Trying to decide between renting or buying a Columbia SC home used to be a no-brainer before the recession. Most advisors would say, buy a home as soon as you can because it was the route to financial independence, forget renting because it was a waste of money.
Today, many people who would have once jumped at the chance of buying a Columbia SC home are thinking a little more about it and weighing their options.
Attitudes about homeownership have shifted, according to "How Housing Matters: The Housing Crisis Continues to Loom Large in the Experiences and Attitudes of the American Public," by the MacArthur Foundation.
When asked, compared with 20 or 30 years ago, how likely it is for families today to build equity and wealth through homeownership, two-thirds of respondents to a poll accompanying the report said it is less likely than in the past. And that sentiment was pretty consistent along all income and age groups.
Buying a Columbia SC Home Tempting
Now that things are improving in the Columbia SC housing market, people may be tempted to rush into homeownership because they want to take advantage of lower home prices. Or they are afraid of missing out on still fairly low interest rates for home mortgages.
The big decision point is, if the time isn't right and your numbers don't work, keep renting and keep saving.
Some people in the MacArthur poll deciding to buy instead of continuing to rent had to get a second job, stopped saving for retirement or racked up credit card debt trying to cover their housing expenses.
The study revealed that families are spending 40 to 50 percent or more of their net monthly income on housing. If you are spending more than 30 to 36 percent on housing, you're probably headed for trouble. It's why most lenders use that magic 36 percent figure to qualify you for a mortgage. If you're spending more than that, they fear you may be in over your head, and the last thing they want is for you to default on your loan.
Obviously we are a huge advocate of homeownership. However, when it comes to something as important and expensive as a home, you should take it slow. Take as much time as you need to become comfortable with the decision of buying a Columbia SC home. And when the time is right, we'll help you find the home of your dreams.
Call us or fill out our brief inquiry form at this site and we'll help you decide between renting or buying a Columbia SC home and which is right for you.
When buying a Columbia SC house, there is sometimes confusion as to what stays, and what goes. Most listing agreements will spell out things like appliances not built in, such as refrigerators, washers and dryers, and the like.
In layman's terms, a fixture is something that initially was not attached to real property, such as an air-conditioning window unit or a wet bar that was installed in a house after it was built.
Still, legal issues arise. Sellers move out and take their belongings, including those they attached to the property, and the homebuyer discovers after settlement that the seller removed them.
If it is a fixture, it stays with the property.
Is There Any Clear-Cut Definition of a Fixture When Buying a Columbia SC House?
A Nebraska court case once ruled "fixtures are in the twilight zone between things real and things personal."
Obviously, the answer isn't so clear-cut. Courts have issued conflicting opinions.
Thus, we get litigation from time to time when someone is buying a Columbia SC home and believes the seller may have taken something with them that should have stayed with the property.
According to a 1982 Washington, D.C., Court of Appeals case, "in this jurisdiction, when determining whether an article is a fixture, the court may consider three factors: (1)actual annexation, according to the nature and use of the article; (2)its adaptation to the use for which it was annexed; and (3) the intention that it should be a permanent accession to the realty."
Well that makes it about as clear as mud.
There is a lesson to be learned: Put everything in writing. If you are buying a Columbia SC house and there is an item that you want to remain there, spell this out specifically in the sales contract. For example: "the wall racks installed in the garage shall convey."
Alternatively, if you are a seller, and there are items that you want to remove, make that clear in the sales contract: "The wall racks installed in the garage DO NOT convey."
Talk with your real estate agent and attorney to make sure you fully understand local laws and rules on fixtures when buying a Columbia SC house. In the final analysis, a written document is the best protection.
For more tips on buying a Columbia SC house, check out our other articles by clicking on the Columbia SC Home Buying Tips link to your right under Columbia SC Real Estate Categories.
If you're considering moving to the Columbia SC area anytime in the near future, there are costs you may not think about that are associated with your move. We don't like surprises, and bet you don't either, especially when it comes to your finances. There are plenty of costs that can easily take you by surprise when you move.
There are some standard costs associated with moving to the Columbia SC area, but they can still catch first-time homeowners off-guard. If buying a home, fees for things like a title transfer, filing official documents, settlement fees, required inspections and a land survey, are pretty standard.
Costs of Moving to the Columbia SC Area, Even for Renters
Even for renters, a move is more than just comparing the costs of living between two locations and how much more accommodations will cost in the new place. A deposit on a new apartment, a change of driver's license, new car registration and license plates, and fees to turn on new utilities are just some of the extra costs that can derail a moving budget.
Other Costs to Consider When Moving to the Columbia SC Area
Finding the ideal place to live on your first trip is the ideal plan, but most people end up making repeated trips to the Columbia SC area, which turns into more airfare, more hotel stays, or more gas for the car, and more meals out while on the road or while you're in the Columbia SC area.
The time between finding the perfect apartment or house and being able to move in can also be expensive. When you're a family with kids and pets and trying to make a move work, you might have to board your pet for a few weeks, or send your kids to Grandma and Grandpa's for a couple of weeks. You might want to send some money along with them so your parents don't have to foot the bill. That can be something you hadn't counted on.
If moving to be closer to a new job before you've sold your current home might also mean having to rent a new place first or be forced to sell your current home quickly, for less than you might have hoped to get, had you not been rushed to sell.
After Moving to the Columbia SC Area
Things as simple as restocking your pantry with all your spices and ingredients, or buying new cleaning supplies because you didn't ship your old ones, can cost several hundred dollars.
What about a backyard fence for your pet, or maybe you find your old house had additional storage and now you need to build shelves in the new one. Again, you could be looking at several hundred dollars.
When moving to the Columbia SC area, or any new area for that matter, getting settled will take time, and having some emergency moving funds set aside for things like a few meals out before all your kitchen things are unpacked, can relieve a lot of stress.
Check out some of our articles and tips on buying a home and moving to the Columbia SC area by clicking the Columbia SC Home Buying Tips link to your right under our Columbia SC Real Estate Categories.