If you are looking for a great place to call home, you really can't go wrong with the "City of Excellence!" Over the years, Plano has become recognized nationwide for its brilliant citizens, superb quality of life, and booming job industry. Plano is truly a wonderful place to work and live, home to numerous growing businesses, including several on the Fortune 1000 list, and approximately 285,000 citizens. With a variety of family-friendly neighborhoods, top-rated schools, and plenty of things to do, it's no wonder people are flocking to this North Texas city!
Are you looking to buy a home in Plano, TX, luxury real estate? If so, you have come to the right place! In this post, Rajin Patel will provide you with all the information you need to make an informed decision about purchasing a home in this great city.
Know what you want
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When searching for your dream home, it is important to make a list of must-haves, nice-to-haves, and unnecessary features. This will help you narrow down your search and find the perfect home for your needs. When looking for Plano luxury homes, you may want to focus your search on certain neighborhoods known for their upscale properties, like Kings Gate, Willow Bend, and Lakeside on Preston.
Some other things that you may want to consider when making your list include:
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The size of the home
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The number of bedrooms and bathrooms
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The style of the home
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The lot size
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The location of the home (how far is it away from work, schools, and shopping)
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The amenities that are important to you (pool, tennis courts, or clubhouse.)
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The age of the home
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The condition of the home (new, recently renovated, or in need of some work)
Once you have made your list, you can more efficiently start searching for homes for sale in Plano, Texas, that fit your criteria.
Have your finances ready
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Before you start searching for Plano real estate, it is important to have your finances in order. This means getting pre-approved for a mortgage if you don't plan to buy the property outright and knowing how much you can afford to spend on a home. Be sure to consider not just the initial purchase (down payment or full purchase in cash) but also the costs sure to follow shortly after closing. Consider costs like homeowners insurance, property taxes, renovations, and interior design or landscaping.
If you are unsure how to start applying for a mortgage, it’s a good idea to speak to a financial advisor or loan officer. They will help you understand the different financing options available and find the best option for your needs.
If you are buying a home with cash, be sure to have proof of funds ready when you make an offer on a property. This will show the seller that you are serious about the purchase and will help to expedite the process.
Familiarize yourself with mortgage types and terms
You will need to get a mortgage if you are not buying a home outright with cash. There are many different types of mortgages available, and it is important to choose the one that is best for your needs. Some common types of mortgages include:
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Fixed-rate mortgages: With this type of mortgage, the interest rate stays the same for the entire loan term.
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Adjustable-rate mortgages: The interest rate can change over time with this type of mortgage.
As for terms, the most common mortgage terms are 15 years and 30 years. However, other options are also available, such as 20-year and 40-year terms.
When you are considering a mortgage, be sure to compare interest rates and terms from multiple lenders. This will help you find the best deal for your needs.
Get pre-approved for a mortgage
Once you have decided on the type of mortgage you want, the next step is getting pre-approved for the loan. This process involves submitting your financial information to a lender and having them approve you for a loan up to a certain amount. Getting pre-approved for a mortgage will give you a better idea of how much you can afford to spend on a home. It will also show sellers that you are serious about buying a property.
Research to narrow down your list of desired neighborhoods
Now that you know how much you can afford to spend on a home, it is time to start narrowing down your list of desired neighborhoods. If you have not already done so, now is the time to consider things like:
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The location of the neighborhood
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The type of homes in the neighborhood
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The size of the lots
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The nearby schools
For example, if you want to be close to Lakeside Market, focus on homes available in Lakeside on Preston. If you want a neighborhood with a friendly community, you might want to look in Willow Bend, which holds multiple events annually. If you want to be in a gated community with great amenities like a jogging trail and excellent nearby schools, Kings Gate sounds right up your alley.
Hire a real estate agent
The next step in the home buying process is finding a Plano real estate agent you can trust, like Rajin Patel. Your agent will be your guide throughout the entire process, so it is important to choose someone who you feel comfortable with and who you know will have your best interests in mind.
Look at homes online and in person
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Once you have found a real estate agent, it is time to start looking at Plano, TX, single-family homes for sale. These days, many homebuyers begin their search for a new home online. This is a great way to get an idea of what is available in your price range and desired location.
However, it is also important to go and see homes in person if at all possible. This will help you get a better feel for the property and the neighborhood. When looking at homes, your real estate agent can point out things you may not have noticed and answer any questions.
Make an offer on a home
Once you have found the perfect home, it is time to make an offer. This is where your Plano real estate agent will come in handy. They will help you negotiate with the seller to get the best possible price for the home. They will also help you through the steps from accepted offer to closing.
Closing on the home
After your offer has been accepted, a few steps still need to be completed before you can officially call the home your own. The first step is to get a home inspection if the owner has not already done so. While optional, this is an important step in the process because it will help you identify any potential problems with the property before you purchase it.
The next step is to get insurance for the home. This is required by most lenders and will protect you in case of any damage to the property.
The last step is to close the home. This is when all the paperwork will be finalized, and you will officially become the property owner.
Ready to start your journey?
For expert advice through all the twists and turns of your real estate journey, consult with Rajin Patel for the guidance you can count on. Rajin has an incredible work ethic and will ensure that you find the right property for you and your family. Happy house hunting! I am personally looking forward to working with you and your family!
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
