Thinking About Columbia SC Real Estate – 5 Key Questions
If you're thinking about investing in Columbia SC real estate, it's no secret that homeownership requires major financial planning and comes with sacrifices. Experts suggest that you ask the following questions to determine if buying a Columbia SC home is the right decision and how to make the process as smooth as possible.
Is This The Right Time to Buy Columbia SC Real Estate?
The cost of owning Columbia SC real estate is a lot more than just the monthly mortgage payments. Buyers need to be prepared to cover costs like maintenance, decor, repairs, insurance, and possibly homeowner's association fees.
Just because you can get a loan does not mean it's the best thing to do. Buying Columbia SC real estate can be very emotional, but sometimes it's best to wait until things are better positioned in life.
What's really important to you and what things are you really willing to do to save?
Exactly Where Around The Columbia SC Do You Want to Buy?
If you know and understand the Columbia SC real estate market you're buying in, if you know the options to accumulate money, then you can figure out a game plan. This game plan may extend over six, 12 or 36 months.
The amount of time a buyer plans to spend in their new home is important when it comes to recovering closing and moving costs – which can take up to seven years.
How Much Can You Afford?
Lenders need to see sellers can afford the mortgage — long gone are the days of unverified loans. Before looking for Columbia SC real estate, get pre-qualified and know your price limits.
How is Your Credit?
Review your credit history and address any issues. Know what you need to do to build credit if you don't have a lot of it. Without good or enough credit, you may need a cosigner on your mortgage. Good credit not only helps get qualified for a mortgage but it also helps keep the interest rate low on the mortgage.
Have You Saved Enough?
If buying Columbia SC real estate is your goal, it may take 5 or 10 years to be able to save enough for your down payment. Experts suggest putting 20 percent down on a new home. Just because the bank will loan it to you doesn't mean you should take the loan. If you aim for the 20 percent down, the worst you can have is money in the bank.
For more tips and articles concerning buying Columbia SC real estate, click the Columbia SC Home Buying Tips link to your right under our Columbia SC Real Estate Categories.