Category: New Home Buying

When building a luxury custom home, it’s imperative to have high-end features that will truly define your home. But most homeowners think it costs millions to have these features. That’s a myth.

You can get a luxury living experience in Rio Grande Valley without having a multi-million-dollar budget. As a custom home builder, we’ll list 10 high-end amenities you should incorporate into your luxury custom home in RGV.

1.    Open Floor Design

Luxury homes often prioritize spaciousness and a sense of openness. These improve the home functionality while bettering the look and feel of homes. But more importantly, spaciousness is often linked to positive health and wellness.

Let’s start with the functional part. Open spaces enable you to do more things than a space is intended for. For example, you can incorporate a mini dining area in the kitchen or have a mini bed installed in the living room. This enhances the living experiences while bringing the entire family together.

The spaciousness also improves your mental well-being. In an organizational setting, companies are leveraging open spaces to promote better health among employees. You can replicate the same for your home.

2.    Hobby-Specific Rooms

We all have hobbies. A luxury home in Mission, Tx, deserves a room or section of a house dedicated solely to your hobbies.

For example, if you’re a bookworm and love reading books, you can consider creating a small library with hundreds, if not thousands, of books organized neatly on the bookshelf. A desk at the center of the room with little to no disturbances will create a unique experience.

Likewise, you can opt for indoor play areas like basketball courts or miniature golf rooms. It all depends on your preferences.

3.    Gourmet Kitchen Touches

A luxurious kitchen isn’t just about expensive appliances; it’s about creating a space that’s beautiful, functional, and feels like an extension of your dream home.

First things first, a well-designed kitchen shouldn’t feel cluttered. So, invest in storage solutions like pull-out drawers, built-in cabinets, and hidden compartments to maximize space and keep things organized.

Next comes the visual aspect. Custom cabinetry with solid wood construction and soft-close drawers adds a touch of sophistication. Opt for timeless styles and high-quality hardware. You can also consider laminates or butcher blocks for a beautiful look at a lower price point.

Lastly, consider incorporating an island with bar seating or a breakfast nook. This creates a space for socializing, casual meals, or keeping the chef company while they cook.

4.    Elegant Bathroom Finishes

A luxurious custom home in RGV also demands an elegant bathroom. There are a few aspects that enhance this section of the house.

In a luxury home, a freestanding bathtub is the ultimate symbol of luxury. You must have noticed celebs and models Instagramming from their bathtubs. Look for deep soaking tubs with ergonomic designs for ultimate relaxation. A clawfoot tub is for those who don’t want to splurge on a bathtub.

What you should consider splurging on, especially when designing a luxury home, is finishing. You should go for natural stone tiles like marble, granite, or travertine that add timeless elegance and a luxurious feel.

5.    Floor-To-Ceiling Windows

A little goes a long way. You can say the same for floor-to-ceiling windows. These cost marginally more than regular windows but can transform the viewing experience or living room, bedroom, or kitchen space.

Floor-to-ceiling windows bathe the interior in natural light, creating a bright and airy feel. Natural light has well-documented benefits for mood, energy levels, and overall well-being.

The seamless connection between indoors and outdoors creates a sense of living within the landscape. This can be incredibly relaxing and promote a connection with nature.

The Rio Grande Valley boasts stunning scenery, whether it’s the vastness of the Rio Grande River, lush green landscapes, or breathtaking sunsets. Floor-to-ceiling windows allow you to maximize these views and bring the beauty of the outdoors right into your living space. Whether it be in sunny summers or mild winters, you’ll get the viewing experience a luxury house delivers year-round.

6.    Home Elevators

Elevators aren’t only for corporate buildings or shopping malls. If you’re designing a high-end luxurious home in RGV, you can consider installing a home elevator.

Home elevators eliminate the need to climb stairs, making it easier to navigate your home, especially for those with mobility limitations. This is a game-changer for multi-story homes, allowing you to access all floors with ease and comfort. But you’ll also find them useful in a 2-storey building.

