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BUYING REAL ESTATE
ON SOUTH PADRE ISLAND, TX
STEPS TO BUYING REAL ESTATE
- Determine how much you can afford to invest.
Determining how much you can afford to invest accurately will mean you need to get an idea of how much taxes, association fees, maintenance cost, insurance, mortgage rates, points and management fees will be. Its best to do this with a trained real estate professional but you can still get a good estimate by using the calculator provided.
Calculate - How much can you afford to invest?
Enter annual income, monthly debt (car payments, credit cards, student loan payment etc.), cash in hand for down payment, property tax rate (%), home insurance rate(%), interest rate (%), length of loan (years) and calculate the real estate property value you can afford.
- Shop for best mortgage loans.
Mortgage Qualification Calculator
Use this calculator to try to calculate what kind of income lenders will expect you to be making to qualify for the specific real estate mortgage loan.
- Choose a Furcron real estate professional to work for you.
Choosing the right agent is an important part of successful real estate investing. The agents who are most informed and knowledgeable about the local real estate market are the one who can give you the information you need to help decide on which property and how much to offer.
- Evaluate the homes and condos on the market and decide which one is best for you.
The best place to start your search for South Padre Island real estate is right here on this web site. Browse through our listings listings and or search through our MLS site for all the South Padre, Port Isabel and surrounding area. You are not required to fill out any forms or register to search the Multiple Listing Service on our website.
- Make an offer.
Making the offer is where your agent can assist you the most. A good knowledge of current market trends will help you evaluate whether to offer less than the asking price or seize a great deal before it gets away.
- Get a home inspection.
A complete home inspection is always advisable. Typically the buyer will pay for the home inspection and an offer to purchase a house will often include a contingency that the contract is not valid until a home inspector has inspected the property and also provide for how problems found in inspection are to be remedied.
1. Structural System
2. Exterior
3. Roof System
4. Plumbing System
5. Electrical System
6. Heating System
7. Air Conditioning Systems
8. Interior
9. Insulation and Ventilation
10. Pools, Hot Tubs and Fuel Burning Appliances
- Shop for homeowners insurance.
How to Find the Best Rate
Get quotes from several companies before you buy. Include independent agents in your search. Some agents only represent a single company or company group. Independent agents may represent several companies.
Consider higher deductibles. You can save money on your premiums by increasing your policy deductibles, but youŽll have to pay more out of pocket if you have a claim. YouŽll need to have money readily available (personal savings, ability to borrow from relatives or friends, etc.) to pay your out-of-pocket expenses.
Ask your agent about discounts. Discounts vary by company. Some companies may offer discounts if you have multiple policies with the company, an impact-resistant roof, security or fire sprinkler system, a newer home, or good claims history. Other discounts may be available.
- Sign papers.
Closing is where you will officially take ownership of the property.
Email Us For any additional information you need or questions you have.
Useful Links
Checklist for Buying a Condo
Consumer Information
Texas Real Estate Commission (TREC)
Homebuyer's E-Guide
Dr. Harris is a research economist and Baumann is an associate research social scientist with the Real Estate Center at Texas A&M University.
Buying and Owning a Home
Freddie Macs online guide to the homebuying process.
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