If you’re interested in buying property on the island, then you should know that our realtors can help you find many luxury island homes, but they’ll need to know exactly what you’re looking for. We want to share a few tips to help you prepare for the process. Read on to learn more!
Learn Real-Estate Vocabulary
You’re going to deal with a lot while shopping in the real estate market, such as competitive offers and the negotiation process. Learn the following terms to get a better understanding of what you’ll run into:
- Assessed value – the value placed on a property for tax purposes.
- An appraiser – the person who inspects properties to estimate their worth.
- The annual percentage rate (APR) – the interest rate for the entire year.
- The debt-to-income ratio – the percentage of gross income that goes toward monthly house expenses or mortgages.
Choose Bayside or Beachside
Depending on your lifestyle, you may want access to more fishing spots on the bayside. Our realtors can help you find an area that matches your lifestyle and is cost-efficient.
Consider the following:
- Your overall budget.
- Your down payment amount.
- Amenities like boat deeds or gated communities.
Think of Your Future Needs
Do you plan to live in your new home with family or retire there? Some buyers may want to rent their home to visitors or other residents. Think about what you plan to do with this home so you can know which amenities you’ll need:
- The number of bedrooms.
- How much storage is available.
- Pool and/or public park availability.
Contact a Realtor from Troy Giles Realty
Contact our realtors on South Padre Island for any questions! We are certified and licensed realtors who have insight into the community as business owners and residents!