NEW BRAUNFELS REAL ESTATE NEWS

The Frugal Home Buyer’s Guide to New Braunfels

While many New Braunfels home buyers dream of a luxurious waterfront property on the Comal or a charming estate near historic Gruene, the reality is: most of these coveted homes are way out of your budget. What is the frugal home buyer to do?

Luckily, plenty of area homes fall within a reasonable budget. Here are some homes available in New Braunfels right now, along with some tips to help guide you through the process!

Tip 1: Be Honest About Your Budget

Buying a home is an exciting step...but don’t let your enthusiasm get ahold of your wallet! It will be essential to create a firm budget for the home buying market so that you don’t overspend. Remember to take into account any upgrades, maintenance, and other expenses that you’ll need to put money into once you become a homeowner. Be sure to find common ground between what you want, need, and can afford!

3506 Lancharic Way - $209,999

Tip 2: Analyze Your Current Finances

Before you create your budget, you’ll want to assess your finances. Sit down and consider your overall income and expenses against a mortgage payment. If you have debt, you’ll need to take into account how much you are paying off versus how much you earn (debt-to-income ratio). It will also be crucial to consider utilities, HOA fees, taxes, insurance, customization and maintenance, and whatever else your home purchase requires. Try comparing them to what you currently pay for your house or apartment and see if these things are possible to do with your income.

2416 Dimmitt Dr - $205,000

Tip 3: Get Mortgage Options

One of the best moves you can make when buying a home is getting pre-qualified for a mortgage loan as soon as possible. Sellers who see that a potential buyer is pre-approved to get a mortgage generally feel more comfortable offering the house knowing that you can close on the home very quickly. From a buyer standpoint, getting pre-qualified for a mortgage is an excellent way to better understand your monthly payments and to gauge your financial ceilings on this expense (Remember, you have other bills to pay each month as well!). Also be sure to inquire about fixed-rate mortgage vs. adjustable-rate mortgage to see which is right for you. Contact a lender today to get started!

411 Roadrunner Ave - $185,900

Tip 4: Save for a Down Payment

This is probably the most common piece of home-buying wisdom...and definitely the most daunting! The most common advice suggests that you save anywhere between 5-20% of the total cost of the home. Not only that, but you should be saving for home closing costs, furniture, and any other costs that occur at the beginning of owning a home. This is an expensive endeavor, but once you have equity in your home, you can breathe a little bit better. Obviously, the added bonus is that you can apply for a cheaper loan, meaning you can pay it off quicker and get on track with truly owning your whole house!

Tip 5: Meet with a Real Estate Agent

Don’t feel like you have to take on this massive task by yourself! Our experienced REALTORS® have the wonderful job of helping hopeful home buyers get perfectly acquainted with the home of their dreams. Hand off all the searching tasks to a licensed professional who is there to help you! Developing a relationship with your agent will allow you to feel like you are in good hands.

1716 Sunspur Rd - $239,900

Tip 6: Buy for Long-Term Savings

Some expenses and investments (like energy efficient appliances, solar panels, and upgraded insulation) may seem expensive at first, but will pay off down the road. For example, solar panels can generate so much energy that the electric company will end up sending YOU a check at the end of the month. Pretty cool! Appliances like low-power dryers, minimal water washing machines, and energy-efficient refrigerators will help keep monthly costs down after you pay the initial bill.

We know that every home buyer and every home purchase is its own nuanced endeavor, but we hope that offering these basic tips will allow you to feel better about the whole process. Happy home buying!