A custom-designed home elevator can be a focal point in your home, adding a touch of sophistication and grandeur. Imagine a sleek glass elevator or a wood-paneled one that complements your interior design.

Even if you don’t currently need an elevator, installing one can future-proof your home, increasing its value and appeal to a wider range of buyers when you decide to sell.

7.    Smart Home Features

Imagine adjusting lighting and temperature and even playing music throughout your home with voice commands or a touch on your smartphone. Smart home systems create a seamless living experience, allowing you to control your environment effortlessly. And they’re not the future, they’re here now.

Iron Man’s on-screen love interest, Gwyneth Paltrow, has said, “Smart homes are the future, and the future is now. It’s about efficiency, convenience, and making life easier.”

As they’re far cheaper now, you should have smart lighting systems, smart thermostats, smart speakers, smart blinds, smart security systems, and smart video doorbells for your home. All of these are highly functional and will make your living experience futuristic.

8.    Jacuzzi and Spa Room

Why go to the spas when you can have the same experience at home? So, when designing a luxurious home, a private jacuzzi and spa room makes sense.

If you’re a working professional or hardworking businessperson, the warm, massaging jets of a jacuzzi can soothe sore muscles, improve circulation, and ease tension. Immersing yourself in a jacuzzi after a long day can significantly reduce stress and promote feelings of calm.

A jacuzzi room can also be a fun and inviting space for entertaining guests. Imagine hosting pool parties or social gatherings where guests can relax and enjoy the jacuzzi.

So, you need to consider a well-designed jacuzzi and spa room.

9.    Outdoor Oasis

Texas and the entire Rio Grande Valley are about exploring outdoors. So why not turn your backyard into an oasis that blends in with the rest of RGV?

An outdoor oasis has four components:

• Pool – Consider a swimming pool, perfect for hot Texas days. Waterfalls, rock features, or a hot tub can elevate it to a resort-like experience.
• Outdoor Kitchen – An outdoor kitchen with a grill, pizza oven, or smoker allows you to prepare meals and entertain in style.
• Lighting – String lights, outdoor lanterns, and strategically placed lighting can create a magical ambiance for evening gatherings.
• Greenery – Lush greenery instantly transforms your space into a tranquil retreat. Trees and shrubs provide a sense of enclosure and privacy, creating a world apart from the hustle and bustle of everyday life.

You can choose to hire professionals to design an arresting oasis in your backyard.

10. A Saltwater Pool

Given that you’re building an oasis, you should consider installing a saltwater pool. Tad more expensive than the traditional chlorine-bleached pools, a saltwater pool can aid your health and create a luxurious living experience for you, your family, and your guests.

Have Your Own Luxury Custom Home in RGV

A luxurious home in McAllen, TX, isn’t out of reach now with proper planning. You can have yours now with us. Consult Villa Homes to design a roadmap for your dream home in Rio Grande Valley. Or, explore our homes for sale in McAllen, TX, and find your best fit. Contact us today to learn more.

Congratulations! You’ve decided to become a new homeowner in the vibrant Rio Grande Valley (RGV). With its sunny skies, rich culture, and diverse communities, the RGV is a unique place to call your home.

But before you get swept away by the charm of Spanish colonial architecture and mouthwatering barbacoa, take a step back and dive deep into the checklist you need to complete before buying your first home.

Checklist for First-Time Home Buyers

1. Laying the Financial Foundation

Before buying a new home in McAllen, Tx, you must establish a clear budget that takes into account the purchase price of your home, annual property taxes, insurance, and maintenance costs. You can use online calculators and consult financial experts to develop a realistic budget for your goals.

• Know your credit score

A good credit score is a sure way to secure a lower mortgage rate. Aim for a score above 670 for better loan rates. Obtain a credit report and check it for accuracy. If there are any problems with your report, clearing them up before you buy can make it easier to get a loan for your new home. 

