Pre Planning Tips for First Time Home Buyers in Charleston S.C.
While it’s exciting to think about buying your first home, vacation home or retirement home, there are a few things that are important aspects to consider before you make any long term Real Estate buying decisions.
1st. Start Saving up as early as possible – Buying a home can be a daunting task and if not properly prepared and financially ready, it can be easy to over extend yourself. While there are options that allow you to put as little as ($0) down, it is important to take all costs into consideration when buying a home. As new or first time home buyers, you will need money for a down payment, closing costs, appraisals, home Inspections, any repairs to home after closing and of course expenses to move in and furnish your new home. So as you can see, it’s extremely important to have a savings account set up so you are ready to purchase your new home. This is a great time to also reduce or eliminate any debt to help increase your credit score prior to applying for a home mortgage. Once you are close to your savings goal, start looking for a qualified Real Estate Professional to help you with the process.
2nd. Understand Mortgage Loans & Rates - It is important that you meet with a qualified Mortgage Professional who can help to explain the financial side of buying a home and discuss your options. There are many different loan programs out there and different Mortgage companies that offer different lending products. Each program has pro’s and con’s that are worth reviewing prior to making an offer. Your mortgage professional will be able to help you determine how much home you can afford, what your monthly mortgage payment will be and all fees associated with the closing. They can also provide you with either a pre-qualification letter or a more complete pre-authorization letter.
3rd Take your time and be patient - Buying your first home should not be a race. It’s important to do your research early and learn about what each different community has to offer. Take time to determine the must have list vs. the it would be nice to have list. Knowing about additional amenities such as community pools, park areas, walkways and playground areas will help determine which community offers more of the things that matter to you. When deciding on an area to search, take time explore the traffic at different times of the day as well as the neighborhood shopping options. If schools are important to you, make sure to do your research ahead of time to insure your children are able to attend the school in your area. Your Agent can help you narrow down your search to include the ideal home and location.
4th – What type of home is right for you - There are multiple types of housing available from Single Family Residential to Multi Family Condo’s. Each type offers different housing options as well as price ranges. Taking time to look at different homes will help you to understand what features are the most important to your family. It’s always helpful to discuss this with your immediate family members that may already own a home. When looking at homes, make sure to visualize yourself in the home and don’t worry if the current owner’s furniture is not your style. The bones of the house are what’s most important. You can always paint and change the flooring. You will know you’ve found your new home once you see the one that meets all your needs and is at a price you are comfortable with If this is the home, work with your Real Estate Agent on next steps.
5th Buying a home can also be an investment in your future - Remember, your first home doesn’t have to be the everything home you ever dreamed of. Typically, first time home buyers focus more on housing budgets, schools and location. Especially if a growing family is in your near future. Remember, this home is one that you can grow in and make it your own over time. Putting a little sweat equity in will make it feel even more like a home and allow you increased housing options as your needs change. Visit www.CharlestonPremierAgent.com for more information
Brad Christensen | AgentOwned Realty | (843) 991-2110 | Brad.Christensen@AgentOwnedRealty.com