Don’t let the media and your parents persuade you otherwise: not everyone should purchase a Dallas County home. In fact, some individuals are much better suited to rent than to purchase.

Although purchasing your first home can provide a windfall of advantages, there are perhaps just as many advantages to renting if you are not financially or mentally prepared to become a homeowner.

Giving the idea of home ownership thoughtful consideration will eliminate purchasing a home that you’re simply not ready to handle. In fact, purchasing a home when the time isn’t right can cost you much more than regret: it can cost you money, frustration and loads of hassle.

Why now may not be the time to purchase your first Dallas County home:

• You don’t have a large enough down payment – Unlike just a couple years ago, lenders are now demanding large down payments, upwards of 20 percent (or more for condo purchases). If you don’t have a large down payment ready and waiting, chances are a lender simply won’t approve you for a home loan. In addition, you also don’t want to fork over a large down payment and then be left without any money in your savings, so think ahead and consider whether you can afford to pay out a large down payment at this time.
• Your credit is questionable – Just like a down payment, lenders are now requiring glowing credit scores for borrowers, so if you haven’t achieved a great credit score, now may be the time to work on your credit and forgo applying for a home loan. And remember: the better your credit score the better rate you will be able to snag on a home loan. Order a copy of your credit report from all three of the major credit reporting agencies and go from there.
• Your debt is considerable – Many young individuals find themselves bogged down in quite a bit of debt. From student loans and car loans to high credit card debt, many younger individuals simply are not in the position to apply for a mortgage due to their high level of debt. Called a debt-to-income ratio, most lenders determine the amount of debt you have and figure out what percentage of your income goes to debt. If your debt-to-income ratio is too high, you will likely be turned down for a home loan, regardless of your credit.
• You haven’t found the perfect job – If you haven’t found the job where you can envision yourself staying, at least for the next few years then you may want to think twice about purchasing a home. Renting in the meantime will afford you the freedom to move to your next job opportunity, wherever it may take you.

Finding the perfect Turtle home often goes beyond the home’s property line. Many times, a home’s surroundings are often as important as the home itself.

• For example, a home on a busy street can end up causing you a considerable amount of grief. Even if you think you can tolerate it now, consider a few years down the road when your children will need to walk that road to get to the bus stop.
• A home’s location is very important, as well. Be realistic about its proximity to your job, your children’s school and even the local supermarket. Purchasing a home in an inconvenient area will only create a lot of unnecessary grief and hassle.
• Consider neighboring homes, as well. Even though your property has been impeccably maintained, other homes may not be well cared for. Although something like this may not bother you, consider down the road when you go to sell your home. Will other buyers see these unkempt, surrounding properties and be turned off by them? Will it decrease your property’s overall value?

Remember that your home should be a wise investment choice, and purchasing a home that could potentially lose value is certainly not a good decision.

• Talk to the local city council and find out whether there are any proposed changes to the neighborhood, such as new shopping centers or highways, both of which could lower your home’s property value. For example, if a new shopping center brings more traffic into your neighborhood, it could become less attractive to home buyers which will, once again, cause property values to decline.
• Finally, get an idea of what the neighbors are like, and ask about any complaints they may have about the neighborhood or about other neighbors. Visit the neighborhood on a weekend, as this is the time that many people will be outside, and begin asking questions.

Talk to your realtor and do your research when purchasing your next Turtle Creek home, as your investment relies on it!

With a little planning, you can avoid a lot of home-buying traps! Let us explore five tips for the home buyer.

Tip 1. Do your homework. Really look at the available neighborhoods, the commute, the school district, shopping and your budget.

Tip 2. Talk to a lender before you look at a home. Get your finances in order, get your best deal on a loan package and know in your mind that you are ready to look at houses that you really can afford to live in.

Tip 3. Consider using a Buyer

There is an easy way for first-time homebuyers to choose the right real estate agent to work with. There are numerous experienced, professional Dallas Realtors that will be able to handle all of your needs.

When searching for the perfect home or piece of Dallas Texas real estate, it is important to have a real estate agent that is responsible for working on your behalf.

Here are a few suggestions that will help you to find just the right real estate agent:

1) Before choosing a real estate agent, a home buyer should look into the track record of the Realtor in question. A home buyer should determine the realtor