• Check your debt-to-income ratio

Your debt-to-income (DTI) ratio is an indicator of your financial health that lenders will use to determine whether you qualify for a mortgage and if so, what the terms of that mortgage will be. You can calculate your DTI by adding up your monthly debt payments and dividing that number by your gross income. If it is at 36 percent or less, you are likely in a good position to take on the demands of a mortgage. Anything above 43 percent could disqualify you from the most borrower-friendly types of mortgages. If your DTI is high, consider consolidating or tackling high-interest loans before engaging in the home buying process. 

• Research your financing options

Choose your financing options carefully. A pre-approval from a trusted mortgage lender will give you a realistic budget and a stronger negotiating position. It will also give you better terms, as it signals to sellers that you are a serious buyer. If you want to pay less upfront, research government programs like FHA loans, which can offer lower down payments for first-time home buyers.

2. Finding Your Community

The RGV real estate market is diverse, with various neighborhoods and communities offering different amenities and lifestyles. Research the market trends, understand property values, and identify areas that align with your future goals and plans.

• Define your needs

Make a list of must-haves and deal-breakers, such as the number of bedrooms, location, yard space, and proximity to schools, workplaces, and recreational areas. Consider your lifestyle and future plans (such as expanding your family), as this list will guide your home search.

• Explore the territory

Research different RGV communities from McAllen to Mission. Each offers unique charm, amenities, and price points. Attend open houses to get a feel for the neighborhoods and talk to residents. Remember to visit the neighborhood at different times of the day to get the full experience of the area. 

• Enlist a knowledgeable real estate agent

Find a realtor who understands the RGV market and your needs. Look for an agent with local expertise in the RGV market who has a solid track record and excellent negotiating skills. Also, remember to ask for recommendations from friends, family, or colleagues who have had positive experiences.

3. Finding the Right Home

Finding a home that is a perfect match for you will be a challenge, as you navigate numerous home features, locations and price points. Some houses will have the perfect number of rooms, but the kitchen structure may not suit you. Or, it may have enough bedrooms and be the right price, but sit in a less than ideal location. Part of the home buying process will require you to thoughtfully sort through your options and decide what works for your current and future family needs. 

• Inspect homes thoroughly

Once you find a property you like, schedule a professional home inspection. A thorough inspection can uncover potential issues that may become a challenge with the property. Pay close attention to structural integrity, foundation issues, and potential plumbing or electrical problems. Be present during the inspection to ask questions and gain insights regarding the property’s condition.

• Consider future family growth and development

If you are planning to start a family, it is best to consider a home that will accommodate your family’s growth over time. Ensure that there is enough space or that the condition of the house is good enough for further development if required in the future.

Consider building a custom home

Chances are that purchasing a pre-built home will require some sort of compromise. If you want a home that has every detail exactly the way you want it, you should think about building a custom home. Featuring your dreams and details, this process gives you far more flexibility and can require less compromise than purchasing a standing home. 

4. Understand the Rules and Regulations

Before moving into a new community, it is best to understand the rules and policies that govern the area. This will ensure that your transition and settlement into the new place is smooth. 

• Understand property taxes

Property taxes differ from one region to another in the RGV. Familiarize yourself with the property tax rates in your chosen city and factor the costs into your budget. You can also inquire about any incentives or tax exemptions for first-time homebuyers.

• Review Homeowner Association (HOA) rules

If the property you are interested in is part of a Homeowner Association (HOA), you must review the HOA’s rules and regulations. Understand the monthly fees, any restrictions on property modifications, and overall governance structure. This information will give you a clear understanding of the community’s expectations. 

5. Securing Your Perfect Home

Once you’ve found your dream house, work closely with your real estate agent and prepare to skillfully negotiate for a fair purchase price and avoid unexpected detours. Be prepared to make a compelling offer based on your pre-approved mortgage and any additional conditions you may meet.

• Make a competitive offer

Research comparable properties in the area to determine a fair offer. Consider additional contingencies, like repairs or closing cost negotiations.

