Guide to Buying a Home in Austin, Texas
, Mar 2, 2022
The decision to buy a home is not usually made on the spur of the moment. It takes a lot of thought and proper planning. While moving to Austin, Texas, may be the right move for you, the way you go about finding and buying your new home can make all the difference.
Recently, there has been a surge in the number of people accessing the Austin, Texas housing market to buy a house. According to the Austin Board of Realtors, the number of homes sold in Austin increased 84% between 2010 and 2019, while the price of housing increased by $160,000 from January 2020 to January 2021. This surge of people moving to Austin has been caused by the city’s certain favorable factors such as the lower cost of living and tax burden as well as job growth as opposed to other options.
While looking for information on Austin’s housing market to make an informed decision, we know you will be bombarded with more information than you need or understand. This is why we have prepared this article for you, to provide you with the necessary information to consider before you search for and buy a house in Austin, Texas.
Choose a Real Estate Agent You Connect With
Your choice of a real estate agent will determine how well your search will go, so choosing the best should be a priority. It will save you time and energy while ensuring you find the home that best suits your likes and budget.
Of course, you are the one who gets to determine who the “best real estate agent” is to you. You can achieve this by choosing someone with whom you connect and communicate effectively. A great real estate agent will have your best interests at heart and is passionate about the process of finding a perfect home for their client.
Consider the Suburbs
When looking to buy a house in Austin, it is often smart to consider buying in the suburbs rather than the city. Suburbs are places on the outskirts of the city and are within commuting distance, though a major area like Southwest Austin offers its own hub of restaurants and things to do.
While many places are easy to travel to and job availability is higher in urban areas, getting a house in the suburbs of Austin rather than within the city has its perks. Suburbs boast a cheaper cost of living and housing, more security, and less crowding than you would expect in the city. They also give you easier access to the attractions outside the city, like Lake Austin and Lake Travis park.
If you are actively considering searching for houses in the suburbs of Austin, here’s a list of some of the best.
- Round Rock;
- Cedar Park;
- The Hills;
- Lakeway;
- Huto;
- Leander;
- Pflugerville;
- Buda;
- Rollingwood;
- Bee Cave;
Know Your Mortgage Options
If you do not have enough personal funds to finance your purchase, then you should start your research on mortgage options early.
By shopping around for a mortgage loan between 3-5 lenders, you will be able to compare the rates and choose which best suits your interests. Also, you will not be taken advantage of by dishonest loan providers. Once you have learned about your mortgage options, you will be able to choose the best one which will suit your needs and preference.
Set a Budget
Starting the search for a house without setting a budget can lead to a failed search or a purchase that is well above what you can spare. When creating a budget, the rule of thumb is to make sure your mortgage is not more than 28% of your monthly gross income. Be realistic about your budget and determine:
- How much you can save for your down payment.
- How much you can set aside for the expenses to recreate and maintain your ideal home.
- How much you can spend on home-related costs — moving expenses, lawn care, remodels, and repairs.
Knowing the amount you can spend on the above will help you set an achievable budget for buying a new house.
Visit Neighborhoods Ahead of Time
When looking to buy a house in Austin, Texas, you should first travel to the surrounding neighborhoods before purchasing. We understand that it is not always possible to do so but, by visiting ahead of time, you can grasp the distance to shops, businesses, local street markets, and even schools. You can also get a feel for whether the lifestyle there suits you and the neighborhoods feel safe.
If you cannot examine the area yourself, you can ask your real estate agent, and perhaps research the area on the internet. Without a proper evaluation of the neighborhoods before buying a house, you might wind up disappointed and unable to rectify what you would then call a bad purchase.
Ensure There Are Activities of Interest to You
Buying a home in Austin, Texas often means you plan to settle in the area where you purchased the house. During your research, make sure that the neighborhood you are buying in has interesting activities. You should look at places such as parks, restaurants, tourist attractions, and places where things you fancy are displayed or performed. This is so that you can see whether they are accessible from your new home. Here are some activities you can indulge in while in the Austin area.
- Visit waterfalls.
- Paddle a boat on the lakes.
- Tour the Texas State Capitol.
- Visit Texas Hill Country Distilleries.
- Jog or ride the boardwalk on Lady Bird Lake.
- Visit Lake Travis and enjoy the great restaurants in the area.
Familiarize Yourself with Austin, Texas Before You Move
It is important to familiarize yourself with the entirety of Austin, Texas before your move. If you are moving from a place that is entirely different from Austin, it will help you to know a bit more about their climate, politics, environment, and in general, the overall vibe of the city.
Work out what you like about the city, and where you’d like to spend your downtime. By performing your research and familiarizing yourself, you will make a better choice on which area to move to. You will also find it easier to fall into a routine that works best for you and make new friends with whom you can build a great life.
Austin, Texas is a great place to be for many people. It is one of the safest cities in the U.S., with a highly educated workforce, multiple opportunities, and a welcoming community. Be sure you are ready and well prepared for life in Austin before buying a house and moving to the city.
