Jeff Cook Real Estate BlogRecently posted or modified blog posts in the category - Buying a Homehttps://www.jeffcookrealestate.com/blog/Copyright JeffCookRealEstate.com2024-03-27T13:22:54-07:00tag:jeffcookrealestate.com,2012-09-20:18982Top 10 First-Time Home Buyer Questions
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Buying your first home is exciting and challenging. Dozens of questions arise about everything from when to buy to your budget to home styles and locations. <a href="https://www.jeffcookrealestate.com/buyers/first-time-buyers/">First-time home buyers</a> partnering with Jeff Cook Real Estate LPT Realty in the Carolinas enjoy seasoned guidance and plenty of information to help them purchase the perfect first home.
Most Frequent First-Time Buyer Questions
Review the top ten most frequent questions our agents are asked by individuals and families buying a new home.
Why should I buy a home instead of renting? <a href="https://www.jeffcookrealestate.com/blog/renting-vs-buying-a-home/">Owning a home</a> can provide a sense of stability, security, and pride of ownership. In addition, it can be a good long-term investment and can help you build equity over time.
How much can I afford to spend on a home? It's important to determine your budget before you start house hunting. You can use <a href="https://www.jeffcookrealestate.com/buyers/mortgage-calculator-new/">online calculators</a> or speak to a JCRE agent to get an idea of how much you can afford to spend based on your income, debt, and credit score.
What is a pre-approval? A <a href="https://www.jeffcookrealestate.com/buyers/mortgage-pre-approval/">pre-approval</a> is a letter from a mortgage lender stating that you are approved for a certain amount of money to buy a home. It can help you narrow down your search and make you a more attractive buyer to sellers.
How much should I put down as a down payment? The amount you should put down will depend on <a href="https://www.jeffcookrealestate.com/buyers/affordability-calculator/">your financial situation</a> and the type of loan you are getting. Generally, a 20% or more down payment will help you avoid paying private mortgage insurance (PMI).
What is PMI? <a href="https://www.jeffcookrealestate.com/buyers/financial-terms-glossary/#P">Private mortgage insurance</a> (PMI) is a type of insurance that protects the lender in case you default on your loan. It is typically required if you put down less than 20% as a down payment.
What is the difference between a <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">fixed-rate and an adjustable-rate mortgage</a>? A fixed-rate mortgage has a set interest rate that does not change over the life of the loan. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, usually after a certain number of years.
What is a home inspection? A <a href="https://www.jeffcookrealestate.com/blog/waiving-home-inspections-the-benefits-and-pitfalls/">home inspection</a> thoroughly examines a home's condition, including the roof, foundation, plumbing, electrical systems, and more. It can help you identify any issues or repairs needed before closing the home.
What is earnest money? <a href="https://www.jeffcookrealestate.com/buyers/financial-terms-glossary/#E">Earnest money</a> is a deposit you make when submitting a home offer. It shows the seller that you are serious about buying the home and can help you stand out as a buyer.
What is closing? <a href="https://www.jeffcookrealestate.com/buyers/what-are-closing-costs/">Closing</a> is the final step in the home-buying process, where you sign the necessary documents and pay any remaining fees and costs associated with the purchase.
What should I do if I have more questions about buying a home? If you have more questions about buying a home, it's important to speak with a real estate agent from Jeff Cook Real Estate LPT Realty who can provide you with personalized advice and guidance.
Why Buy with Jeff Cook Real Estate LPT Realty?
Don’t stress over buying your first home. Finding your dream home is simple when <a href="https://www.jeffcookrealestate.com/buyers/">working with Jeff Cook Real Estate LPT Realty</a>. We know shopping for the perfect home involves factors like community, schools, amenities, services, and more. Our SC Real Estate agents know the Carolinas and the best areas for purchasing first homes. We are committed to finding your dream home at the best price possible.
The home-buying process is always changing, so you need up-to-date information. Our agents know the market and how to read it to help you reach your goals and thoroughly understand when and how to buy. Contact us today to learn more.
<br /><br />2024-03-26T06:35:08-07:002024-03-27T13:22:54-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:18670Types of Home Sales: Traditional, Short Sale, and Foreclosure<img src="https://assets.site-static.com/userfiles/1451/image/Types_of_Home_Sales.png" width="940" height="788" />
Buying and selling a home can be an intimidating and overwhelming process, especially if you are a <a href="https://www.jeffcookrealestate.com/buyers/first-time-buyers/">first-time buyer</a> or seller in South Carolina. One of the most important things to understand is the different types of home sales that exist, including traditional sales, short sales, and foreclosures.
Each type has its unique advantages and disadvantages, and knowing the differences can help you make the best decision for your situation. The Jeff Cook Real Estate team provides boutique services to both buyers and sellers, and we handle all three of the home sale types below.
Traditional Sales
Traditional sales are the most common type of <a href="https://www.jeffcookrealestate.com/blog/7-ways-to-afford-a-home-when-interest-rates-are-on-the-rise/">home sale</a>. In a traditional sale, the homeowner lists their home on the market and an interested buyer makes an offer. If the seller accepts the offer, the sale moves forward and typically closes within 30-60 days.
Traditional sales are often considered the best option for first-time buyers or sellers because they provide more control over the process. You can set your own listing price and negotiate with potential buyers as a seller. As a buyer, you have the opportunity to inspect the property before making an offer and can often secure financing more easily.
Additionally, traditional sales are typically more straightforward and less complicated than short sales or foreclosures, making them a good choice for those who are new to the real estate market. A Jeff Cook Real Estate team member is glad to help you negotiate the ins and outs of buying or selling your first home. Contact us today for help!
Short Sales
A <a href="https://www.investopedia.com/terms/r/real-estate-short-sale.asp">short sale</a> occurs when the homeowner owes more on their mortgage than the home is worth and cannot make their mortgage payments. In this situation, the homeowner can work with their lender to sell the home for less than what is owed on the mortgage. The lender agrees to accept the lower sale price in order to avoid the costs and time associated with a foreclosure. As a seller, a short sale may be a way to avoid foreclosure and salvage some of your credit rating.
One of the benefits of a short sale is that it can be a more affordable option for buyers because the home is often priced below market value. However, short sales can also be a lengthy and complicated process. The lender has to approve the sale, which can take several months, and the homeowner may have difficulty finding a buyer who is willing to wait for the lender's approval.
Ultimately, whether a short sale is the best option for you as a first-time home buyer or seller depends on your unique situation and financial goals. Consulting with a real estate professional from Jeff Cook Real Estate can help determine if a short sale is the right choice.
Foreclosures
<a href="https://www.jeffcookrealestate.com/buyers/financial-terms-glossary/#F">Foreclosure</a> is “a legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at a public auction with the proceeds of the sale being applied to the mortgage debt.” A foreclosure occurs when the homeowner cannot make their mortgage payments, and the lender takes possession of the property. The lender then sells the home in order to recoup their losses.
One of the advantages of buying a foreclosed home is that they are often priced below Buying a foreclosure can be a good idea for a first-time home buyer in certain situations. Foreclosed homes are often priced below market value, which can make them an attractive option for buyers on a budget. Additionally, some foreclosed homes may be in good condition and require only minor repairs, which can save the buyer money in the long run.
