Columbia SC Home Buying Tips
When it comes to houses, there are deals – and then there are steals.
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Tags: bank owned property, buying a home, home prices, reo's
When it comes to looking at homes for sale, many first-time buyers often find the task as one that can be both exciting and generally overwhelming. Keep a few things in mind both before and during your search, which may help you to narrow things down and could potentially provide better results.
Think about how much you can afford in the scheme of things and long before you start looking. Many people tend to go for the entire loan or what they may qualify for, even if they can’t really afford it in the end. It’s also important to think about other outside expenses you also have under your belt, not to mention new ones that may occur after your purchase such as taxes, HOA fees and so on.
Many people forget to take into consideration what expenses they may currently have, not to mention ones that may impact them after their purchase of a home. Make sure you factor in current expenses you might have. You should also add whatever expense you’ll have with your new home, based on the future mortgage, and any expense associated with the mortgage.
Figure out what will be reasonable for you in the long run, particularly when it comes to your mortgage and key elements such as space and other factors you’ll need in your new home. Setting a budget for yourself and then aiming to stick to houses that meet this price range can often help to avoid the hassle of being tempted by unrealistic houses or homes out of your price range.
It’s good to write up a list of things you’ll need, would like to have, or don’t wish to see. Space is also important, as well as whether or not you’re wanting something that’s detached or something that’s fairly easy to keep up with and maintain.
Things on your list should generally start with the basics. For example, think about how many bedrooms you need, if you’re OK living wall-to-wall with neighbors, if you need a back yard or one that’s fenced, etc. If you prefer on-site laundry or other amenities, then these are good to think about as well.
It’s also crucial to ensure that your expectations are also realistic. If you’re on a strict or low budget and have a desire to live in a popular and likely expensive neighborhood, then you may have to go with a smaller residence or choose to move to a different place in order to get a larger-sized one.
In the end, speaking with a professional agent about homes for sale can often be a great way to gain further help and insight. Many of them have a good idea as to what’s out there, and they may even be able to locate hard-to-find deals that could potentially be in your favor. However, planning ahead can be a great way to help them find what you’re looking for.
If you have questions or comments about these tips for buying a home, please comment below. We’d love to hear from you.
Depending on where you live, housing prices are lower than they’ve been in decades. Time to buy, or is renting better?
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Tags: buying a home, home buying, home prices, homes
Homebuilders are eager to sell their homes this spring, and many are offering incentives and even some price reductions.
So how do you find a good deal on a new home?
While homeowners looking to sell their property might balk at an offer that is too low and pull their home off the market, homebuilders have money invested in land and construction costs and can’t afford to just sit on the homes they build.
With a little research, anyone considering purchasing a new construction home can improve their chances of negotiating a better deal.
When considering an already-built new home, buyers should find out how long ago the home was built and how many residents are living in the development already. The bigger the inventory, the more leverage you’re going to have. The longer it has been on the market, the more leverage.
Another essential step is to check the price at which comparable homes in the development sold, but ignore transactions that are more than 60 days old.
It also is important not to put too much stock in the price of other, similar homes in the development that have yet to sell — an argument one might hear from a builder’s sales representative.
To structure an initial offer on a new construction home, one must weigh the recent comparable home prices, how many homes are left to be sold in the development and how long the home has been unsold.
But definitely make an offer that is below the asking price.
If you’re unsure about how to go about finding out the details we’ve highlighted here to help you get the best deal on a new home, contact us. We’ll be happy to explain other things to help you, and things to watch out for.
Tags: buying a home, new construction, new homes
Home buyers, especially first-time home buyers, often get caught looking at the wrong things when they buy a house. They fall in love with all the things that are easy to fix, and never think to look at the really important clues that the house might be more trouble than it’s worth. So, what should you look for to make sure you’re not buying a lemon?
1. Check the Foundation
The home’s foundation is probably one of the most expensive things to fix, which is why you need to go down to the basement before you even look at the rest of the house. Do you see any cracks in the concrete or stone? If so, the foundation might be structurally unsound. If the basement is finished, then look for cracks in the drywall, especially around windows and doors. If the home is on a crawl space, be sure to have an inspection done of the inside of the crawl space for cracks and other signs of an unstable foundation.
2. Check the HVAC Equipment
While you’re down in the basement, look at the heating and cooling equipment. How old is it? Does it look like it’s running properly? Are the vents connected well? These are important questions to answer in order to make your home energy efficient and ensure that your utility bills don’t go through the roof (figuratively speaking). Replacing a home’s HVAC system can cost tens of thousands of dollars, but many first time buyers never give it a second look.
3. Look for Water Damage
If the house has had problems with water in the past, you’re looking at several expensive fixes. First, what happened once (like a leaking basement) can easily happen again. Second, that water damage could have opened the door for mold, especially dangerous black mold, to start growing. Look for brown or white stains down the side of the basement walls (which would indicate a past leak). If the floor is bare, then look for horizontal stains. Be suspicious if the basement has been freshly painted. Sellers often do this to hide water damage stains. It’s also important to check the bathroom, and under the kitchen sink. Look for stains that would indicate mold growth.
4. Check the Electrical System
If the home you’re looking at is pre-1930’s, it might still have the old knob and tube wiring. Knob and tube wiring is relatively safe as long as it hasn’t been tampered with in any way. For instance, if the house has blown insulation in the attic sitting on top of the knob and tube wiring, this is tampering (and it’s a serious home fire safety hazard). Most insurance companies consider knob and tube wiring to be unsafe, so you’re going to pay more for homeowner’s insurance coverage (if they’ll even insure you at all) if you don’t replace it. Replacing it means rewiring the entire house, which can easily cost tens of thousands of dollars.
5. Never Buy a Home You’ve Only Looked At Once
Remember, when you first see that “perfect house”, you’re looking through rose-colored glasses. Always sit on the decision to make an offer, and go see the house again a few days later.
6. Always Get a Home Inspection
Seems like old advice, but plenty of people still don’t get a home inspection done before they make an offer. If the home inspector says more research is necessary, or their report is inconclusive, then get a second opinion.
7. If the Price Is Too Good to Be True, It Probably Is
Trust your gut here. If your dream home’s price is suspiciously low, there’s probably a good reason. Beware. Buying a house is a huge decision and investment, especially if it’s your first. Don’t be so easily swayed by first impressions and appearances. Make sure you do your research and watch out for some of the pitfalls mentioned in this article.