I bought my first home as a single woman in Austin in January 2017. Despite the large percentage of single women home buyers, there is very little information geared towards this growing segment. That’s why we’ve created our Single Women Home Buyers Series. We’ll be covering a long list of common concerns and questions, but if you have a specific issue we encourage you to email us so we can help!
It’s Not About the Money… Or Is It?
This is another commonality that I find when I talk to other single women home buyers. Many believe that they can afford a home, but the uncertainty comes in whether or not they are accounting for all charges. Since the total amount is often an aggregate of lots of small numbers, it’s hard to be sure you are coming to the right number. Your best resource for this during the home buying process is going to be your lender, but the below should give you a starting point to determine the total costs of home ownership.
As you start to work through this, you may find yourself with more detailed questions. For example, as you’re considering closing costs, you may also want to know about what to expect at the closing table. That’s why we’ve included links to other relevant posts to help you dive deeper.
As always, if you have a specific question, email me so we can help!
Down Payment & Closing Costs
When thinking about what you’ll need to bring to closing, make sure to ask about:
- Down Payment (Estimate: 3-20%)
- Closing Costs & Lender Fees (Estimate: $2,000-4,000; most difficult component to estimate, loan dependent)
- Private Mortgage Insurance (Estimate: 0.05-0.15% of monthly payment; required if down payment is < 20%)
- Property Taxes (Estimate: 2-3% of assessed value per year)
- 1 Yr Prepaid Homeowner’s Insurance (Estimate: $400-$1,500/yr)
Other Helpful Articles:
Future (Monthly) Payments
When thinking about what payments you’ll need to make in the future, consider:
- Mortgage Payments (Mortgage Calculator)
- Homeowner’s Insurance (Estimate: $400-$1,500 per year)
- Property Taxes (Estimate: 2-3% of assessed value per year)
- HOA Fees (Estimate: $30-60 per month for single family home; $60-500 per month for a condo)
Other Helpful Articles:
- How Much are Property Taxes in Texas?
- Understanding HOAs
- How Much Is Homeowner’s Insurance in Austin?
Immediate & Unforeseen Expenses
Other items might be needed right away to make the home more livable. This can be anything from landscaping, fencing and sprinklers to appliances, drapes and blinds. Make sure you clarify what will and won’t be included in your house purchase.
Finally, there are always the unforeseen costs of something leaking or breaking. These can be mitigated with a home warranty so we always recommend our buyer clients look into one. You can often get this included in Texas and it takes away some of the stress of your first year of ownership.
Other Helpful Articles:
Considering Buying a Home in Austin?
We can help you determine the total costs of home ownership so you’ll understand what you’re buying! In our 55+ years of combined experience we’ve helped people just like you find their dream home. Check out our Austin Home Buyer page to learn more about who we are and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.
Leave a Reply