First Time Homebuyers Guide: Tips, Costs, and Communities in Plano, Texas

Buying your first home is exciting but can also be challenging. There’s so much you don’t know about navigating the process. This first-time homebuyers guide will provide tips, costs, and information on communities.

Dallas Area Real Estate Market Watch

As of August 2024, the median sale price of homes in Plano was $579,925. However, real estate trends change frequently. Contact North Point Realty for help buying and selling homes in the Dallas area.

Your First-Time Homebuyers Guide

Tips for First-Time Homebuyers

There are many tips first-time homebuyers don’t know. The following are a few tips to help you when buying your first house:

1. Get Pre-Approved for a Mortgage: Pre-approval allows you to act fast when you find a home. It can also help you assess your budget and demonstrate your seriousness to sellers.
2. Work with a Local Real Estate Agent: A local agent will have the market knowledge you need to succeed. They can help you find homes and negotiate prices. Meet the experienced agents at North Point.
3. Think About Your Future Needs: Buying a home is a long-term commitment. Think about future needs, like whether you plan to start a family.
4. Hire Professional Inspectors: Inspections are important for assessing the home’s condition. It can also help you avoid costly repair issues.
5. Use First-Time Homebuyer Programs: There are various first-time homebuyer assistance programs. Check federal, state, and local programs to make your first home more affordable.

Learn more about the process 

Costs to Consider

Buyers need to account for various payments. The list even extends beyond the property price. The following are costs to account for:

• Down Payment: This is usually 3% to 20% of the home’s price. First-time buyer programs can reduce this requirement.
• Closing Costs: These range from 2% to 5% of the price. They include fees for loans, appraisals, and more.
• Property Taxes: Property taxes are a significant point. Include this in your budget.
• Homeowners Insurance: Lenders typically require insurance. Costs vary by home value and location.

Best Communities for First-Time Homebuyers

Plano is a great place to live, with many nice neighborhoods. Here are some top communities:

• Old Shepard Place: Known for parks, community feel, and top-rated schools. Great for families.
• Ridgewood: Affordable homes with easy highway access. Ideal for commuters.
• Preston Meadow: Family-friendly with good schools and recreational options. Perfect for a balanced lifestyle.

With this guide, you can make the homebuying experience easier. You can also click here to learn more about homes for sale in Plano, TX.

Contact the North Point Realty team for help buying your home in Plano. We are local real estate experts ready to help you achieve your goals.

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