Plano Homes for Sale: Tips for New Buyers

By dallasrealtor | May 7, 2009

First-time home buyers seeking Plano homes for sale often walk blindly through the many details, not knowing how to bring the best deals to their doors. If this is your first home-buying experience, we’ve gathered a few tips to save you time, money and considerable legwork in avoiding some of the common mistakes first-time buyers make.

First, know your credit position. What’s your credit score? How current are your financial debts? What are your available savings to apply to a closing offer? How much money can you expect to borrow when you apply for a mortgage loan? What’s the difference between pre-qualified and pre-approved? Banks and mortgage lenders may capitalize on your lack of knowledge, so it helps to be informed. Gathering this information in advance will avoid delays when you finally bid on the house of your dreams.

Call realtors and agents before you investigate listings on your own. DRE 24-7 is immersed in Plano real estate and greater Dallas market conditions. They know the neighborhoods and the details you’re looking for on house hunting trips – that’s their job. Also, newspapers, regional print publications, and even online sources may have obsolete or incorrect listings. If a house sold two weeks ago, if the property is in a crowded neighborhood or in deplorable condition, your house hunt may be grounded before it begins.

The associated environmental and physical conditions of Plano homes for sale are as important as the house itself. A house with one bathroom or without an attached garage has little resale value. A corner lot may have a difficult ingress or egress by car, or may be next to significant incoming traffic day and night, or may be close to sources of noise pollution that will quickly sour your taste for a supposed “great bargain”.

Weigh the costs and benefits of the house you’re interested in. Does the house or property need extensive repair? How old is the home, and what is its repair history?  What is its proximity to shopping, schools, hospitals, and major traffic arteries? These issues are most important when the thrill of owning your first home wears off.

Consider the monthly expenses associated with your property. Is there a homeowners’ association in your subdivision? If so, you’ll have dues to pay. What are the average costs of utilities in the area? Property taxes, land use fees, waste management, water and sewer, cable or satellite – these are the additional funds outside of your mortgage that will truly determine whether you can afford the house you want.

Finally, Plano real estate experts stress an obvious advantage new buyers have – the power of negotiation and patience. Vacant lots are eyesores, and for many reasons are potential threats to successful communities. Remember, selling prices are estimates. It is impossible for lenders and agents to know all the extenuating circumstances of every home they sell. Few offers will be ignored, and you are ultimately the only one who can secure substantial savings through knowledge, preparation, and patience.

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