However, it's important to remember that foreclosed homes are typically <a href="https://www.investopedia.com/as-is-home-sales-5213925">sold as-is</a>, meaning that the buyer may be responsible for any necessary repairs or renovations. This can be a significant expense, and buyers should be prepared for the potential costs before making an offer on a foreclosed property.
Additionally, the foreclosure process can be lengthy and complicated, which can make it difficult for first-time home buyers to navigate. It's important to work with a qualified real estate agent who has experience with foreclosed properties and can guide you through the process.
Ultimately, whether buying a foreclosure is a good idea for a first-time home buyer depends on the individual's financial situation and goals. Consulting with a local JCRE real estate professional can help determine if a foreclosed property is the right choice.
Seasoned Help Buying or Selling Your Home
It is crucial that you understand the different types of home sales when buying or selling a home.
Traditional sales offer the most control for the seller and a more straightforward process for the buyer.
Short sales can be a more affordable option for buyers, but the process can be complicated and time-consuming.
Foreclosures can offer a great deal for buyers but are sold as-is and can be difficult to finance.
Jeff Cook Real Estate can help you make a more informed decision that is best for your situation. Homes sold with us spend an average of only 27 days on the market, and our clients typically receive 99.7% of their original asking price. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> and speak with a team member about your needs.
2024-02-06T11:56:50-07:002024-02-12T22:59:31-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:18631Tips for Finding Your Dream Home<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design-2.jpg" width="940" height="788" />
Embarking on the journey to find your dream home is an exciting and rewarding experience. As you navigate the real estate market, it's essential to arm yourself with the right knowledge and strategies to make informed decisions. In this guide, we'll explore key tips for finding your dream home, including the importance of working with an experienced real estate agent.
Define Your Priorities:
Begin your search by identifying your must-haves and deal-breakers. Consider factors such as location, size, layout, and amenities. By defining your priorities, you'll narrow down your options and focus on properties that align with your vision for your dream home.
Set a Realistic Budget:
Understanding your financial limits is crucial when searching for your dream home. Work with a mortgage professional to determine your budget, taking into account not only the purchase price but also closing costs, property taxes, and potential renovations. Having a clear budget will streamline your search and help you avoid disappointment.
Research Neighborhoods:
Explore different neighborhoods to find the perfect fit for your lifestyle. Consider factors like schools, amenities, safety, and proximity to work or family. Take the time to visit neighborhoods at different times of the day to get a sense of the community's vibe and overall atmosphere.
Stay Flexible:
While it's essential to have clear priorities, staying flexible can open up new possibilities. Be willing to compromise on certain aspects, and don't be discouraged if your dream home doesn't check every box. Remaining adaptable will increase your chances of finding a home that meets most of your criteria.
Work with an Experienced Real Estate Agent:
Partnering with a seasoned real estate agent is one of the most valuable tips for homebuyers. An experienced agent brings market knowledge, negotiation skills, and a network of resources to the table. They can help you navigate the complexities of the real estate process, provide insights into local market trends, and guide you through each step, from house hunting to closing.
Attend Open Houses:
Attending open houses is an excellent way to get a feel for different properties and neighborhoods. Take notes, ask questions, and envision yourself living in the space. Open houses provide a hands-on opportunity to assess the condition of homes and determine if they align with your preferences.
Research Property History:
Before making an offer, research the history of the property. Check for any past or present issues, such as renovations, repairs, or property disputes. Understanding the property's background can help you make an informed decision and avoid potential surprises down the road.
Finding your dream home is a journey that requires careful planning, research, and the right guidance. By defining your priorities, setting a realistic budget, exploring neighborhoods, staying flexible, attending open houses, and working with an experienced real estate agent, you'll be well-equipped to navigate the real estate market and discover the home that perfectly suits your needs and aspirations.2023-12-28T10:45:00-07:002024-02-02T13:59:00-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:18373The Ins and Outs of Renting to Own<img src="https://assets.site-static.com/userfiles/1451/image/The_Ins_and_Outs_of_Rent-to-Own_Homes.jpg" width="680" height="440" alt="The_Ins_and_Outs_of_Rent-to-Own_Homes" title="The_Ins_and_Outs_of_Rent-to-Own_Homes" style="font-size: 17px;" />
Imagine a path to homeownership that doesn't begin with a traditional mortgage but rather unfolds through a unique arrangement – a journey from tenant to homeowner, charted through a rent-to-own homes agreement. This innovative approach merges the flexibility of renting with the long-term goal of home ownership, offering a practical solution for many who are not yet ready for a conventional home purchase.
In this deep dive into the world of rent-to-own homes, we peel back the layers to understand how rent-to-own works, its benefits, and what it takes to transition from a renter to a homeowner. Whether you're a potential buyer struggling with a down payment or a seller seeking a profitable sale, <a href="https://www.jeffcookrealestate.com/jeff-cook-offers/immediate-offer-program/">rent-to-own homes offer</a> a compelling alternative worth exploring.
What is Rent-to-Own?
Rent-to-own homes, a term that has gained traction in real estate circles, refers to an agreement where a tenant rents a property with the option to buy it at the end of the lease term. This arrangement is a hybrid between leasing and home-buying, offering a unique opportunity for those aspiring to own a home but are currently unable to do so through traditional means.
The concept of <a href="https://www.jeffcookrealestate.com/jeff-cook-offers/rent-to-own/">rent-to-own homes</a> isn't new. It emerged as a viable option for home ownership post-economic downturns when traditional lending tightened, and potential homeowners were seeking alternative pathways to owning a home. Over time, rent-to-own homes have evolved, offering more structured and tenant-friendly terms, making it an attractive option for a wider demographic.
Rent-to-Own vs Traditional Home Buying
Unlike traditional home buying, where a buyer secures a mortgage and purchases the property outright, rent-to-own homes allow for a more gradual transition. This approach is particularly appealing for those who need time to build their credit, save for a larger down payment, or are uncertain about committing to a particular neighborhood or home. Rent-to-own homes with low monthly payments also make the dream of homeownership accessible for those who might find the upfront costs of purchasing a home prohibitive.
In a <a href="https://www.jeffcookrealestate.com/jeff-cook-offers/rent-to-own/">rent-to-own scenario</a>, a portion of the monthly rent goes towards a future down payment on the house, serving as a savings mechanism. This arrangement benefits those who struggle with saving, as it seamlessly integrates the saving process into their monthly housing expense. Additionally, it provides a sense of security and stability, knowing that each rent payment is a step closer to home ownership.<br />
How Rent-to-Own Works
The Agreement Structure
At the heart of rent-to-own homes lies the agreement – a contract that outlines the specifics of the arrangement. Typically, this agreement comprises two key components: the lease agreement and the option to purchase. The lease agreement functions like any standard rental contract, stipulating the rental period, monthly payments, and maintenance responsibilities. However, it's the option to purchase that sets rent-to-own homes apart. This clause grants the tenant the exclusive right to buy the property at a predetermined price before the lease expires.
Financial Mechanics
Understanding the financial mechanics is crucial when considering rent-to-own homes. Two vital financial aspects are the option fee and the rent premium. The option fee, a non-refundable upfront amount, secures the tenant's right to purchase the home later. This fee typically ranges from 1% to 5% of the purchase price. Then there's the rent premium – a portion of the monthly rent that goes towards the future down payment. This mechanism makes rent-to-own homes with low monthly payments an attractive option for many.
