How does the cost of new homes in Weslaco compare to existing construction? How much home can you afford? What are the steps to finding a home, getting a loan and completing the buying process? Keep reading to find the answers to these questions and more as we present the steps to buying new homes in one of the best parts of Texas.
Weigh Pros and Cons of Buying New Construction
Weslaco is a fast-growing city in the heart of Rio Grande Valley with a sunny climate and a low cost of living. It’s a great place to own a home, but should you shop new homes in Weslaco, or focus on homes available for resale? A lot of people look at both and quickly get a feel for their preferences.
Pros of Buying New Homes in Weslaco
Some of the pros of buying new construction are so obvious we almost hate to list them. New things don’t have any of the dents and dings, the wear and tear that come with things that are used. Everything about your new home will be shiny and immaculate.
No one else has ever lived there. No clothes hung in your closet, no one washed dishes in your sink and you’ll take the first-ever shower in the bathroom. There’s a wonder that comes when everything is a first, from the first time you pull your car into the garage, the first time you tuck a child into bed and the first year you set up a Christmas tree. You’ll also find these benefits when you buy Weslaco new construction:
- Energy efficiency – Builders have better materials than were available even ten years ago. New homes in Weslaco are available with Low-E windows, high R-value insulation, extremely efficient air conditioning and other upgrades that will save you on utility bills.
- Fewer surprises – If you buy a home someone has already lived in, you’re relying on them to be upfront with you about any defects. Even a home inspection might not catch them all. With a new home, if you use a reputable builder and you find a defect, you have recourse.
- Lower maintenance costs – In the first years you own your home, you should only have the cost of routine maintenance. Your major systems and structural components should all still be under warranty. You shouldn’t have to budget for large ticket items like roof replacement or HVAC repair.
- Customization – If you’re working with a builder while your home is under construction, everything about it can be exactly fitted to your tastes and lifestyle. You can remodel and renovate existing construction, but that level of customization typically isn’t possible.
Cons of Buying Weslaco New Construction
The biggest and most obvious drawback is the price. New construction in any city costs more per square foot than for older homes in the same area. Because of our extensive buying power and large scale construction projects, WestWind Homes is able to keep costs down, but a new home costs more to build in today’s dollars than one that was constructed in the past. Here are a few other cons when you buy new homes in Weslaco.
- Not all builders prioritize quality – People expect a new home to be defect-free, but some builders cut corners. WestWind Homes has all our homes inspected by an independent third party to ensure buyers get top quality every time.
- Fewer options – There tend to be fewer brand new homes on the market in most areas than there are older homes. If you fall in love with a particular new construction home in your price range, it’s probably a good idea to start the purchasing process.
- New landscaping – New homes usually have freshly planted trees, shrubs and grass. Vegetation takes time to become established and have the full, lush, thriving look most homeowners want. It will take time and effort to get the yard of your dreams.
- Timing – If you’re building a home, sometimes weather and other delays get in the way. That creates stress some buyers would rather avoid.
You can (and should) make a list of personal pros and cons, but sometimes it’s better to experience the difference in person. Tour “used” homes and model homes for new homes in Weslaco in your price range.
Check Your Credit
Before you get too far into your home search, find out what shape your credit is in. It would be heartbreaking to find the perfect home, then be unable to qualify for a home loan. Even if your credit has some issues, you can take steps to improve it. Check out these articles for additional information on credit and home buying:
A big part of what we do here at WestWind Homes is to work with buyers to get their finances in shape so they can qualify for a mortgage. If you’re not where you need to be, find out more about becoming a member of our Home Buyer’s Club. We’ll help you navigate the path to homeownership, even if you’ve been turned down by other lenders.
Understand Weslaco New Construction Home Loan Choices
The process of buying new homes in Weslaco depends on the stage of construction at which you buy. Typically buyers either start at the very beginning of the process when there’s just a lot, and they work with a builder through all the stages of construction, or they buy a home that has already been completed. We also see a third situation where buyers choose a home that’s partway through construction and personalize it in the final stages by choosing paint, countertops and other finishes.
When homes are under construction, buyers first apply for a new construction loan. Their lender pays the builder at set stages of construction, and the buyer just pays on what they’ve borrowed to that point, plus the interest it has accrued. When the house is finished, the buyer then applies for a regular mortgage to pay off the construction loan and cover what they owe.
People who choose a move-in ready home don’t need a construction loan, because the house is already complete. Even though they’re moving into new homes in Weslaco, they do so with a traditional mortgage.
If you’re working with WestWind Homes, we can help you reach your goals no matter what route you choose. We have strong relationships with nationwide lenders. We’ll help you get the type of loan you need.
Find out How Much Home You Can Afford
If your credit is within an acceptable range to qualify for a home loan, you’ll want to know what price range you can shop in. If you search new homes for sale in Weslaco on almost any real estate search site, you’ll quickly find there aren’t many, and the lower-priced ones are small. Right now there are some priced at $120,000 or less, but they’re pretty tiny at around 1,000 square feet.
That’s not enough room for most people. It’s tough to find new construction with the amenities most buyers are looking for in a good location and comfortable price point, but the good ones are out there.
To calculate your home shopping budget, here’s what you need to do:
- List all income including your salary, your co-borrower’s income, investment income and any other source.
- List your monthly expenses. Include your car payment, alimony or child support payments, student loans, credit card debt and anything else you owe regularly.
Use the 28/36% rule to calculate your home budget. Financial advisers typically recommend people only spend up to 28 percent of their gross monthly income on housing, and no more than 36 percent on all of their debt put together.
Multiply the number you got for total income by 28 and divide by 100. For example, if you make $5,000 a month, $5000 x 28 = $140,000 Divide that number by 100. $140,000 / 100 = 1,400. You can spend up to that amount monthly on housing, depending on what you owe elsewhere.
However, if you owe a lot on other debt, that takes away from what you have to spend on your mortgage. Use the same formula to calculate 36 percent of your overall income. Housing plus your other debt shouldn’t exceed that amount. How much home you can afford also depends on what kind of down payment you have saved since what you put down reduces your overall debt.
At this point, you might start working with a lender and get pre-approved for the correct amount. That often helps the buying process go more smoothly when you find the right home, because most the preliminaries have already been taken care of.
Research Weslaco Builders
Quality is top priority when you consider investing in a home. You need a home built on a solid foundation using the best available building materials and techniques. You also need someone who is experienced. When a builder has been in business a while, they either develop a solid reputation and a long list of references or they show their flaws.
People buy WestWind Homes for a lot of reasons, but one of the biggest is our certified construction. On every home, we pay an engineer to design, certify and inspect. We build on post-tension slabs, which is why over two million square feet of WestWind Homes foundations have never failed. And we don’t disappear after your home purchase is complete. You get around the clock customer care if you have an emergency, so you never have to face the unexpected alone.
Tour Available New Homes in Weslaco
Some of the finest new homes in Weslaco are in the community of Midpoint Estates. This master-planned community is part of our Vintage Series, which means it has the layouts and features Texas homeowners say are most important for comfort and convenience.
Homes come with standard features like cultured marble countertops in master and guest bathrooms, 18 x 18 ceramic tile floors and Shaw carpet flooring, 10′ vaulted ceilings in the foyer, family and dining room, granite countertops and solid hardwood front cabinets.
Homes are available starting in the $190s, and they’re going fast. Schedule a tour to start shopping for yours today.