Anyone who has ever bought a home will tell you, emotion plays a big role in the decision. However, if you don’t approach the home buying process logically, you could end up making some major mistakes.
Probably the biggest area most Columbia SC home buyers make mistakes with is when it comes to choosing the right mortgage.
The first thing you must do is get a good mortgage broker. There are many lenders available for a mortgage if you have decent credit, and it can be very confusing if you are going it alone. A mortgage broker has experience and connections to find you the very best rate available. The value of the home you are purchasing is only part of the cost, and even a small difference in mortgage rates can make a huge difference in savings.
Get pre-qualified for your home loan. There’s nothing worse than finding your dream house, only to realize you can’t afford it. Before you look for a house, get pre-qualified, or better yet, get pre-approved. Have all the pertinent information, such as, employment history, credit history and outstanding debts available, because your mortgage broker is going to need them. The best mortgage lender will then be able to tell you exactly how much you will qualify for.
Keep an eye on the economic market. Buying a home when the market is lean like it is now is a very smart move, if you can afford it. Home values rise and fall with the economy, so if you buy a home when the economy is low, chances are very good the home will increase in value and you’ll realize that appreciation later on.
There are many more important home buying tips, and we have them on this site. Just click the home buying tips link under our categories section to find more important home buying tips.
There are many things potential buyers need to consider when they are ready to invest in Columbia SC real estate. For one thing, they have to consider whether this purchase will interfere with their current lifestyle because of the high payments that could come through mortgage payments, insurance coverage, taxes and so on. Furthermore, it’s important for the potential buyers to be open-minded in comparing buying a condo versus a single family house because there are differences.
First of all, ownership of any type of property can easily cause a lot of stress because of the various payments required of the buyer. They surpass the living expenses of a rental in most cases and the property will also bring on added responsibility. Some simply aren’t prepared for all these changes and stressful situations that can ensue.
Moreover, condo living is quite different from a single-family home in that the former is much like living in an apartment, sharing the space to some extent with other owners. In the case a single-family home, one has their own designated space that no one else has the right to.
Buying a condo is the right move for anyone who isn’t interested in any kind of maintenance whatsoever except for being responsible for their interior space, or their own apartment. Everything else is the responsibility of the entire group of owners.
Additionally, a buyer has to consider that there are fees involved in living in such apartments that are individually owned. These fees are for the maintenance whereby the funds are divided accordingly for the various tasks, maintenance and repairs to the building and the surrounding property.
Sometimes, these fees can be quite excessive depending on the services or privileges provided by the building, such as a pool, a gym, and so on. Upscale condos can have fees that can seem much like another mortgage payment whereas the smaller buildings without elevators can start from about $100 and go up. With the high fees, it’s important for the buyer to consider them before committing to purchasing a condo.
With regards to single-family homes, people are more at liberty to do what they want, how they want and when they want. While this is something many people aim for, there is a downside to it as well. For instance, they are responsible for the maintenance of the property such as mowing the lawn, pruning the trees and shrubbery, and so on. They are also responsible for roof repairs and any other type of repairs and maintenance for their own structure.
This can become quite costly especially when there is an emergency situation arises. Costs can be excessive.
When comparing the two, its obvious that condo living can be easier than owning a single family home, but it isn’t for everyone. In order to make the decision, simply look at the type of person you are, and how much time and effort you are willing to invest in your home.