There’s never been a better time for buying a Columbia SC home than right now. Mortgage rates hit a new record low almost on a weekly basis of late, and home prices may have already bottomed and be starting on their way back up. Waiting much longer could mean higher Columbia SC home prices, and interest rates could stop dropping and head back in the northerly direction.
Use Caution When Buying a Columbia SC Home
If your current employment is in jeopardy, be cautious about signing on the dotted line for a mortgage. Once you sign, you’re responsible, no matter what happens. If you buy a home and commit to a mortgage, then lose your job, that’s how people end up in short sales or foreclosures.
Before starting to look for a Columbia SC home, be realistic and patient about what’s available. Inventory of homes is down, and finding that perfect home to fit your needs may take some time.
Also before you begin your home search, use an online calculator to determine your price range for purchasing a house. The debt to income calculator will take your current income and your debts and then calculate the payment that you can afford. You will then have an idea of what price you can afford to pay for a home so you don’t waste your time looking at homes you cannot afford.
Before choosing a neighborhood to settle down in, check the national data base for sex offenders living in the area you’re considering. All states provide public sex offender information, but that doesn’t mean that a seller or even a real estate agent is going to tell you if an offender lives in the neighborhood. Research it yourself for peace of mind.
When making an offer on the Columbia SC home you’re interested in, ask the seller about any financial incentives they may be willing to offer, like helping with closing costs. Some sellers may not want to give you a price break on the home if you ask for financial perks, so don’t be greedy. If you need help with the closing costs or down payment, don’t try to low-ball your offer price.
Buying a Columbia SC home can be a daunting experience, but if you do your research and use some common sense, you’ll find the right home at the right price.
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.
Columbia SC home buyers are needing higher and higher FICO scores these days in order to qualify for a mortgage. Very few Columbia SC home buyers sporting credit scores below 620 are able to obtain loans. On the bright side, more are putting down less than 20 percent.
According to the February Realtor Confidence survey conducted by the National Association of Realtors (NAR), the percentage of home buyers putting less than the standard 20 percent down payment amount is at the lowest level in nearly a year. The same survey found that prospective Columbia SC home buyers had difficulty qualifying for a mortgage.
Columbia SC Home Buyers With Good Credit
A comparison of FICO scores for transactions as reported by Realtors responding to the survey were compared with FICO scores reported by Fannie Mae’s “Acquisition Profile. By Key Product Features”, credit availability to lower scoring applicants seems to have declined since the Fannie Mae data in 2001-2004.
For those Columbia SC home buyers with good credit and access to programs like FHA, down payment requirements are lessening. Approximately 64 percent of buyers with a mortgage are putting down less than 11 percent, according to the survey.
Very few Realtors responding to the survey said prospective home buyers with FICO scores below 620 were able to obtain a mortgage. The same group said approximately 15 percent of those with FICO scores between 660 and 700 were able to get a mortgage. These figures were compared to 18 percent in the Fannie Mae data.
What Columbia SC Home Buyers Should Do First
It pays for Columbia SC home buyers to find out what their FICO score is before they even begin to look for a home. If there are items in your credit score that can be corrected upward, that takes time. It’s better to get the scores up before you apply for a mortgage, rather than find the home of your dreams and then find out your score is too low to qualify.