Legal Considerations
Legal considerations in rent-to-own agreements can't be overlooked. It's essential to have clear terms regarding property maintenance, purchase timeline, and price. Also, it's crucial to understand the implications if the tenant chooses not to buy or if the landlord fails to uphold their end of the agreement. Seeking legal advice is advisable to ensure that all parties' rights are protected.
Advantages of Rent-to-Own
For Buyers/Tenants
For buyers,<a href="https://www.jeffcookrealestate.com/jeff-cook-offers/immediate-offer-program/"> rent-to-own homes offer</a> several advantages. They provide an opportunity to lock in a purchase price, which can be particularly beneficial in a rising real estate market. Also, part of the rent goes towards the home's equity, making it easier to accumulate a down payment. This setup is especially advantageous for those who are currently unable to secure a mortgage due to credit issues or lack of savings.
For Sellers/Landlords
Sellers too find value in rent-to-own homes. They benefit from steady rental income and typically attract tenants who treat the property well, considering their potential future ownership. Additionally, if the tenant opts not to buy, the seller keeps the option fee and any rent premiums, which can be a significant financial boon.
Challenges and Risks
Buyer's Perspective
While rent-to-own homes offer a pathway to homeownership, they also come with challenges. One of the primary risks for buyers is the potential loss of investment. If the buyer decides not to purchase the house or is unable to secure financing at the end of the lease, the option fee and any rent premiums are typically forfeited. Additionally, buyers may face higher overall costs compared to traditional home buying due to the rent premiums and option fees.
Seller's Perspective
Sellers also face risks in rent-to-own agreements. If the housing market appreciates significantly, they might end up selling the home for less than its current market value. Moreover, if the tenant fails to maintain the property or defaults on the rental payments, it can lead to additional expenses and complications for the seller.
Market Factors
The <a href="https://www.jeffcookrealestate.com/property-search/results/">real estate market</a>'s fluctuations can significantly impact rent-to-own homes. Changes in property values or interest rates during the rental period can affect both parties' decisions and financial outcomes. It's crucial for both buyers and sellers to consider potential market changes when entering a rent-to-own agreement.
Navigating a Rent-to-Own Deal
Finding rent-to-own homes can be challenging, as they're less common than traditional rental or sale listings. Prospective buyers should research and connect with real estate agents who specialize in rent-to-own properties. Online real estate platforms and local classifieds are also useful resources for finding these opportunities.
When considering rent-to-own homes, it's important to evaluate the property thoroughly. This evaluation should include a comprehensive home inspection, understanding the neighborhood, and assessing the home's value. Additionally, potential buyers should consider the terms of the agreement, such as the length of the rental period and the purchase price, to ensure they align with their financial and personal goals.
Negotiating the terms of a rent-to-own agreement is crucial. This negotiation includes the purchase price, rent amount, duration of the lease, option fee, and the portion of rent that will go towards the down payment. It's advisable to work with a real estate lawyer or a knowledgeable agent to ensure fair and favorable terms.
Preparing for Ownership
Financial Planning
Transitioning from a tenant in a rent-to-own home to a homeowner requires meticulous financial planning. Prospective buyers should focus on improving their credit score, as this will be crucial when applying for a mortgage at the end of the rental period. Additionally, saving beyond the rent premiums can provide a more substantial down payment, potentially reducing future mortgage payments.
Property Maintenance
In rent-to-own homes, tenants often assume more responsibility for property maintenance compared to standard rentals. This shift is an opportunity to engage with the property as a homeowner, understanding the upkeep and care it requires. Effective maintenance can also protect the investment, ensuring the home retains its value and appeal.
Building a Support Team
Navigating the rent-to-own process is rarely a solo journey. Building a support team of professionals, such as real estate agents, lawyers, and financial advisors, is key. These experts can provide valuable guidance, from understanding the fine print in agreements to planning for the financial transition to homeownership.
Conclusion
Rent-to-own homes offer a unique and flexible path to homeownership, especially for those facing barriers in the traditional home buying process. While they present an opportunity to secure a home with low monthly payments and without the immediate need for a hefty down payment, they also come with specific challenges and risks that require careful consideration.
For those considering rent-to-own homes, it's crucial to weigh the pros and cons, understand the terms of the agreement, and prepare financially and mentally for the responsibilities of homeownership. This journey from tenant to homeowner is not without its complexities, but with the right approach, it can be a rewarding and feasible path to achieving your home-ownership dream.
2023-12-11T05:56:00-07:002024-02-02T13:29:42-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:179167 Ways to Afford a Home When Interest Rates Are on the Rise<img src="https://assets.site-static.com/userfiles/1451/image/JCRE_interest_rates.jpg" width="700" height="500" />
Homeownership has always been part of the American Dream, but it is harder now than ever. Rising interest rates make affording your own home a struggle for over half of Americans. A <a href="https://www.nar.realtor/newsroom/us-housing-market-needs-more-than-300000-affordable-homes-for-middle-income-buyers">National Association of Realtors report</a> from June 8, 2023, states, "Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market.”
How can prospective buyers in South Carolina boost their income and otherwise improve their chances of affording a new home? Here are seven actions you can take now to help you afford your dream home.
Boost Your Credit Score
The absolute first step anyone should take to improve their chances of affording a new home is to work on boosting their credit score. These all-important scores range from 300 to 850, and a higher score opens up more financing opportunities. Better financing means you have more choices for the kind of home you want. Here are some things to do now to improve your score:
Pay off debt.
Pay your debts on time.
Limit how often you apply for credit.
Review your credit report for errors and take steps to correct any mistakes.
Create a Dedicated Savings Account
Saving up for a new home purchase is not a new idea, but using some new tools can help you dedicate a select amount toward your goal. Use one of the many <a href="https://www.nasdaq.com/articles/7-best-round-up-apps-for-saving-investing-money-instantly-0">popular money savings apps</a> to help you plan savings from every deposit you receive. You can also automate transfers on a schedule and even round up purchases to send the extra directly to your savings account. Many of the best apps offer interest and bonus initiatives to help you save faster.
Earn Extra Money
As a companion to the above action, start a side hustle for extra money and direct all the profits into your home savings account. Side jobs come in all shapes and sizes. Begin by reviewing what you love to do and research the market to see if you can earn money from it. Here are some popular ways to earn extra money:
Buy and sell used items at yard sales or flea markets
Offer babysitting or other care for area pets
Write articles for digital publications
Handle the yardwork for your neighbors
Take a local paper delivery route
Offer rideshare services through <a href="https://www.uber.com/us/en/drive/">Uber</a> or <a href="https://www.lyft.com/drive-with-lyft">Lyft</a>
Offer delivery services through <a href="https://driver.grubhub.com/">GrubHub</a> or <a href="https://dasher.doordash.com/en-us">DoorDash</a>.
Put Your Money to Work
You work hard enough. Put your money to work for you by investing. Allow your dedicated savings account to grow for a while, then invest most of it in reputable options that generate a respectable return. How and what you invest in depends on how long you plan to wait while your money grows. Consult with an investment advisor about what you want to do and learn more about the best investments available.
Take Advantage of Government Homebuyer Programs
Several federal homebuyer programs exist to help first-time and other classes of buyers get affordable loans with lower interest rates. Various states also offer programs, too. South Carolina has <a href="https://www.sofi.com/first-time-home-buyer-programs-in-south-carolina/">several state and local programs</a> to help prospective home buyers. Your local Realtor can help you investigate each and determine which ones could help you.