• Review the purchase agreement

Carefully review the purchase agreement before signing. Ensure that all the terms and conditions align with your expectations and that proper contingencies are included to protect your interests.

• Secure home insurance

Your realtor and mortgage lender will guide you through the maze of paperwork. However, you must explore a wide range of home insurance options and secure coverage before closing the deal. Home insurance is a vital aspect of homeownership, as it provides financial protection in case of unexpected events.

• Conduct a final walkthrough

Before finalizing the purchase of your new home, conduct a final check to ensure that all agreed-upon repairs are complete and that the property is in the expected condition. This will be your last opportunity to address concerns before finalizing the purchase.

• Prepare for closing costs

Closing costs can include fees associated with the buying process, such as attorney fees, title insurance, and lender fees. They are usually several thousand dollars. Understanding these costs can help you plan your budget and avoid any last-minute surprises.

6. Final Steps and Settling In

Congratulations! You are now a proud homeowner in the Rio Grande Valley. Wrap up the final processes seamlessly and prepare to  enjoy your new home. Take time to settle down into your new home and celebrate your achievement.

• Closing time

Be present during the closing, ensure all documents are accurate, and ask questions if anything is unclear.

• Keys in hand

Celebrate your new homeownership! Get a beautiful welcome mat, unpack your belongings, and personalize your space. Don’t forget to introduce yourself to your neighbors and start building connections in your new community.

Bonus Tips for RGV First-Time Home Buyers

• Embrace your Texan heritage

Don’t underestimate the value of bargaining! Haggling is a cultural norm in the RGV, especially at flea markets and smaller shops. Channel your inner Texan and negotiate for the best deals.

• Tap into the community

The RGV is known for its strong sense of community. Attend local events, festivals, and gatherings to connect with neighbors and experience the unique RGV charm.

• Be a green neighbor

Sustainability is essential in the RGV. Explore energy-efficient home options, consider water-saving landscaping, and learn about local recycling programs. Remember, small steps make a big difference!

Homes for Sale in McAllen, Tx

Buying your first home in McAllen, Tx, is a journey, not a sprint. Enjoy the process, learn from it, and don’t be afraid to ask for help. With this checklist as your compass and a little Texan grit, you’ll confidently navigate the RGV housing market and land your perfect first home.

Villa Homes is an award-winning home builder and member of the Rio Grande Valley Builder’s Association (RGVBA), the National Association of Home Builders (NAHB), and the Texas Association of Builders (TAB). For any assistance related to home building, contact us today.

Things to consider when buying a second home.

Buying a second home? Why? OR rather: Why not? Consider the following things when buying a second home.

The Reason

People invest in a second property for several reasons.  It might be a holiday home or assisting your child who is getting married or starting to work soon after studying and might need his/her own place, making money by collecting rent, planning to profit as property values increase over the long term, claiming tax benefits to reduce taxable net income. Whatever the reason, examine the advantages and disadvantages to prevent you from falling into a debt trap that you cannot easily escape.

Advantages of owning a second home or multiple properties

As mentioned above, some advantages are that you can help your child, make money through rental income, buy a property that will increase in value, having a holiday home, and claiming tax benefits. The tax benefits of owning rental property  can include deducting operating expenses, mortgage interest, and deductions of operating expenses. Many of these advantages can be optimized, for example, to grow a rental property portfolio. Multiple rental properties will increase rental income and net cash flow. The risk is reduced through portfolio diversification, and the additional cash flow can be used to purchase multiple properties over time. Over time, more rental properties can generate more overall net income and greater potential long-term return on investment.

