If you have an incoming University of Texas – Austin student, you may have already learned that if you own property in Texas, your child can get huge tuition benefits by qualifying for in-state tuition. With room and board averaging more than $10,000 for out-of-state students, buying a condo can save on UT housing as well as UT tuition.
It can be tricky to purchase a place in another state, but you can follow these 7 steps to help ensure a successful transaction.
#1—Find a Trust-Worthy Real Estate Agent
You’ll want to work with an agent who is experienced not only at the home-buying process but who is familiar with the neighborhoods in the UT vicinity.
#2—Determine Your Search Criteria
Schedule an initial consultation with your real estate agent so you can go over the search criteria for the new place. Depending on what you need and the current state of the market, he or she can then help you come up with a realistic timeline.
#3—Establish a Budget and Get Pre-Approved for a Mortgage
Unless you’ll be paying all cash, you must get pre-approval before you begin your search. This will help your real estate agent hone in on the right kind of properties that are in the right price range. Having pre-approval also strengthens your offer once you finally make one.
#4—Start the Search
Your real estate agent will be able to search for homes that fit your search criteria as well as your budget and set up tours. This can become a time-consuming prospect, depending on your needs as well as the current state of the market.
#5—Make an Offer
Once you find the right property among the homes for sale in Austin, TX, it’s time to make an offer. Look to your real estate agent for help in presenting a strong offer that is likely to get accepted. Austin real estate is competitive right now, so it’s crucial not to lowball the seller.
#6—Schedule a Home Inspection
After you are under contract, you want to perform your due diligence by hiring a professional to inspect the property. Based on those findings, you might want to renegotiate the price of the home. Before closing, you’ll also need to get homeowner’s insurance.
#7—Close the Sale
Ensure your paperwork is in order and your funds are available to bring to the closing at the title company. Once the documents are signed, you are officially an Austin, TX homeowner!
If you’re thinking about buying or selling Austin real estate, particularly if you are seeking a way to save money on out-of-state-tuition at UT, Resolute Properties has the experts who can help. Contact us today!