Find a Better Market
Our society is more mobile than ever, so moving to another area for better housing opportunities is an option. If your current city or state is far too expensive, consider other areas. Look for states and communities with more affordable living costs, healthcare costs, education costs, taxes, and real estate prices. Another state may offer more favorable homebuyer programs after you establish residency and live there for a while.
Buy with a Partner
Investing in a new home with a partner may put considerably more options in your reach. A reliable co-buyer can boost financial stability and downpayment amounts to help you get into the home you really want. A spouse, parent, business partner, or significant other who will allow you to leverage their funds and credibility is a definite asset. Just be sure to form a solid arrangement for how this partnership will work and keep your end of the bargain.
<a href="https://www.jeffcookrealestate.com/">Jeff Cook Real Estate</a> can help you find and purchase the perfect South Carolina home. Contact us today to learn more!
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2023-10-04T13:27:19-07:002023-10-04T13:39:05-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:17628Tips to Avoid Buyer's Remorse When Buying a Home<img src="https://assets.site-static.com/userfiles/1451/image/Buyers_Remorse.jpg" width="6000" height="4000" />
Buying a home is a major investment, and it's natural to feel a bit nervous about making such a big decision. But with a little bit of planning and preparation, you can avoid buyer's remorse and feel confident in your purchase. Here are some tips to help you avoid buyer's remorse when buying a home.
Do Your Research
Before you start looking at homes, do your research. Learn about the different <a href="https://www.jeffcookrealestate.com/communities/">neighborhoods</a> in the area, the local real estate market, and the types of homes that are available. This will help you make informed decisions and avoid making costly mistakes. You can use online resources to research the market, talk to local real estate agents, attend open houses, and talk to friends and family who have recently bought a home.
Get Pre-Approved for a Mortgage
Getting <a href="https://www.jeffcookrealestate.com/buyers/mortgage-pre-approval/">pre-approved</a> for a mortgage will give you a clear understanding of how much you can afford to spend on a home. This will help you narrow down your search and avoid falling in love with a home that's out of your price range. It also shows sellers that you are serious about buying and can help you stand out in a competitive market.
Take Your Time
Buying a home is a big decision, so don't rush into it. Take your time and make sure you're comfortable with the decision you're making. Don't let anyone pressure you into making a decision before you're ready. Take the time to think about what you want in a home and what your priorities are.
Consider Your Future Plans
When buying a home, it's important to consider your future plans. Are you planning on starting a family? Do you plan on staying in the home for a long time? These are important factors to consider when making your decision. You want to make sure that the home you buy will meet your needs for years to come.
Get a Home Inspection
A home inspection is an important step in the <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">home-buying process</a>. It will help you identify any potential problems with the home before you make an offer. This can help you avoid costly repairs down the road. Make sure to hire a reputable home inspector and be present during the inspection so that you can ask questions and get a full understanding of any issues that may arise.
Work with a Trusted Real Estate Agent
A trusted real estate agent can help guide you through the <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">home-buying process</a> and provide valuable insights and advice. They can also help you avoid common pitfalls and make informed decisions. Make sure to choose an agent who has experience in the local market and who has your best interests in mind.
By following these tips, you can avoid buyer's remorse and feel confident in your decision to buy a home. Remember, buying a home is an exciting milestone, so take your time, do your research, and enjoy the process! With the right preparation and guidance, you can find the perfect home for you and your family. Our agents at <a href="https://www.jeffcookrealestate.com/buyers/">Jeff Cook Real Estate</a> are standing by to help you through the process of purchasing a home. If you are ready to take the next steps give us a call at 855-HEY-Jeff!2023-08-14T09:00:00-07:002023-08-30T08:39:15-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:15142What is a 3-2-1 Buydown Program?Many incentives exist to make homes more attractive to buyers. One that can be particularly interesting is a 3-2-1 Buydown Program. “A <a href="https://www.investopedia.com/terms/1/3-2-1_buydown.asp">3-2-1 Buydown Mortgage</a> is a type of loan that starts out with a low interest rate and rises over the next several years until it reaches its permanent rate.”
A new home buyer agreeing to a buydown mortgage would agree to a set price, but the interest rate during the first three years of the mortgage is graduated. In the first year, the rate is 3% less than the final, long-term rate; in the second year it is 2% less; in the third year it is 1% less. Beginning in the fourth year, the home owner pays the full interest rate for the remainder of the mortgage period.
As an example, for a 30-year mortgage at 5% interest, the interest rate would be 2% in year one, 3% in year two, 4% in year three, and 5% for the remaining 27 years.
Another benefit of this program is that it doesn’t have to be over 3 years. It can be over 2 or 1 years along with several other options the seller and buyer can negotiate.
Who Pays for a 3-2-1 Buydown Mortgage?
Of course, <a href="https://www.nerdwallet.com/article/mortgages/the-property-line-october-2022">someone pays for the privilege of lowered interest rates</a> and resulting monthly payments over the first three years of the mortgage. If not, the bank is essentially giving away money, which banks never do. Therefore, someone must subsidize the reduced interest rates, or cover the remaining portion (in the year you only pay 2%, someone else pays the remaining 3% in our 5% interest example above).
In the majority of cases, home builders or sellers pay this cost at closing. These funds are placed in escrow and are drawn out by the bank every month to make up the difference between the full loan payment and the discounted payment the homeowner pays.
In some cases, a third party will pay for a buydown. For instance, an employer that relocates an employee to a new location may pay for a buydown to help ease the financial burden of moving and purchasing a new home.
Who Benefits from a 3-2-1 Buydown Mortgage?
Both buyers and sellers can benefit from a 3-2-1 buydown mortgage, although buyers are traditionally viewed as getting the better end of the deal, especially if the seller or another party pays for the buydown.
Buyers save considerable money during the first three years
Buyers can use this period to buy now at a reduced rate, and either keep the already locked-in final rate or refinance for a lower one.
Buyers can use the monthly savings to manage initial expenses or set aside funds for repairs or remodeling.
Buyers can refinance before this buydown benefit is over and can apply remaining funds as a “credit” to closing costs or buying the new mortgage rate down.
One warning — buyers need to be sure they can afford the final, full mortgage payments and not place themselves in a financial bind.
For sellers, paying for a 3-2-1 buydown can help them sell their property faster, making it more attractive for buyers who are ready to purchase a home now. The buydown may be less than how much a price reduction would become if the home stayed on the market too long.
Many <a href="https://interlincmortgage.com/north-charleston">Charleston area lenders</a> are taking a fresh look at 3-2-1 buydown mortgages as interest rates have hit the highest point in two decades. Contact Interlinc Mortgage or a real estate professional from <a href="https://www.jeffcookrealestate.com/">Jeff Cook Real Estate</a> to learn more about this attractive incentive and if it could be an available option for you.
Interlinc Mortgage, Charleston SC
<a href="https://interlincmortgage.com/north-charleston">https://interlincmortgage.com/north-charleston</a>2022-12-13T07:43:24-07:002023-01-05T09:59:00-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:14202Interest Rates and Buying a HomeIf you’re looking into buying a home, and even if you wish to sell your home, you will need to pay attention to interest rates. These rates can mean paying more or paying less over time for a home. They are a necessary evil when obtaining funds from a lender, but they are not something to fear.
