SC Home Inspections
Columbia SC home buying has never been more affordable than it is right now. However, there are factors looming that could change the face of home ownership in this country forever.
The Joint Center for Housing Studies of Harvard University recently released their report, “The State of the Nation’s Housing 2012.” In that report, they forecast that over the next few years, home ownership rates among younger households will remain under pressure. Members of the large echo-boom generation are just beginning to enter the housing market, but primarily as renters. In addition, greater numbers of middle-aged households are delaying home ownership or returning to rental housing.
As millions of distressed homeowners lose their homes to foreclosure, they will require years to repair their tarnished credit records before buying again. As a result, increases in the number of renters will continue to outpace any growth in homeowners. If not for older households, who have high home ownership rates and account for an increasing share of the population, the decline in the national home ownership rate would be much greater.
Columbia SC Home Buying – Rarely More Affordable Than Now
A strong, sustained economic expansion could, however, produce a quick turnaround—particularly in markets that did not experience the worst of the foreclosure crisis. Columbia SC home buying has rarely been more affordable, and a more robust economy would provide the income and confidence that would enable many potential buyers to make the long-term commitment of owning. Indeed, home ownership continues to have strong appeal. In the fourth quarter of 2011, the Fannie Mae survey found that seven out of ten renters—as well as more than eight out of ten homeowners who are underwater on their mortgages—think that owning makes more financial sense than renting.
According to the Harvard University report, young first-time buyers, including an increasing share of minority households, will drive future growth in home ownership. The question going forward is therefore whether the troubled mortgage market will provide access to affordable mortgage credit for borrowers with limited savings and anything but the highest credit ratings.
Columbia SC home buying can be tricky. Contact us today to learn more about how we can help you all throughout your Columbia SC home buying experience.
Buying Columbia SC foreclosures has its risks as well as its rewards. Who wouldn’t think that homes going for 50 percent less than their value would be a great deal?
Buying Columbia SC foreclosures may seem like a once-in-a-lifetime opportunity, but buying these troubled properties can be a frustrating and time-consuming process. And when buying foreclosed property, you’d better know what you’re doing and getting into.
Buying Columbia SC Foreclosures May Mean a Handyman Special
Foreclosed properties, whether they are advertised as such or not, are often times “handyman specials.” Many of them have been sitting vacant for months, even years, and could require some major repairs. And general repairs are not the only thing you may be facing when buying Columbia SC foreclosures, as previous owners may have decided to take out their anger over losing their home on the home itself.
Some angry owners have been known to do all sorts of damaging things to homes before they vacate. Things like putting concrete down drains that could literally damage a house beyond repair if the entire plumbing system has to be ripped up and replaced. Or removing all the copper pipes in the home and selling it for cash. Don’t laugh, it’s more common than you may care to believe.
On the positive side, some buyers do actually get a good deal and a good house when buying Columbia SC foreclosures, so don’t think buying these distressed properties is necessarily all gloom and doom.
If you’re considering the idea of buying Columbia SC foreclosures, be vigilant and do your homework. Having an agent to assist you, and especially a home inspector, may help to avoid hidden surprises after you are the proud new owner of someone else’s lost dream.
Questions or comments about buying Columbia SC foreclosures? Use our comment box to ask and we’ll get back to you with answers.
Columbia SC home buyers are looking for certain things in a home these days. If you’re selling a Columbia SC home, don’t make these mistakes when sprucing up to get your home ready to put on the market…
There are a lot more mistakes to avoid when getting your Columbia SC home ready to sell and we can help you avoid them. Contact us for more information and a free, no-obligation consultation about the current Columbia SC real estate market.
Columbia SC foreclosures continue to be the main reason why it’s a tough time to sell. Fannie Mae is selling foreclosed Columbia SC homes, but not to the general public.
If you have questions about Columbia SC foreclosures, or Columbia SC homes for sale, please don’t hesitate to contact us or post them using our comment form.
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Buying a Columbia SC home presents a major choice right off the bat. Buy a new home, or one that has been previously owned? You may want to consider the following factors when making a decision on this all-important question.
Planning and Design Flexibility
Buying a Columbia SC home that hasn’t been built yet provides a greater amount of flexibility and customization options. Buyers who purchase land and build a house from scratch have complete control over the planning, design and finishing of the home, which provides the greatest degree of flexibility and customization.
If you’re buying a Columbia SC home sold by a builder or developer, depending on the stage of development, you may be able to choose from a variety of floor plans, exterior finishes, flooring options, paint colors, bathroom fixtures, kitchen appliances, and lighting fixtures.
Buyers of previously owned homes don’t have this flexibility, since someone else made all the decisions as to what that particular home would have when it was built.
Buying a Columbia SC Home – Layout and Maintenance
Buyers frequently have a particular layout style in mind when looking for a home, whether it’s a large, open floor plan, or a home with distinct and separate living spaces. Newer homes reflect current trends in layouts, including larger kitchen and dining areas, high ceilings, increased closet space and more bathrooms.
Older homes may suffer from functional obsolescence with outdated layout, design and style features. For example, many older homes lack the “flow” that modern homes have, making it difficult to get from one room to the next.
Many older homes may only have one bathroom, regardless of the number of bedrooms. However, the pro’s of buying a pre-owned home is, the landscaping is mature, and you don’t have to nurse and care for a new lawn, trees and shrubbery.
Those buying a new home often do so with the intention of avoiding time-consuming upkeep and costly repairs. New homes are usually free of the structural defects – such as leaky roofs and cracking foundations – common in older homes. But just because you’re buying a new home, you still should have a home inspection done, just to make sure the builder didn’t shortcut somewhere that you might not see without a professional who knows what to look for.
All homes require routine maintenance, but a new home should not require any major work for a number of years.
Older homes do require more time and attention, but many buyers feel the extra effort is worth it to be in a home with more charm than newer homes tend to offer.
Warranties When Buying a Columbia SC Home
Builders usually provide warranties on brand new homes, covering any defects in construction. Warranties vary, but most last up to 10 years for certain items. Warranties like this provide a great deal of peace of mind for new home buyers.
Many previously owned homes are also able to get home warranties that will cover certain repairs during the warranty period. Buyers should know, whether new or previously owned, home warranties are limited. They do not cover every defect that might occur in the home. Be sure to read the fine print of your warranty.