Disadvantages of owning a second home or multiple properties

Initial investment in a second property requires significant capital with a required down payment of at least 20%. This can be done over time by saving cash flow and making additional mortgage payments on your current property to increase your equity. However, one should keep in mind that owning multiple rental property means increased expenses for maintenance, legal fees, property taxes and insurance, mortgage payment and interest if the property is financed. The rental income might not always cover the operating expenses, as a rental property might have a negative cash flow if you cannot find a tenant immediately or need to upgrade and replace heating or ventilation systems in the house.
You can have all intentions of managing the rental property’s maintenance, but this might become overwhelming, especially when the properties are not in the same city or state. There are solutions to assist like getting a professional, property management company to take care of the rental property at an additional cost.

6 Considerations to keep in mind

Consider the following carefully before venturing out on a second property.

The financial implications

Buying a second property will leave the homeowner with the full financial responsibility of a mortgage, insurance, maintenance, and any unforeseen costs like roof repairs or water damage. Therefore, prepare yourself in advance with the necessary funds and conditions before tying yourself to all obligations in obtaining a second property. Prepare a detailed budget with your current expenses and double that. Consider contingent expenses, such as the need for new appliances, or repairs.

Renting your second home

Collecting rent money is a way to cover the mortgage and expenses or subsidize your vacation home. Ensure that there is a need for rental property in the area where your second property is, or a demand for vacation rentals. Determine the possible rental income in an area for a long-term lease, and whether there are prospective tenants available. Make sure you can carry the cost on your own if you cannot guarantee a rental income. Also keep in mind all the laws you must adhere to in the specific neighborhood, city, or state – that could vary from place to place.
Cleaning services for vacation homes or when a tenant leaves the long term lease must be on your budget, as well as agent’s commission and general maintenance. If you buy a vacation home but have to rent it out more than the time you spend there to cover the costs, you should ask yourself if it wouldn’t be cheaper and hassle-free to rather rent a vacation home instead of being a landlord.

Travelling time

Whether you buy a second home as a vacation home or a long-term rental, keep in mind the time it will take you to travel there to oversee maintenance or go on vacation. Are you prepared to spend time and travel a long distance every year for a vacation to the same destination? Will a vacation home maybe compromise your ability to travel abroad or visit family and friends in other locations?  If you like a familiar place for vacation, it makes sense to travel to the same place. Considering buying a second home as a long-term rental in the same city or state, where you know the laws, and it is easy to stay in touch with tenants and the upkeep of your property. Make sure that the second home is close to amenities like grocery stores and restaurants to still provide convenience as a second home.

Investment possibilities

Investment in property and return values are not necessarily guaranteed, and many factors in the global financial world can influence property values to plummet.  Considering a second home must be done with full knowledge that it could take time to profit from this investment.

Taxes and Insurance

A second property will have the same expenses regarding taxes and insurance. There are taxes to be paid on rental income from a long-term lease. A vacation home, being rented for more than 14 days a year, is considered as a rental property and taxes are therefore due. And you cannot claim the mortgage interest tax deduction.
The insurance will cover the normal liabilities and could include regional climate dangers, depending on the location, but considerations you have to be mindful of.
Be sure to consult an experienced tax professional about possible liabilities and deductions when planning to buy a second home.

A second home mortgage

When you are still paying a mortgage but want to buy a second property, the banks will consider whether you can repay the first and second mortgage on your current income. Your credit report will be reviewed, your employment history, assets, and income. Consolidating high-interest debt into a lower payment, and using lower-interest products, will improve your financial picture.

In conclusion

Determine whether you are in a safe position to consider a second home by asking yourself the following questions:

• Am I saving at least 15% of my current income for retirement?
• Do I have at least six months’ expenses available as an emergency cash fund?
• Am I out of credit card debt?
• Do I have a college fund for my children?

If you can answer YES to most of these questions, familiarize yourself with what it will mean for you to be a landlord, do your financial planning and predictions, and contact us to help you find that suitable second home.

Considering a new home? Moving to South Texas? Build or buy? Here are five reasons why you should build your own single-family home in southern Texas in McAllen.