Learn more about <a href="https://www.credit.com/personal-finance/how-interest-rates-work/">interest rates</a> and buying a home and how you should view interest rates in the home buying process.
What Should I Know About Interest Rates?
The United States Federal Reserve is sort of a central bank that distributes currency and monitors monetary policy for the country. One of their jobs is to regulate the economy and prevent serious problems. Part of doing that is raising and lowering interest rates.
Interest rates are what the government charges banks to borrow money. In turn, banks forward these charges to consumers. When you borrow money, say, to purchase a home, you are required to pay a certain amount above the actual purchase price, as the price of borrowing money. This covers the bank’s risk in loaning you money.
<a href="https://www.jeffcookrealestate.com/blog/whats-the-deal-with-interest-rates/">How do interest rates affect buying a home?</a> Higher interest rates cost home buyers more money over the life of a loan. A mortgage loan with as much as a half percent higher interest rate can add to your monthly payment and your overall cost, because you are paying more to the bank to borrow the money.
Eliminate Fear and Buy a Home
Now, for the uninitiated, some interest rates can scare them away from making a home purchase. Of course, everyone wants to purchase a home at the most favorable interest rate possible in order to save the most money. But waiting out the economy, or what the fickle Fed may do, can be a shell game that only breeds frustration.
There are things you can do as a potential buyer to <a href="https://www.chase.com/personal/mortgage/education/financing-a-home/ways-to-reduce-mortgage-rates">help get the lowest possible rates</a>. These include:
Improve your credit score
Reduce your debt
Have a large down payment
Increase your income
Apply for a shorter term loan
Shop lenders for the best rate
Overall, the best advice for interest rates and buying a home is this: marry the house and date the rate. In other words, make a permanent commitment to the home of your dreams, realizing that interest rates will come and go.
Finding the perfect home for your family’s needs can be a tough chore — and when you finally find it, you don’t want to be stymied worrying about interest rates. When you find the perfect home, ACT! Buy the home at the best interest rate available and settle in to enjoy it. Eliminate the fear of interest rates and live your life in your new home to the fullest.
Because interest rates always shift, be sure to lock in your interest rate at the current rate, and keep an eye on how they fluctuate. If the rates drop an appreciable amount, <a href="https://www.jeffcookrealestate.com/buyers/refinancing/">refinance to the lower rate</a>. If they rise, at least you already have a lower rate locked in.
Get Help from a Local Real Estate Expert
Knowing when and how to buy a home can be troublesome, but it can be much easier with help from a local real estate expert. Jeff Cook Real Estate is the top rated real estate agency in South Carolina because our agents treat you like family. We’re not satisfied until you’re satisfied. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> and connect with an experienced local real estate expert in South Carolina who can make buying a home a breeze! 2022-08-17T09:55:00-07:002022-11-14T12:26:58-07:00Jeff Cooktag:jeffcookrealestate.com,2012-09-20:14201What You Need to Know About Title Insurance Among the several items you will encounter in <a href="https://www.jeffcookrealestate.com/buyers/what-are-closing-costs/">closing costs</a> during the home buying process is title insurance. Many people try to save all they can in closing costs and may ask to eliminate this item. Most lenders require this insurance when you purchase real estate, but title insurance for the buyer is optional.
Here’s what you need to know about title insurance and how it protects you and the lender.
What is Title Insurance?
“<a href="https://www.forbes.com/advisor/mortgages/title-insurance/">Title insurance</a> is a policy that covers third-party claims on a property that don’t show up in the initial title search and arise after a real estate closing.” This insurance protects you and the lender from financial loss in the event a problem arises with the title to your real estate after closing. This can even happen years after you purchase your home.
Before the closing date, your mortgage lender will contract a <a href="https://homebuyer.com/learn/what-does-a-title-company-do">title company</a> to perform a title search. This is a public records search that seeks to discover any liens, easements, or encumbrances that could prevent you from buying the home. If any third party (unknown heir, contractor, tax authority, lender, etc.) has an issue against the title, it cannot be bought or sold until the issue is cleared.
Problems that can arise and tie up a title during closing can include:
An unknown heir that was left the home in a will, but wasn’t previously discovered
An unpaid property tax bill; the tax authority can place a lien against the property
A contractor can place a lien if they claim an unpaid bill for renovations or repairs
An easement for access by a utility company can restrict how the property is used
Zoning ordinances that prevent certain uses of the property
Restrictive covenants by homeowners associations
Sometimes these issues do not come to light, for various reasons, until after the home has been purchased. What happens to these claims then? They do not simply go away. Title insurance protects you and the lender against surprises like these that could cost you a great deal of money.
What Does Title Insurance Cover?
The two types of <a href="https://time.com/nextadvisor/mortgages/what-is-title-insurance/">title insurance</a> protect both parties at risk in the home buying process: the lender and you, the buyer. One is generally required; the other is optional.
If a dispute arises after loan closing, title insurance protects the lender and you (if you purchased buyer title insurance) and provides for legal fees or other expenses required to settle the problem.
For example, it comes to light after closing that the state has a property tax lien against your newly purchased home. Title insurance would cover the legal fees and the unpaid tax bill. Or, if a neighbor claims a disputed easement against your property after the loan closing, title insurance would cover the legal fees to settle the matter.
Lender Title Insurance
Title insurance for the lender protects them against claims that could arise against the real estate they have loaned money against. It is typically required by the lender to cover their risk. The lender is covered for up to the loan amount until the mortgage loan is paid in full. Then, since their risk ends, so does their protection.
Buyer Title Insurance
Title insurance for the buyer is optional, but as a one-time expense at closing, it can certainly be worth the cost. Even the most diligent title company can make honest mistakes, and unknown circumstances can arise. Buyer title insurance protects you for as long as you own the property.
Get the Help You Need During the Home Buying Process
Don’t be left wondering about the home buying process. Jeff Cook Real Estate can provide all the guidance, information, and advice you need when seeking to buy a home in South Carolina. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> to connect with a licensed real estate agent with the skills and tools to make buying a new home a pleasure!
2022-08-10T09:45:00-07:002022-08-03T08:53:42-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:14050Buying A Home: Wants Vs NeedsFinding the right home can be difficult in today’s housing market. There are many more families looking to buy, so homes for sale are at a premium. This means you will likely pay more for the home you want and/or need, so it pays to plan ahead and be discerning about choosing and <a href="https://www.jeffcookrealestate.com/buyers/">buying a home</a>.
Your dream home is out there somewhere — determining what it will be like and if you can afford everything you want in a home is of paramount importance. Balancing the “wants” and the “musts” can be tricky and painful. Follow these tips from Jeff Cook Real Estate to narrow down the choices and find the perfect home.
Establish Your Budget
Of course, the first step in buying a home is determining the amount of money you have to work with. Then you can decide how much you want to spend to purchase the home. You may also want to stay within a certain amount for purchase, while holding back some funds for repairs, upgrades or renovations. Several factors impact your budget for buying a home.
Down Payment
How much money you have earmarked for a down payment will impact your financing and how much you can borrow. Conventional loans can demand a down payment of at least 20% of the asking price. Of course, any money you can pay down means borrowing less, less finance charges and a better interest rate.
