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Whether you’re looking to buy or build a new home, consider McAllen, Tx. The cost of living, growth, affordability and amenities makes it a top alternative in the US.
Many first-time homebuyers prefer McAllen, Texas for its appealing real estate scene. Standing at a whopping $85,000 less than the national median home value, it is definitely one of the most affordable US cities.
At the same time, there are some apprehensions in the minds of prospective buyers over its proximity to the city of Reynosa in Mexico. Nonetheless this hasn’t discouraged many into thinking it’s worth buying a home in McAllen.
What Do Buyers Feel About Getting a House in McAllen
First-Time Buyers
First-time homebuyers mainly fall under the category of people who wish to have their own place, instead of paying someone the rent. Especially for people who have been living in this city for years, McAllen offers homes under a median value of about $140,000. Even when the home needs work to be done, it adds up to the same amount and they say they would rather pay the mortgage than the rent.
See Dolcan Homes unbelievable new home communities starting at 250k.
Making a Move
People from cities like Austin and around, also have made their move here, particularly for the kind of affordability offered by McAllen. Compared to the median home price in Austin, over $350,000, they can buy a home for half the price in McAllen. Besides, the cost of living is also an advantage, almost five times cheaper.
One of the factors working in favor of the increase in the sale of homes in McAllen (by 8% last year) is the low property tax. This also means that even if there is less funding available for the city’s public schools, McAllen is booming.
Mexican Buyers
According to some sociologists in Rio Grande Valley, affluent Mexicans from nearby cities like Monterrey and Reynosa, looking to improve their lifestyles, invest here.
However, for Mexican citizens, it could be more difficult to buy or mortgage a house in the US. They will have to put in more paperwork, make a larger down payment, and proof of added financial scrutiny. Even with these obstacles, there is no dearth of Mexicans wanting to call McAllen their home.
Things to Consider Before Buying a Home in McAllen
Check Your Credit
Credit scores range from 300 to 850. A higher score means better chances of securing a loan. You can find out your score on creditkarma.com or get your free copy from annualcreditreport.com (one per year), and find out whether you qualify.
Plan Your Budget
Use online mortgage calculators to estimate the monthly mortgage payments. Learn how much you can afford – in terms of down payment, attorney fees, inspection, closing costs, remodeling, and more. These days, you don’t even have to pay 20% of the amount as a down payment. You can even secure a loan with zero-down.
Get the Right Mortgage Lender
Check with the Better Business Bureau or get references from friends. Ask the mortgage lender about various mortgage programs: fixed-rate (20 to 25 years fixed monthly payments), adjustable-rate (short period varying interest rate), and interest-only (you do not pay the principal for a certain time). Get a pre-approval to know about the loan amount you qualify for, much before starting your home shopping.
Look for a Home That Fits You
Make a list of must-haves you look for in a new home, the number of rooms, amenities, if the neighborhood would fit you, safety, and other concerns. Next, make an offer on the house, but be prepared for a counter-offer from the seller. Get a thorough inspection done and move into your brand-new home!
If you already own a piece of land in McAllen and are looking to build a custom home, contact Dolcan Homes, a top rated construction company in McAllen, TX. Learn all about our process.