are lots of variables when looking for a new house: where to live, what kind of home to buy, and what amenities you want close by. If you’ve found the perfect home for you and can afford the monthly payments and utilities, take the leap into home ownership and watch your investment appreciate while you live out your dream.

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