Proceeds from Sale of Current Home
Many families are transitioning from a current home to a newer one for a variety of reasons. <a href="https://www.jeffcookrealestate.com/blog/buying-and-selling-a-house-at-the-same-time/">Buying and selling a house at the same time</a> is possible, but it can be tricky. An experienced Realtor can help balance out the timing and details. The money you realize from the sale of your current home (after paying off any existing mortgage) can provide funds to help with the purchase of a new home.
Extra Money in New Mortgage for Renovations
You may want to consider “As-Is” listings to find homes at cheaper prices that may need a little work. You can possibly borrow the entire value amount, which would purchase the home and leave some extra money for renovations, repairs or adding those “wants” on your list.
Get a Handle on Priorities
After you’ve established your budget and how you plan to use any existing or projected funds, you need to figure out what you want in a home. Create a spreadsheet so you can combine lists of features, and categorize them appropriately. Here’s an example of the lists you should create:
Must-Haves – These are essential. If a house doesn’t have these features, it won’t work for your family. Some examples can be a location close to work, location within a desired school district, number of bedrooms and bathrooms, home office space, and a full basement or garage.
Nice-To-Haves – These features would be nice but you can live without them. Nice-To-Haves aren’t dealbreakers, but if you find a home that includes all or most of these, it’s definitely near the top of your list. Some examples may be a garage, storage building, home office space, entertainment room, fenced-in yard or decorative landscaping.
If-I-Could-Only-Haves – This is where you dream big. You don’t need these features, but they’re on your wish list. Any home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, is a clear winner. Some examples could be walk-in closets, swimming pool, farmhouse style kitchen, new appliances, real hardwood floors, garden tub or a master bedroom suite.
Discuss Negotiables
Now, after making your lists above, discuss which items are negotiable and which ones are absolutely essential. This can mean some reshuffling of your lists.
What are you willing to bend on?
Is a bedroom worth giving up for a swimming pool or hot tub?
Is a longer commute worth the trouble to get the kids in better schools?
Is that perfect kitchen worth surrendering office space?
Is a garage preferred over decorative landscaping or a fenced-in yard?
A good plan always includes some flexibility and room for negotiation. You will rarely find a home with everything exactly as you would prefer, but getting as close as you can on your budget is the target.
Contract with the Right Realtor
You’ve probably heard the old adage about valuation in real estate depending on three factors: Location, Location and Location! A similar rule holds true about choosing the right Realtor: Connections, Connections and Connections! A well-connected real estate professional will have ready access to numerous properties from which you can choose, and will quickly be notified when new properties become available.
In a sellers market, prime properties are rare and will be snatched up quickly by hungry buyers. Contracting with the right Realtor can make the difference between finding the home of your dreams and missing the best opportunities. <a href="https://www.jeffcookrealestate.com/contact/">Contact Jeff Cook Real Estate today</a> if you’re considering buying a home in South Carolina.
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2022-07-23T14:22:00-07:002022-10-18T05:50:31-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:14049What Buying “As Is” Really MeansIf you’re looking to <a href="https://www.jeffcookrealestate.com/buyers/">buy real estate in South Carolina</a>, congratulations! The Palmetto State has some of the most beautiful homes and properties available anywhere in the United States, and there is nothing like living the Low Country lifestyle. But the excitement of buying a home can be overshadowed by confusion over the many avenues to making a real estate purchase.
Perhaps one of the most confusing is buying real estate in South Carolina “As-Is.” Let’s explore this option more thoroughly to see if it could work for you.
Buying Real Estate in South Carolina “As-Is”
A home for sale listed as <a href="https://www.rocketmortgage.com/learn/sold-as-is">an “As-Is” property</a> simply means the sellers do not want to invest any time or money into making repairs to the home before closing. That means that, as a buyer, you must agree to purchase the property “As-Is” — in its present condition. What you see (or can’t see) is what you get.
Of course, “As-Is” sellers must meet minimum disclosure requirements that are required by South Carolina law; more about that later. But in a general sense, you agree to buy the home without any changes whatsoever.
Now, while this may sound like buying “a pig in a poke,” as the old southern saying goes, there can be lots of reasons for this type of sale. Not every “As-Is” home listing is damaged or aged beyond repair. Sellers can choose this option for any number of reasons, including:
No money available to pay for repairs
Save money on making repairs
Need to sell fast because of a pending move
Wanting a cash offer to avoid lengthy mortgage process, so property is listed lower
Why Should I Buy Real Estate in South Carolina “As-Is?”
Some home buyers may find that purchasing an existing home “As-Is” is a good option. The wise home buyer can realize some significant benefits.
Lower Purchase Cost
In many cases, the <a href="https://www.ramseysolutions.com/real-estate/selling-a-house-as-is">seller’s desire to list “As-Is”</a> for whatever reason means you get a prime property at a much lower price than is the norm. Depending on what the home needs, you could purchase it substantially below the average price. Not only does this save you money, it can make for lower interest rates and mortgage payments. It could also allow you to borrow up to the full value amount of the home and use the extra money for repairs, renovations, or other needs.
Ideal for Property Flipping
Experienced contractors or house flippers that subcontract renovations can find “As-Is” real estate in South Carolina to be profitable projects. Ideal properties purchased with few serious problems are quite affordable to repair and flip for quick investment and return. Some that are priced low to sell fast can be acquired cheaply, meaning quite a large return on investment after simple, inexpensive repairs.
Make Repairs Your Way
There are some buyers who would prefer to be at the helm of any repairs, changes or renovations to a home they plan to occupy, and so buying a desirable property “As-Is” puts them in charge of any work. This allows you to make repairs your way, using contractors you choose and trust, while personally overseeing any and all work.
Faster Closing in Some Cases
Some “As-Is” properties are priced low with any repairs or changes offered in order to make them sell fast. The option for a <a href="https://www.jeffcookrealestate.com/blog/cash-offers-are-tempting-but-proceed-with-caution/">quick cash offer</a> is more feasible for the lower price. If a faster closing process is appealing to you as well, you could buy the “As-Is” property for cash and close the deal considerably faster than the normal process involving a lender.
Tips for Buying a Home “As -Is”
If you believe buying a home in South Carolina “As-Is” is a desirable option, follow these tips to do your “<a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">due diligence</a>” in every aspect.
Pay Attention to the Law
<a href="https://www.scstatehouse.gov/code/t27c050.php">South Carolina law</a> requires sellers to provide prospective buyers with a written disclosure statement that informs you of any known problems with the home or property. This statement can be delivered in person or electronically.
The South Carolina Real Estate Commission has a free <a href="https://llr.sc.gov/re/resources.aspx">sample disclosure form</a> you can download that lists all the areas that must be included in the report. The seller must answer "Yes," "No" or "No Representation" to each question.
The disclosure must include information about:
The water supply and sanitary sewage disposal system
The roof, chimneys, floors, foundation, basement and other structural components
The plumbing, electrical, heating, cooling and other mechanical systems
Any past or present, unrepaired infestations of wood-destroying insects or organisms
Applicable zoning laws, restrictive covenants, building codes and other land-use restrictions affecting the property, encroachments from or to adjacent property, and notices from a governmental agency affecting the property
The presence of lead-based paint, asbestos, radon gas, methane gas, an underground storage tank, hazardous material or toxic material, buried or covered, and any other environmental contamination
The existence of a rental, rental management, vacation rental or other lease contract in place on the property at the time of closing, and, if known, any outstanding charges owed by the tenant for gas, electric, water, sewerage or garbage services provided to the property the tenant leases
The existence of a meter conservation charge that applies to electricity or natural gas service to the property
If the property is subject to governance by a homeowners association
Pay Attention to the Home Inspection Report
In addition to the disclosure statement, you should carefully examine the report from a licensed and experienced home inspector. His or her report will provide a comprehensive view of the general condition of the home and its major systems. It may also include recommendations for further specific inspections if the home inspector detects more extensive deficiencies or problems. They may recommend:
A structural inspection
An HVAC inspection
An electrical inspection
A plumbing inspection
A pest inspection
A mold inspection
Any problems discovered by one or more of these specialists could mean substantial repair costs you may wish to avoid.
