Buying a Home in El Paso | What Potential Homeowners Need to Know
Buying a home can seem like one of the most daunting tasks anyone may go through. Not only are homes very expensive, but potential homeowners must go through many steps before achieving that title. It’s not as easy as adding something to a cart on an online shop and clicking on “Check Out.” If you’re considering buying a home in El Paso, then keep reading! The Winton Homes team has been building beautiful homes all across the El Paso area for decades, so we’ve worked with our fair share of new homeowners. Below, you’ll find the six steps you should take in order for your home buying experience to be as fruitful as possible!
Get Your Finances in Order
In order for your home ownership journey to proceed accordingly, it’s necessary to make sure your finances are in order. This goes without saying, obviously. But it’s also important to point out that home ownership (and paying for a home) isn’t as daunting as it may initially seem. Sure, you’ll have to get a mortgage and make a down payment on the house but after that, you’ll make monthly payments that go into mortgage. This monthly payment goes into your home ownership, unlike monthly rent payments.
Before embarking on home ownership, make sure your other debts are paid. Student loans, car payments, and credit card debts should be at zero so you’ll be able to dedicate the right amount of money to your mortgage payments. It is possible to buy a home even while you’re still paying off your student loans but it’s much easier to not have superfluous debts that may make paying your mortgage difficult. Making sure you’re prepared to own a home is the most important step to take. It shouldn’t be something you decide to do on a whim. Start saving up for the down payment (which is usually 10% of the home’s total cost). The higher the down payment, the better! So, while you’re paying off your student loans and any other debts, make sure to save a bit for your down payment.
Organize Your Hopes and Dreams
Home ownership is a journey but you want to start off on the right foot. Once you have your finances in order, it’s time to proceed with the exciting step: finding your home! When it comes to finding the right home, you’ll have to decide between two main options: new or used. Used homes may be more affordable, but they may also have more issues and, often, result in expensive repairs. New homes, however, come with warranties, in case anything were to go wrong. If you want a brand-new home that suits all the needs of your family, then you can’t go wrong with a custom home.
Now, this option is the priciest one but it does mean you’ll be able to build a home to your precise specifications. You can future-proof your home so you’ll never have to move into another one. This step is crucial since you could start off with a small, two-bedroom home but then you’ll eventually have to move out whenever your family grows. If you decide on a custom home, make sure you choose the right home builder to bring your dreams to fruition. Contact Winton Homes today to learn more about what we have to offer!