Dreams of owning your first home can be exciting but can also leave some feeling overwhelmed by the process. If you are looking to change from apartment dweller to home-owner, here’s some information to help guide you through the process.
First-time home buyers – why Frisco is so appealing
One of the first choices to consider is where you want to live. Should you be close to work — or closer to where you eat out, shop, or hang with friends. Frisco, Texas has become a destination for first-time home buyers because you get the best of both worlds.
A top-ranked destination for first-time home buyers
Frisco was just ranked #7 out of 300 in the U.S., and #1 in Texas as 2018’s Best Cities for First-Time Home Buyers in a recent study by WalletHub. The study was based on 27 key indicators within three dimensions including market attractiveness, affordability, and quality of life. Financial factors considered include the health of the real estate market, cost of living, tax rate, and home and insurance prices.
Quality of life is important for all home-buyers. So, the study also looked at key factors that make your community feel like home. These include crime rate, weather, school systems and of course, the availability of recreation, dining, and shopping. Bingo- Frisco nailed it!
Frisco real estate market good for long-term investment
Being on the fastest growing city list is no mistake for Frisco. Year after year, home buyers relocate to this great town because it is a magnet for economic growth and a great place to put down roots for companies and home buyers. This continued interest in developing Frisco into a destination of choice makes for a healthy long-term investment in Frisco real estate.
Easy access to work, downtown, and airport
No matter where you work in the DFW area, Frisco’s location and access to major highways offer easy commutes. Located just off the Dallas North Tollway and State Highway 121, getting to downtown or the DFW Airport is a snap. Frisco is also conveniently located to major new corporate and entertainment destinations such as Legacy West.
Destination for entertainment
If convenient access to sports, shopping, and dining are on your ‘must-have’ list for your new community, Frisco nails it again. Home to 7 professional sports teams, top shopping, and dining options, plus world-class sports, parks, and recreation facilities, there’s something to keep everyone joyfully entertained.
Tips for first-time home buyers
A recent study of millennial renters showed that 80% of participants want to own a home instead of renting. But, these renters faced challenges when it comes to costs associated with owning a home — and the daunting process of the purchasing a home.
Keys to preparing for your first home purchase include:
Get your finances in order
Now is the time to get your financial house in order so to speak. Prepare a budget to understand your income versus expenses. Check your credit score and credit card balances.
Hire a professional real estate partner
Finding and hiring the right real estate agent is one of the most important decisions you’ll make when searching for and buying a new home. Your real estate partner is your buyer’s agent – they will help you find the right home, negotiate for the best price, and help you navigate the complicated legal waters involved. Read more about how to pick the right real estate agent for you.
For a detailed checklist for buying your home- check out this Home Buying 101 resource.
Review mortgage types and lenders
Before you start shopping for homes, it’s best to get pre-approved by a mortgage lender. This not only helps you shop for homes that fit within your budget, it may also be the difference in your offer being accepted.
The real estate market in Frisco is competitive and there may be many buyers searching for the same dream home as you. Understanding the price range and having a pre-approval could be the deciding factor in who’s offer is accepted.
Read more about how to choose the best mortgage lender when buying a home.
There are many mortgage types available today for home buyers. Some require 20% down payments which can be hard on first-time buyers who haven’t had the chance to save this much money.
If you are wondering about the different types of mortgages and want some insider tips on the best options for low down payments, check out Part II of this series: Mortgage options & special programs for first-time home buyers in Frisco.
Ready to make your move to Frisco? Give us a call at 469-634-0932. We’d love to show you around!
About the Judi Wright Team
Judi Wright/The Judi Wright Team is a real estate group specializing in the suburbs of Frisco, Plano, and surrounding areas. Named the “Best Realtor in Dallas,” by D Magazine twelve times and a Five Star Realtor with Texas Monthly. Judi is also a Company-Wide Top performer with Ebby Halliday and the #2 Top Group for Ebby Halliday Frisco.