Location

McAllen: the ideal place to build your family home in Southern Texas

McAllen is the largest city in the Hidalgo County of Texas, close to the Mexican Border. It ranks third in the nation for Best Places to Live for Quality of Life in the US-by-US News and World Report. McAllen is a unique city that is a major tourist, cultural and commercial center in this region. It offers you a pleasant climate, a city rich in historical and cultural sites, many outdoor activities, and a packed calendar full of exciting activities and events throughout the year. So, look no further and settle in McAllen!

There are 5 High Schools, 6 Middle Schools, and 21 Elementary Schools in the McAllen Independent School District. These are situated within proximity of McAllen, and getting your children to and from school will not be a burden.

All over McAllen, there are shopping plazas, malls, specialty boutiques, and retailers that will satisfy the need of any shopper. These cater for shopping for essential needs, as well as entertainment and relaxation for the whole family.

Medical Care

With 14 big medical centers in McAllen, there are medical help and experts available within reach.

Size and layout of your new home

Plan your luxury home for your own lifestyle

The best person to know your requirements for your ideal home is you – the owner! You will know your family’s needs and the size you need to plan for each family member. You can decide on the square footage per room, as well as the layout. Before venturing out on creating a new, comfortable home for your family, consider the layout of your home. Where would you like the central meeting place for the family? Close to the kitchen or maybe closer to the outdoor area? What type of floor plan will accommodate the weather in McAllen? Do you want an ensuite for the main bedroom? What else do you want to include?

All these aspects of your ideal home will be decided by you and your family. Once you know what you want, get into contact with an in-house architect to assist in building the home of your dreams.

The finishing touches and details

As the designer of your own home, you will be the one to choose faucets, floor-to-roof coverings, and all the additional extras you require in your ideal family home. The superior quality of your own family home is due to your own attention to detail in collaboration with the architect and builder.

Budget and Financing

The expenses to build your own home can be covered by a mortgage or construction loan.
Both vary based on the needs of the borrower. It gives the borrower the autonomy to decide what is needed and what the acceptable interest rate and installment would be, according to your own income. The borrower must apply and get pre-approved for a mortgage and compare interest rates before selecting a loan.

A construction loan

is shorter term, but higher interest rate. The construction loan is paid to the contractor, and not the borrower, as building milestones are achieved. This can be converted to a permanent mortgage or paid in full at completion.

A mortgage

is an application through a preferred lender where the applicant has to meet several requirements. Mortgage applications go through a rigorous underwriting process before reaching the closing phase.

Warranties and Inspection

As a house is most probably the most expensive purchase you will ever make, it is important to get warranties and inspections in writing before closing on your new home.

A builder warranty comes with the new home construction or a remodel. It covers items that are a permanent part of the construction, like concrete floors, plumbing, or electrical work.

A home warranty is a service contract that covers replacements and repairs on appliances or systems. It is up to the owner whether to buy a warranty or not.

Home Inspections are completed by a professional home inspector before closing on a house. This is for both a new construction home and when buying an existing house. The new construction house must be inspected to resolve any problems before taking occupancy of a house to ensure everything is in perfect working order in your dream home.

The advantage of building a new single-family home

When building your new home, the complete design and floor plan will be according to your family’s needs. And everything in that home will be brand new!

So, if you have made up your mind to build your dream home in McAllen, Villa Homes are here to help with every step.

When it comes time to buy a home in the RGV, you have a number of safe, attractive, and family-friendly areas from which to choose. One of these areas is Sharyland. A tiny town located within the McAllen-Edinburg-Mission area and overflowing with the safety, affordability, and appeal you need in your new place, Sharyland is a desirable spot for homebuyers. Here are a few reasons it is a good idea to buy a new house in Sharyland, TX.

Sharyland has a strong educational system.

One of the most important features of any location for home buying families is the quality of the schools near their new place. Families purchasing homes in Sharyland can buy with the confidence that their new home also gives them access to a superior school system within the RGV.

The Sharyland ISD consists of 12 schools, including 8 elementary schools, 2 junior high schools, and 2 high schools. The district’s performance makes it one of the area’s most desirable school districts.

