San Antonio Express-News (Sunday)
Preparing to buy a home in 2022
Congratulations, you’ve decided to buy a home this year. Homeownership has many rewards including building up equity and having a place to call your own. Whether you’re a first-time buyer or a trade-up buyer, the sooner you start preparing, the better. By following these simple tips, you’ll feel confident and ready to get out there and find the perfect home for you this year.
■ Determine your home search criteria
In a hot housing market, you may not get all the home features you want in a new place within your budget. You’ll have to decide on what you’re not willing to compromise. It is crucial to sit down and think through what your needs and wants are. Home features such as square footage or the size of the backyard might be difficult to change. Even seasoned homeowners will find it a good use of time to make a list of new home must-have features.
Instead of scrolling through listing after listing, you can narrow down your search significantly by knowing your absolute needs. Prioritizing your list is important but so is keeping an open mind, especially when it comes to the smaller stuff. Most home buyers will have to compromise on at least a couple of items to find a house within their budget.
Check your credit score
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Credit requirements have become stricter in recent years, making it challenging for some buyers to find home loans. Having a favorable credit score can make a huge difference in getting approved for a loan. Experts recommend checking your credit report even if you think nothing has changed. You’ll have to make sure you are not being unfairly penalized for old debts, which can sometimes linger on credit reports.
Typically, borrowers with scores in the low 600s and even high 500s can still find lenders who will qualify them, but ideally, you should strive for scores in the mid-to-upper-700s to land the best interest rates in today’s market. Also, you will not want to make any large purchases or take out any new credit cards in the months leading up to your purchase because it could hurt your chances of getting a mortgage considerably.
■ Decide how much you want to spend
Don’t let your maximum loan approval amount dictate your home buying budget. Honestly examine your finances and determine what you can safely, realistically afford. Experts say your total monthly home expenses should not exceed more than one-third of your gross monthly income. Don’t forget to calculate in your final budget how much you’ll need to cover any loan fees and closing costs. You will have a down payment, closing costs and pre-paid expenses that include property taxes and home insurance. It is prudent to find a good loan officer who can help you walk through the entire process.
Sell your current home
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If buying a new home is contingent on selling your current one, it’s a good idea to reach out and consult with your realtor. Before listing your home for sale, consider working on any maintenance issues your home may have and plan for when, how, and if each one will be addressed. Ask your realtor if investing in any upgrades to your current home would result in a favorable return when it comes time to sell and get to work. You might be surprised by how much even minor repairs and upgrades can attract potential home buyers.
For more information about building or buying a new home and the overall home-buying process, please visit www.sabuilders.com. You can access a list of Builder, Realtor, Remodeler, Mortgage Loan Officers and other professionals who are Association members and can assist you with your buying needs.
Mike Sowry, President
warm and cozy,” she says. “They’re going to want to stay in it because it’s iconic. It’s different. There’s nothing like it.”
As currently configured, there are three bedrooms and 2.5 bathrooms inside the 2,200-square-foot steel structure. It’s also equipped with electricity as well as central heating and air.
That said, it needs work to become a functional house.
“There’s subfloor and tile in some places. Some areas need some flooring. Some of the windows need to be worked on. One of the bathrooms is not finished, and the kitchen needs to be finished out,” Bartosh says of the work ahead.
The house sits on four legs and looks as if it is teetering over the edge of a cliff.
“The house sits on three lots, and it overlooks the Ransom Canyon and the lake. The main window in the living room is incredible to look out of. It’s an incredible view,” Bartosh says.
She adds that during the holiday, you can see all the holiday lights below. Even though the house looks suspended, you enter it from a regular front door.
“Where you park in the street, you just walk straight into the house,” Bartosh explains. “When you walk in, you’re on the main level.”
That level has the living space, dining room, kitchen, two bedrooms, and a couple of bathrooms. Upstairs is what Bartosh says will be the master bedroom.
“In the legs of the house, there are rooms like a sitting area and an office,” she says.
The plan is to have the construction done in about six months, but Bartosh says she and her husband are experienced rehabbers and know they may encounter obstacles once work begins.
While the house is for sale, it’s perfectly OK with Bartosh if nobody buys it.
“We have it listed to see if anybody’s interested in it. If not, we are happy to keep it and happy to finish it out. It’s a stepping stone in the bigger process,” she says. “If it doesn’t sell, we’ll finish it.”