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.
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How Much Columbia SC House Can You Afford?
Before you start to look for a Columbia SC house, the first question you should ask is, "how much house can I afford?"
Last month, we devoted our entire Columbia SC real estate newsletter to helping those considering selling their home figure out how to find the right agent to help them market their property.
This month, we're devoting our entire newsletter to helping potential Columbia SC home buyers know just how much Columbia SC house they can afford to buy.
How Much Columbia SC House Can You Afford – Basic Factors
When you are wondering “how much can I afford to spend on a Columbia SC house,” the bottom line is what size mortgage can you qualify for? There are several variables from your personal financial history that will factor into the answer, including:
- Your income
- Your credit rating
- Your existing debt
- Your down payment
To those existing factors, you can add some variables of the Columbia SC housing market, and your own choices as you plan to take on a mortgage:
- The mortgage term (fifteen years,thirty years, fixed rate, adjustable rate, etc.)
- The current interest rate
- Private mortgage insurance (if your expected down payment is less than twenty percent of the purchase price)
- The current Columbia SC real estate market
How Much Columbia SC House Can You Afford – The Firm Answer
One way to do it is to go to your bank and request pre-approval for a mortgage. With a pre-approved loan in hand you will know exactly how high you can go in shopping for that perfect Columbia SC house.
Instead of just a guess you will have a firm number in hand when you begin to look at all the homes for sale in the Columbia SC market. You won't be in for any surprises when you make an offer on a Columbia SC house and then find out you don't even qualify for the mortgage to buy that house.
Having a pre-approved loan also facilitates your ability to move quickly on a Columbia SC house when you do find the right one. Time can be of the essence—especially if you have competition for the purchase of the home you have your eye on. Very often, the first buyer who brings money (and an approved mortgage) to the table is the buyer who actually walks away with the title. With your loan pre-approved, you won't have any hold ups in the process, because you won't have to be waiting to hear back from the lender.
Can You, or Should You, Buy a Columbia SC House Now?
Owning a Columbia SC house should not burden you or make you feel like you've bitten off more than you can chew. After answering the question "how much Columbia SC house can I afford?", the next question you need to answer is, "How much house SHOULD I buy?"
There is a lot to be said for not maxing out your credit limit when buying a home. If you choose a Columbia SC house with a price lower than the maximum you were pre-approved for, you will have an easier time making your payments, or better yet, you should be able to pay extra on the principle and save yourself money by paying off the loan early.
The more down payment you can bring to the table, the smaller the loan you will have to be paying interest on. In the long run, the largest portion of the price you pay for a house is typically the interest on the loan. If you hold off on buying the house until you can save more down payment, you could save in the long run, even though you may end up paying more for the house later.
How Much Columbia SC House Can You Afford "On Your Present Income?"
Ask yourself whether your job is secure. Are you certain to keep the salary you are currently making. If you're making good money when you fill out your loan application, but later get downsized or laid off, you could be in serious danger of losing your home if you can't keep up the payments. It happened to a record number of people during the recent "Great Recession."
To ensure the security of your home, you might consider some or all of the following measures, and factor their cost into the overall cost of your mortgage and home ownership:
- A life insurance policy on the income earner sufficient to pay off the mortgage so the family could stay in the home in the unfortunate event of losing the income earner.
- Disability insurance and unemployment insurance, enough to make sure your family could continue making house payments if the income earner were injured or laid off.
- Sufficient savings for your family to live for several months (including mortgage payments) if the income earner were laid off and needed time to find a new job.
These possible scenarios add weight to the idea we mentioned about choosing a home that does not stretch your financial resources to the maximum. If you purchase a Columbia SC house that maxes out your current ability to pay, it would be that much harder to make ends meet if you found yourself living on a lesser income in the future. A lower monthly payment could be an easier target to hit if you find yourself having to do with less than your current level of income.
How Much Columbia SC House – Bottom Line
As you can see, answering the question of "How much Columbia SC house can I really afford?" is not a cut and dry process. There are many variables. But one thing that holds true, regardless of your financial status, job security, amount of down payment, or any of the other factors you have to consider, is this:
When buying Columbia SC real estate, you should ALWAYS have a real estate agent working for you to help you through the homebuying maze.
It's true, you can look up some of the Columbia SC homes for sale online yourself, but a real estate agent or broker has the inside track on all the available properties, probably including some inside knowledge about how long various properties have been on the market, how willing the sellers might be to negotiate, and when a Columbia SC house is overpriced for the market. A real estate agent working for you will be doing everything he or she can do to get you into the Columbia SC home you really want, for the least money possible.
If you're just starting your Columbia SC house hunting expedition, consider these tips, and be sure not to try to do it on your own. After all, having an agent helping you find the perfect Columbia SC house to fit your needs and your budget will not cost you any more than doing it on your own. In fact, in most cases, having an agent helping you will save you money in the long run.
