There are a number of things to love about an area like Charleston, SC. From the warm locals, to the variety of delicious cuisine only steps away, to the beaches throughout the area; millions (and more) find themselves visiting ever year, as well as moving to the lowcountry. Anyone looking to move to the area may be wondering what are the top things to know before buying a home. Other questions you have may have asked yourself include Do You Really Need To Use A Real Estate Agent When Buying A Home? or When Is The Right Time To Buy A House?
Now, many people dream about living on their own property. Buying a home is probably one of the most significant purchases that you will ever make in your life. This means that your long-term life goals must be considered when making the decision. The following are some of the things that you need to know before purchasing a home in Charleston, SC.
Your Financial Status
Buying a home will significantly affect your finances. To safeguard your investment and financial future, you must ensure that what you intend to purchase is affordable. Keep in mind that as much as housing has become more affordable due to incentives such as low interest rates or tax incentives, lots of upfront costs are also involved. These include down payments and closing costs. If you cannot afford making a lump sum payment for the desired property, ask yourself whether you are mortgage-worthy. Reviewing your finances goes a long way in helping you purchase what you can afford in the long run.
Is the Neighborhood Favorable?
No one wants to live in an unfriendly neighborhood. If you are buying a second home or a retirement home in South Carolina, you should find a property that has easy access to recreational facilities, shopping centers, and other amenities. Even though you might not be able to afford your dream home or a house in a much-desired neighborhood, the price that you end up paying should properly reflect the market value of the home.
It is advisable to consult knowledgeable realtors who will help you pick a favorable neighborhood. In this regard, you should also be aware of fixer-upper houses. These are basically relatively affordable homes that are located in neighborhoods that you might not be able to afford in the long run due to high property taxes that residents must pay. Also be wary and be patient throughout the home buying process. Having a great realtor on your side can prevent headaches and stress, and while possibly costing money in the beginning; they easily can save you money in the long term.
Understand the Home Buying Process
Once you decide that you want to purchase a home, you should endeavor to learn about the home buying process. Being an intricate undertaking, there is a lot to learn. Nonetheless, a realtor can help guide you through the basics. The Department of Housing and Urban Development similarly offers real estate buyers articles and videos about the home buying process as well. You absolutely should not be emotionally attached to the buying process. Doing so can cause you to make irrational decisions or ones that are not really beneficial to you long term, etc.
Look Out For Potential Deal Breakers
Besides writing a checklist of what you want, you must also include potential deal breakers. These include roof sections that need replacement, high-risk flood zones, issues with plumbing systems and sewer lines, and local zoning rules. You should similarly consider requesting a CLUE Report so that you establish whether insurance claims have been made on the property in the past. Besides this, request the seller to provide you a report pertaining to damages and repairs that might have been undertaken. When buying a house, you should look beyond attractive finishes for any indications of underlying problems. This will help you get a favorable deal, and ensure that you’re not just being pulled by what glitters (which really isn’t gold after all!)
The Purchase Agreement
When buying a house, you must sign a contract and a few dotted lines, which will show that ownership has been transferred to you. Most of the papers that you will end up signing may appear like typical home buying contracts that have no opening for negotiation. Nonetheless, this is not the case because contracts can be negotiated (and are done best by a knowledgeable realtor). Therefore, you are not required to sign standard agreements. You may ask the seller to give you additional time so that you can go through all the paperwork involved with the help of a lawyer. This will enable you to make a well-informed home buying decision.
There is tons to love about the Charleston area, bringing visitors who are falling in love with the luxurious Lowcountry constantly.
Find out how we can help you through this process and find a great home in Charleston today!