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.
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:
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.
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.
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:
What Credit Score Do You Need to Qualify for a Mortgage?
Why Credit Matters When Buying a Home
Building Credit When You’re New to the United States
Why You Need Credit Repair and Where to Get it (Fast)
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.
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.
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:
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.
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.
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.