All of the elementary schools have an A or B rating, and the district as a whole is ranked the 7th best place to teach in Texas, the 21st best district in Texas in quality of teachers, and the 22nd best district in Texas for athletes. With an average graduation rate of 98 percent, this school district promises a high-quality education for all students.

Sharyland is a safe community.

Home should be a safe place where you can live and relax in confidence. In Sharyland, the surrounding areas of Mission and McAllen, safety is a priority, and these towns are known for their peaceful and secure neighborhoods.

You might be interested in 5 Reasons to Buy Property in Magnolia Park Subdivision.

In Mission, for example, the crime rate is 28 percent lower than the national average, and the violent crime rate is an extraordinary 60 percent lower than the national average. McAllen’s crime rate is also impressively low: 14 percent lower than the national average, and a violent crime rate that is a whopping 78 percent lower than the national average.

Buying a house in Sharyland means purchasing a residence in one of the safest places in the nation, where you can enjoy quiet, rewarding family life without fear that you will be the victim of a crime.

Sharyland is close to amenities.

Location counts for quite a bit when choosing a place to buy a new home, and Sharyland is very well situated. Near Mission and McAllen, Sharyland provides immediate access to the shopping, dining, and entertainment available in these desirable RGV locations. Discover all of the following within a short drive from Sharyland:

• Mouth-watering BBQ and other delicious cuisine
• National Butterfly Center
• Parks and trails
• World Birding Center
• River tours
• Breweries
• Malls
• Museums
• Performing arts
• Grocery stores
• Doctors
• Libraries

Sharyland has something to offer everyone, making it the perfect place to buy a new house and enjoy a high quality of life.

Sharyland housing is affordable.

Why buy a new house in Sharyland? Because this area is known for low-cost housing that puts beautiful spacious homes within the financial reach of many. The average cost of housing in the area is about half that of the national average, and more than 30 percent less than the average in Texas.

Expect to find beautiful, 3-bedroom homes for less than $200K, and explore more upscale housing that still doesn’t break $300K. If you choose to build in Sharyland with someone like Villa Homes, you can get a luxurious, quality home for a great value per square foot.

Ready to buy a new house in Sharyland, TX? Whether you buy or build, you are sure to find a satisfying life, and a beautiful home, in this hidden gem of the RGV. Contact us today to learn more about getting the perfect home in a great location.

Your first home is likely to be your largest financial investment to date. That fact, plus the lengthy, sometimes complex, process can make that purchase feel intimidating. However, with almost one-third of Texas homebuyers purchasing for the first time, you are not alone, and with this handy checklist and an experienced realtor/home builder on your side, you can pursue your first home with excitement and confidence.

Set your home buying budget.

Homes in the RGV are available in almost any price range, from multi-million dollar estates to quality homes that sit in the $200-300K range (Like many of our Villa homes). In order to narrow your search down to houses you can actually afford, you will need to evaluate your budget and come up with a monthly mortgage payment you can easily handle.

The best approach is to examine your financial health, including your debt-to-income ratio (DTI), monthly expenses, and credit score. The lower your DTI and the higher your credit score, the more likely you are to get favorable rates for your home loan (mortgage), and the higher your budget is likely to be.

To determine your DTI, simply divide your current debt payments per month by your current gross income. The resulting percentage is your DTI. To evaluate your credit score, request a credit report from one of the three main credit bureaus: Experian, Equifax, and TransUnion.

Once you know about how much you can afford, you can begin to evaluate which homes, whether buying or building, are within your budget.

Set aside a down payment.

Central to the home buying process is the down payment. This is the amount of money you pay toward the purchase price of your home. The remainder of the purchase price you will need to fund through a mortgage from a qualified lender.

The higher your down payment, the lower your mortgage, and the lower your monthly payments, will be. That means that if you can only afford a low monthly payment, but you want a more expensive home, you should save up a higher down payment.

