Buying a home for the first time is so exciting. Be sure you know these tips so that this experience is one you will WANT to remember.
1. Decide your needs from your wants. You may want a fenced in back yard, but can that be something you can add on later, where as you can’t change somethings like a homes location or number of bedrooms. Be realistic and decided what you have to have and what you want to have.
2. Know your budget, and STICK to it. There are many mortgage calculators to help you decide on what you can afford. Just because you are pre qualified for an amount, does not mean that you can afford that amount. You don’t want to be house poor where you can’t afford anything but your house payment and have no emergency fund. As a homeowner, new home or not, there will always be an emergency. Know your numbers. A lender will be happy to help you.
3. Hire a professional. You may think you can do this on your own, but seeking professional advice can save you money. A professional can show you what a good price for the home is, so that you don’t end up over paying for a home.
4. Don’t be fooled by the shiny pretty lights. Always get a professional home inspection, even on new construction. A home can be staged beautifully with pretty new things, but there could be major repairs that a novice wouldn’t know to look for.
5. Don’t hesitate when you find the “one’. If you have found the home that you feel and seems perfect, don’t wait to make an offer. Some buyers think the home will be on the market forever, but often the best homes go quickly no matter what the market is like. This is why it is important to have a professional from the beginning so they can help you act quickly when the perfect home is found.
Now that you have a few tips, good luck, and happy home shopping!
If you are in the market to buy a home, you probably feel like you are king. You have been told over and over again that it is a buyer’s market and the “steal of a deal” you can get.
BEWARE! Many times it’s not always readily apparent why a particular house for sale is such a steal of a deal, and as a result you can be mislead into being a difficult buyer rather than a successful one.
Here are some qualities of a successful buyer to be sure you are on track to find the right house, at the right price, at the right time:
- Provide your real estate agent complete and accurate information, whether it be financial, motivations, or time-lines. The more information they have the more they can help you.
- Set aside consistent time to learn about and to stay abreast of the market inventory. Ask your real estate professional to send you homes currently on the market and keep track what price ranges are moving and what they might be selling at. Your real estate professional can help you with statistics as well.
- Be prepared to be competitive and disciplined.
- Give serious consideration to your real estate professional’s advice. There is probably good reason you hired this professional to work on your behalf so sure before you do hire a real estate agent, make sure they know their facts about the current market.
With these few basic qualities you’ll save yourself time and money, and will not be disappointed by unmet expectations.
Happy Buying!
Filed under Buy Your Dream House, Carolina Real Estate, Hiring An Agent, Home Buyers, Lessons Learned, Market Trends by 
With so many incentives to buy a home, now is by no doubt, the time to buy. With lenders tightening their guidelines, you might want to be sure you have your finances in check.
With brand new federal regulations, this will help you understand how it will benefit you and tame your credit card debt. The bad news, is because of this government intervention you might have already seen a rise in your interest rates. This is from Red Book Magazine
1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments. So pay your cards on time!
2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first. So the faster you pay it off, the more money you save.
3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans. This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates. Your best bet is just to pay it on time.
4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit. So don’t spend more than your limit.
5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month. This will be an eye opener, and a hard lesson for many. Pay more than the minimum or you could possible pay on this card longer than your house mortgage.
6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign. I think this is the smartest law of all! When I was in college, you would sign your life away for a free t-shirt or can coozie. All adults over the age of 21 take note…DON’T COSIGN
I came across an article in last week’s Charlotte Observer by Christina Bolling that illustrates the amount of care and precaution you need to have when buying a new home. For many new home buyers, they figure “I’m buying a brand new home so everything should be a-okay”. Unfortunately, that’s not always the case.
Ms. Bolling’s article shares the story of Julie and Andrew Weiss and the problems they had with their new $200,000 home built by Scenic Homes. Due to some faulty wiring, they had roughly $3,200 dollars worth of electronic equipment and appliances that were destroyed as a result of several shorts to the electrical system.
“The Weisses say the builder, Scenic Homes, initially refused to pay for new appliances. They wanted to go after the company in court. But they couldn’t.
At closing, the Weisses signed an agreement not to sue Scenic Homes if any dispute arose. Instead, they would have to go through binding arbitration with a specific arbitrator chosen by Scenic Homes – and pay the arbitration fees themselves, regardless of whether the builder was found at fault.Weiss says she and her husband, a lawyer, were dumbfounded when they learned a one-day arbitration session would cost $5,000 – more than the damages she was seeking.”
Unfortunately, you must be VERY careful when purchasing any type of home, even new construction. That’s why it does pay to have a real estate expert on your side. And it today’s tight real estate market, buyers are typically in a position of power so use that to your advantage!
Some of the comments that accompanied the article were very insightful as well. For example, Megan722 wrote:
“Whenever you build, you need to get what is called a “phase by phase” building inspection. You have to hire your own inspection company to do this but they act on your behalf in making sure that everything is on the up and up throughout the build. If you mention it to a builder, they will try to dissuade you from doing this, but you must if you want to ensure quality workmanship. I believe it was around $1200 dollars when I hired one a few years ago.”
As much as you’d think you could trust the county inspectors to do a thorough job of inspecting new construction homes, that’s not always the case. Especially in South Carolina according to tnenger.
“If you buy a spec home in York County, SC do not rely on county permit inspections to insure quality work! Based on my experience these inspections are almost useless. The building inspection department needs a complete overhaul. I suggest you get a electrical engineer to inspect wiring from the crawl space to attic. Inspect footings for proper size and have soil test done. Inspect shower construction to insure they used a membrane, etc. The builders in York county don’t have to prove that they used licensed contractors. You have no way of finding out who did the work. The builders themselves may not have a license but can still get a permit! Check with SC to see if they have a license. Do not rely on a 3 hour inspection by home inspector. A inspection will take a couple of days. Many half million dollar homes in York County may have major defects because of lax building code enforcement. Realtors will tell you anything to sell a home.”
The only thing I’d disagree with is the last statement. Yes, SOME realtors will tell you anything to sell a home, but a quality agent will ALWAYS have your best interest in mind. That’s why it’s always a good idea to have an agent represent you, even when you’re buying a spec home. A good agent can be the bad guy and make sure EVERYTHING is being done correctly so you can avoid all the headaches and hassles the Weiss family, and many others, have experienced.
If you’d like to work with an experienced agent that knows the ins and outs of the Rock Hill SC, Fort Mill SC, and all of York County real estate markets, contact me today and let’s get you into your dream home!
Filed under Buy Your Dream House, Carolina Real Estate, Home Buyers, Home Inspections, Lessons Learned, Rock Hill SC by
If you’ve been paying attention to the news at all then you know about the Federal Government stepping in to help out trouble mortgage giants Freddi Mac and Fannie Mae. Unfortunately, this is just another sign of the challenging economic times we live in. At least compared to the unprecedented prosperity we’ve enjoyed recently.
However, in spite of all the ‘doom and gloom’ news we read about on a daily basis, it doesn’t mean life as we know it is coming to an end. It just means it’s time for us to be a little wiser with the resources we do have.
Here’s a great clip I found on NBC’s website that talks about what we can do to not just survive, but THRIVE in the face of all this economic uncertainty:
And for all of us in the Rock Hill SC, Fort Mill SC areas, even though things are rough, we’re still enjoying a thriving real estate market in comparison other parts of the country. So, if you’re thinking about buying or selling your dream home in the Rock Hill or Fort Mill area, let me help you navigate the turbulent real estate waters!
Filed under Lessons Learned, Market Trends, Opinions, Videos by