The <a href="https://www.jeffcookrealestate.com/blog/waiving-home-inspections-the-benefits-and-pitfalls/">home inspection report</a> will also detail recommendations for other, smaller repairs or deficiencies that you want to consider. Use this list for the next step.
Pay Attention to Repair Cost Estimates from Local Professionals
Armed with the home inspection report, sellers disclosure document, and any other inspection reports, obtain cost estimates from leading local repair and renovation professionals. We recommend getting at least five estimates for each repair for comparison. Depending on the time of year, some top contractors may be overly busy and unable to take the job, so you need some backup choices, too.
Use these price estimates to calculate a close approximate cost for any and all repairs, renovations or other changes you wish to make. Add this total to the sellers’ asking price to get a grand total for what you may be expected to spend. The “As-Is” property could end up being a real steal — or it could prove to be a real money pit. Only you know what you can/want to spend for real estate in South Carolina, and how much time you wish to invest. Be wise and weigh all the factors involved before committing to a contract.
Jeff Cook Real Estate can help when you’re looking to buy a home in South Carolina. Contact us today at 855-HEY-JEFF <a href="https://www.jeffcookrealestate.com/">or online</a> and speak with one of our talented and knowledgeable real estate professionals.
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2022-07-13T06:11:00-07:002022-07-12T13:19:17-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13863Buying and Selling a House at the Same TimeIf multitasking is your forte, you may view buying and selling a house at the same time as a normal everyday occurrence. For most people, however, it can be quite a challenge. The fears are real — if you buy a new house before selling your existing home, you could end up with multiple mortgage payments and upkeep expenses; if you sell your existing home before buying another, you could be homeless for a while and have to crash at a family member’s house.
Buying and selling a house at the same time in South Carolina is possible, even feasible, with the right Realtor®. Jeff Cook Real Estate is rated as <a href="https://www.expertise.com/SC/charleston/real-estate-agents">Best Real Estate Agents in Charleston for 2022</a> by Expertise.com. Over 3,000 reviews on Zillow, Facebook, and Google have rated us at 5/5. This is for one primary reason: we help our clients buy and sell their homes. Period.
Our clients average only 27 days on the market, and receive 99.7% of their original asking price. We have the knowledge and expertise to help you, even when buying and selling a house at the same time. In fact, it happens more frequently than you may imagine.
Get Ready to Sell
Begin where you are and <a href="https://www.jeffcookrealestate.com/sellers/preparing-your-home-for-the-market/">get your existing home ready to sell</a>. This means making recommended repairs and upgrades that make your home more attractive to potential buyers. The key is <a href="https://www.jeffcookrealestate.com/blog/budget-friendly-kitchen-upgrades-to-help-sell-your-house/">knowing what to repair or upgrade</a> that will raise buyer interest and overall home value without too much investment.
Cleaning and decluttering from top to bottom is another key component in making your home attractive to potential buyers. They want to see the spaces available when viewing your home in photos online or in person, so remove all your stuff but the basics of furniture and some basic decor.
After deep cleaning and decluttering, it’s time to take good quality photos and videos for use online when you’re ready to list. Your agent from Jeff Cook Real Estate can help with this, as well as providing time-tested recommendations for repairs, upgrades, and more to get your home ready to sell.
Get Ready to Buy
The number one priority in <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">getting ready to buy</a> is to have your personal financial picture in order. This includes being up-to-date on your current mortgage payments and other financial obligations, eliminating any debt possible (especially credit cards), and generally making sure your credit score is as high as possible, with no ambiguities or problems.
Two important aspects of the financial process to purchase a home are your overall credit score and your <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/">debt-to-income ratio</a>. Even with a good credit score, your debt-to-income ratio can be too high, making lenders nervous about providing you with mortgage credit. Of course, it will help that you are eliminating one mortgage to obtain another. But the mechanics of this can be tricky.
All this is key to making it through the <a href="https://www.jeffcookrealestate.com/buyers/mortgage-pre-approval/">preapproval process</a>, so you can begin house shopping in earnest. It also helps to have a downpayment in addition to any profit you expect to make from the sale of your existing home. Selling your home is not a sure thing; cash on hand is a solid credit in your favor.
Focus on the Timing
The real challenge comes with obtaining your financing, locating a home you wish to buy, and finding the right buyer for your existing home. Timing all these is critical to not leave you or the other involved parties waiting too long, or leaving you balancing too much expense. A seasoned agent from Jeff Cool Real Estate can work with you to coordinate house showings, negotiations, paperwork, and other necessary factors.
Remember, this will include home inspections, back-and-forth negotiations about the home you wish to purchase and with the home you wish to sell, any repairs needed to make the deal, requests you have for the sellers, and coordinating closings on both transactions. And don’t forget packing, loading, and moving from one location to another.
Get Seasoned Help from Jeff Cook Real Estate
Buying and selling a house at the same time is much easier with a talented agent from Jeff Cook Real Estate by your side. We deal with these issues every day and know how to help streamline the process at every turn, while providing superior service and guidance for every situation.
<a href="https://www.jeffcookrealestate.com/">Contact Jeff Cook Real Estate today</a> if you need to sell your home and purchase another at the same time. We have the knowledge and experience to make that happen smoothly while getting you the best deals in both transactions.
<br /><br />2022-06-26T04:20:00-07:002022-06-21T04:12:04-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13597Renting vs. Buying a HomeChoosing whether to rent or become a homeowner is a huge decision that involves many moving parts. <a href="https://www.jeffcookrealestate.com/buyers/">Buying a home</a> has traditionally been part of the American Dream, nevertheless, you should investigate the pros and cons of renting vs. buying a home every few years, or especially as your life situation changes.
Renting or buying a home largely depends on three major considerations:
Your financial situation
Your lifestyle
Your personal goals
Obviously, some factors for either choice remain the same. Renting and becoming a homeowner provides you a place to call home and they both require a steady income to make rent or mortgage payments.
Let’s take a look at <a href="https://realestate.usnews.com/real-estate/articles/renting-vs-buying-a-home-which-is-smarter">renting vs. buying a home</a> to help you consider both options.
Renting a Home
Renting a home allows you to occupy a living space that is owned by another party. In exchange for your rent, you live there, house your belongings there, receive your mail there, entertain friends there, and otherwise act as if it’s yours. But it isn’t your property, and that can come with some caveats.
Depending on your landlord or property owner or manager, there may be strict regulations that govern how you live. For example, some rental properties don’t allow pets, smoking indoors, gas grills, loud parties or more than a certain number of guests or vehicles at a time. They may also reserve the right to inspect your home at any time, and may schedule maintenance tasks at inconvenient times.