Call us today or use the contact link at our website to let us know how we can help you find the perfect Columbia SC house for your needs and your budget.
It's safe to assume that everyone knows mold is dangerous to your health, but there are some things you need to beware of when buying a Columbia SC house. Mold is a serious issue, and you need to understand how it can hide.
When it comes to buying a Columbia SC house, the mere mention of mold can easily trigger anxiety attacks, not to mention a string of other 4-letter words not suitable for publication.
Mold can make a house difficult or impossible to sell. Mold can trigger lawsuits. Legal requirements for disclosing mold problems in real estate transactions do differ from one state to the next. But most real estate agents choose to disclose mold issues because it's simply too risky not to do so.
Dealing With Mold When Buying a Columbia SC House
Like any organism, mold seeks out favorable living conditions and avoids conditions that are less than ideal. When you discover mold when buying a Columbia SC house you need to focus on three questions:
What caused the favorable conditions for mold to take hold?
What must be done to change or eliminate the environment for mold?
What are the best ways to remove the existing mold?
When buying a Columbia SC house, keep in mind, mold may not be visible, and in fact, most of the time, is hidden where most people don't just see it plainly on the walls or ceilings.
When buying a Columbia SC house that is discovered to have a mold issue, fixing plumbing leaks, sealing or encapsulating a damp crawl space, waterproofing a basement, installing a dehumidifier, improving bathroom ventilation or any combination of these fixes, may be the solution needed.
Contractors who specialize in crawl space encapsulation and basement waterproofing are the go-to guys for crawl space and basement moisture problems. General contractors or remodeling contractors typically are not your best option for this type of work because they tend to have less experience dealing with mold.
With regard to removing mold, you have two basic options: Treating and cleaning mold from surfaces or tearing out materials that have been damaged by mold. The mold problem is unlikely to recur if effective moisture-management techniques have been used.
If you decide you want to take on a mold issue yourself instead of hiring a professional, here is a good resource on How to Remove Mold.
Be sure when buying a Columbia SC house that you get a professional inspection completed that includes checking and testing for mold. After you buy the house may be too late, especially when your family's health may be in jeopardy as a result of hidden mold.
If you're thinking about buying a house in Columbia SC , you're not alone. According to the New York Times, more Americans are getting home buying fever; home prices have seen the biggest increase in the past seven years over the past month alone. And with mortgage rates now creeping up, it seems even more people have been knocked off of the proverbial fence and are thinking about buying a house in Columbia SC .
There are a lot of questions you need to ask a lot of people. You might already have a list of questions to ask your real estate agent to make sure you're getting the best deal. But you also shouldn't forget the hard-hitting questions to others, too, from the previous homeowners to the neighbors, and even yourself.
7 Questions to Ask When Buying a House in Columbia SC
#1. Is Renting vs. Buying a Better Option?
Depending on your situation, you may not be ready to buy, may need some time to save for a down payment, or may live in a more expensive housing market. If you have a lot of debt, a low credit score, or don't have much money saved up, renting may be a better option. Someone with these factors may have to wait a few more years to be in a better financial situation before they are able to obtain a mortgage loan.
#2. What is the Neighborhood's Crime Rate?
This is not complicated and doesn't need a lot of explanation. Find out what the crime rate is in the neighborhood you're considering BEFORE you sign to buy a home there.
#3. What Are My Home 'Needs' and 'Wants'?
No property is perfect. What are your 'deal breakers' vs. your wants. Where are you willing and able to compromise? The point here is to have a shorter check-list of "must-haves" when looking at potential homes.
#4. Where is the Seller's Disclosure?
Find out from the listing agent if there are any seller disclosures (known defects or problems) before you make an offer. NEVER catch yourself buying a house in Columbia SC (or anywhere else for that matter) without seeing a complete seller's disclosure notice.
#5. What Home Inspections are Available?
Like #2 above, this one is not complicated. Have any home you're considering thoroughly inspected before you buy, including checking the chimney, sewer lines, and drainage inspections. If you look at your dream home on a sunny day, how do you know how things go when you're experiencing a ton of rain? It's worth the bit of extra time, money and effort to make sure you won't have costly problems down the line.
#6. When Was the Last Time the Home Had a Mold Inspection?
Mold can be a health hazard causing anything from itchy eyes to permanent lung damage. Make sure the house is free of mold by asking, "When was the last time this home had a mold inspection?" Finding out when there was a mold inspection enables you to see the home's history and determine if you want to proceed with making an offer and securing a mortgage loan for the home. If there is mold present, it will also help you determine how and by whom it will be taken care of.
#7. Why is this Columbia SC House for Sale?
This is an obvious but often not asked question. "Why is the seller selling?" Knowing why someone is selling may help you decide how to structure your offer.
Obviously there are far more than 7 questions you need to ask before buying a house in Columbia SC , but this list covers some of the most overlooked questions people just don't ask for one reason or another. Be sure you cover all your bases.