Depending upon the type of mortgage you get, you may pay anywhere from 3-5 percent of the purchase price as a down payment.

However, if your down payment is less than 20 percent, you will need to be prepared to pay a monthly mortgage insurance premium that is required by most lenders. It is in your best financial interest to save up as much of a down payment as possible for your new home.

Get pre-approval from a lender.

You can start looking at homes without pre-approval from a lender, but doing so can make any offer you submit look less desirable to sellers and slow down the purchase process once you find the right home.

Instead, take the time to get pre-approved for a mortgage before you start looking for a home. While this process is relatively straightforward, you should take the time to consider offers from multiple lenders in order to get the lowest interest rate and best loan terms.

You should also be prepared to submit specific pieces of paperwork to the lender. For example, you may need to submit proof of income, past tax returns, or other forms to help establish how much money you can borrow toward the purchase or building of your new home.

Find a real estate agent.

Your real estate agent, while also not necessary for house hunting, will also be an indispensable partner in your first home buying journey. This professional will be able to provide you with a wealth of services to make it easier to purchase your property as a first-time home buyer. These services can include the following:

• Providing access to the most recent listings in your area.
• Searching for homes that meet your preferences.
• Negotiating with sellers to get you the best terms.
• Guiding you throughout the home buying process.
• Taking you on tours of potential properties.

With an experienced realtor on your side, you are more likely to find properties that fit your preferences and budget, navigate the closing process, and end up with a home you can be proud of.

Identify your perfect home.

The most enjoyable part of the home buying process for most people is house hunting. Your realtor will identify homes that meet your requirements and take you on tours through these properties to help you see if they are the right property for you.

You may need to see many properties, or you may find the right place after just one or two visits. Typically, however, home buying can take a little while, so settle in and enjoy discovering all of the features and neighborhoods you love until you find the right one for you.

Make an offer and negotiate.

Once you find that ideal property, it is time to make an offer. This is when you provide the seller with the price and terms you are willing to offer to purchase the home.

The seller can then accept or reject your offer or provide a counteroffer of their own, at which point you enter a period of negotiation. Your real estate agent can guide you through this process to help you and the seller reach terms that satisfy you both.

Once the offer is accepted and signed by you and the seller, you will put down what is called earnest money-A small amount of money that shows your interest in purchasing the property. If you choose not to buy the property, the earnest money remains with the seller. If you complete the purchase of the property, the earnest money goes toward your down payment.

Complete your home loan.

Once the seller accepts your offer, you begin the process of purchasing your home, and that means completing your home loan and purchasing homeowner’s insurance to protect your home against natural disasters and accidents.

Completing your home loan can be lengthy and involve a lot of paperwork, but your lender can guide you through it. However, at the end of the process, you will have the funding you need to buy your very first home!

Get a home appraisal and inspection.

While you are completing your home loan, you will also need to make sure that the property you wish to buy is in good shape. This means getting an appraisal, or estimate, of the home’s value and a home inspection to ensure that there are no major repairs that the owners should make before you complete the purchase of the home.

Your real estate agent will guide you through both of these processes. As long as your home appraises for as much as or more than what you are paying for it, and there are no major issues found in your home, you can go ahead and complete the purchase of your home.

Complete a final walkthrough.

Just before you close on your home, you will complete a final walk-through of the home. This process means going through the home with your real estate agent to ensure that any requested repairs and updates have been made and to make sure there are no issues that were missed earlier.

Close on your home.

As a first-time home buyer, closing on your first home can be one of the most exciting times of your life. While this meeting with the sellers, real estate agent, and possibly lawyers involves signing a great deal of paperwork, the end result is that you receive the keys to your very first home. That makes all the paperwork, conversations, loans, and work worth it!

You can always choose to build your first home instead of buying it. Here at Villa Homes, we work with many first-time homeowners to build the home of their dreams within their budgets and their preferences. We can even help you find the perfect property to build on. Contact us today to learn more about how to start the process of creating your very first home!