Today I had another successful closing. Yahoo! My buyers bought new construction and I'm so happy for them to be able to move into their new home. The closing was painless but there are always some things I want my buyers to know about home ownership and I usually cover it at closing.
1. Rents are paid in advance but mortgages are paid in arrears. That means that it feels like you skip a payment because if you close mid June, your first payment will not be due until August 1.
2. In Texas we have homestead exemptions. They may be filed the January after you have lived in your home and will reduce your property taxes by about 12 percent. I always send the forms to my buyers in January but you may find one on the county appraisal Web site. It's easy to fill out and mail in. Don't pay anyone to do it for you.
3. If your neighborhood has community mailboxes, take your settlement statement to the post office and they will assign a box to you and rekey it so no previous owner will have access.
4. If you are buying a resale, be sure to have all the locks rekeyed. Who knows who may have a copy of the key. There are many companies who can do this for you and a nominal cost.
5. For new construction, the tax appraisal in the first year is probably based on unapproved property so expect the taxes to go up the following year when they are appraised to include the home. Plan for it by saving every month so you won't be caught short the following year.
If you have any further questions you may contact me at 512-589-7988 or robinscottrealtor@gmail.com
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