However, renting does have its advantages. You are not locked into living there forever, or even for a long time. Once your initial lease is over, you can choose to renew it or move elsewhere. Your landlord handles all maintenance costs to the property, including any appliances provided, yardwork, pest control and more. Your housing expenses remain relatively stable, unless your rent is raised when you renew your lease. Over time, you can even move about and experience different locations or living conditions, to see what suits you for the long term.
Basically, you remain in a more flexible situation when renting. But you should realize that goes both ways. Just as you can decide to move on, your landlord can decide to sell the property out from under you, or just stop renting it, or raise the rent. You may save some money; but renting in some areas costs more than mortgage payment for a comparable home.
Buying a Home
Buying a home brings a sense of stability, as it is a more permanent arrangement. You can still move, but arranging to do so requires either selling the home and buying another, or renting your home and finding some other housing solution for yourself. Being a homeowner gives you complete freedom over your living space. You can <a href="https://www.jeffcookrealestate.com/living-room-planning-tips/">customize it</a>, smoke, house pets indoors, or throw lavish parties.
Owning a home comes with certain tax benefits, and some green energy solutions allow you to claim even more. Most home values increase over time, so your home is not just a place to live — it's an investment into the future. Building that equity means you are <a href="https://www.jeffcookrealestate.com/blog/market-update/">building wealth</a>.
Of course, this can be offset by maintenance costs, repair costs, closing costs and other taxes on the property. All these can vary greatly depending on location and other factors. Researching these possible costs is part of your ‘<a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">due diligence</a>’ before buying a home anywhere. Home values can also decrease in some areas, due to factors beyond your control.
Should You Become a Homeowner?
When considering the question of whether or not you should become a homeowner, consider the above pros and cons, and then return to the three major considerations we mentioned previously:
Your financial situation
Your lifestyle
Your personal goals
Are you financially able to purchase a home? You may be surprised to learn that buying a home can be more affordable than renting long-term. And, if you’re looking for an investment, home ownership is historically one of the soundest investments most people make in their lifetimes.
Does your lifestyle support becoming a homeowner? A fluid life that moves about often may dictate renting is the best option; however, if you plan to remain in the same locale for at least 5-7 years, there could be some home ownership options that are more affordable and more attractive.
What are your personal goals and how does that impact how you live? Growing wealth and building a stable base for family and career strongly suggests buying a home. A lifetime of travel and risk-taking may point to renting. But remember, everyone gets older and needs a base, a place to settle down and thrive. Buying a home can provide that stable place you need at this point in your life.
Why not call today and start a conversation with a local housing expert from Jeff Cook Real Estate? Our professionals know how to help people and families weigh the options and make the best decisions for their housing needs in South Carolina. <a href="https://www.jeffcookrealestate.com/">Call or send us a message online</a> today to schedule a conversation about your housing future.
2022-05-26T15:23:00-07:002022-09-27T06:16:11-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13598What's The Deal With Interest Rates?If you’re currently looking at <a href="https://www.jeffcookrealestate.com/buyers/">buying a home</a>, you may be asking yourself this question. The Federal Reserve raised interest rates on March 16 of this year in an attempt to control rising inflation. What does this mean for buying a home? What if you already own a home?
The Federal Reserve and Interest Rates
In 1913 the government established the Federal Reserve to help <a href="https://www.wsj.com/livecoverage/federal-reserve-meeting-inflation-rate-may-2022">regulate the American economy</a> and prevent economic fluctuations and downturns. The Federal Reserve is sort of a central bank that distributes currency and makes policies about money.
A part of that is regulating the amount of money in circulation throughout the American economy and raising and lowering interest rates. The theory is, if interest rates are higher (costing more to borrow money), people and businesses will borrow less money and the economy flows slower, which is supposed to help lower inflation.
How Do Interest Rates Affect Buying a Home?
When the Federal Reserve raised interest rates, banks were forced to pay more interest to get money, which they, in turn, charge you to borrow money. This means that the interest on any loan from lenders, including mortgage loans, is now higher than before. The banks pass on the higher interest rates they are charged to you, the consumer.
How do interest rates affect buying a home? Higher interest rates cost home buyers more money over the life of a loan. A mortgage loan with as much as a half percent higher interest rate can add to your monthly payment and your overall cost, because you are paying more to the bank to borrow the money.
Should I Fear Higher Interest Rates?
Not necessarily. If you’re focused on <a href="https://www.jeffcookrealestate.com/buyers/">buying a home</a> right now, and you’re financially prepared with an adequate down payment, go ahead and buy the home you want or need. Interest rates fluctuate and the housing market changes often. While yes the interest rates are rising, interest rates are still extremely low compared to interest rates in the 1980’s and 1990's. Also, if you’re poised to make a cash offer, you need not fear interest rates at all. An experienced Realtor® can help you decide if you’re truly ready to purchase a home now. Remember, interest rates can rise again, making now the best time to buy for a while.
If you’re <a href="https://www.jeffcookrealestate.com/sellers/">selling a home</a>, you may feel confused about selling right now. The sense of urgency to sell before interest rates increase is due to the effect the increased rates have on potential buyers’ power. Buyers will have to pay more to borrow money, causing them to be able to afford less than they previously could have afforded so they will want to negotiate more for a better price. Again, a seasoned Realtor® can help you with those decisions, including how to price your home to allow for negotiating, how to set up your home for viewing to make the best impressions and more.
Although the fear may have been negated, there is still a sense of urgency if you are buying or selling. If you’re buying, your buying power is reduced with every increase to the interest rate meaning you may not be able to get as much house. For this same reason, the pool of approved buyers has potential to decrease, so if you've been thinking about selling, you may want to act soon in order to take advantage of having more qualified buyers!
Jeff Cook Real Estate is the premier real estate firm throughout South Carolina, with many programs for helping you when selling or buying a home. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> and speak with a team member about your concerns. We’re glad to answer your questions and help you negotiate the ever-changing housing market.2022-05-24T13:51:00-07:002022-07-15T05:39:22-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13418Why Do A Final Walkthrough? The final walkthrough before <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">buying a home</a> is more than a ceremonial observance. It is a vital step in the home buying process. Usually attended by the home buyer and their real estate agent, it is a room-by-room final inspection of the home. A first-time home buyer will surely want their agent present to help them look for anything amiss.
The final walkthrough determines that the home is in the same or better condition as when first viewed and that the seller has taken nothing from the home that should remain. The buyer should also make sure that any repairs due from the seller have been completed to their satisfaction.
It’s important to verify these issues before <a href="https://www.jeffcookrealestate.com/buyers/what-are-closing-costs/">closing</a>. After papers are signed, the house now belongs to you in its present condition. Finding out about problems later means it’s your responsibility to handle them. So, make sure you are thorough in your final walkthrough.
Your Final Walkthrough Checklist Before Buying a Home
The final walkthrough should not be rushed or based on memory alone. If you took pictures at an earlier viewing of the home, bring them with you and compare them to what you see now. It would also be wise to bring this checklist, or one you create yourself, to use as a guide. There may be many things you want to remember, so making a list will help you with your inspection.
Examine Any Promised Repairs
Keep a list of any repairs the seller promised to make and examine those repairs to see they were completed properly. You should also bring a copy of the home inspection report and check to be sure any repairs or items noted in the report have been handled. Test any newly installed appliances or components.
It’s also a good idea to ask the seller for any repair receipts or warranties for the repairs they made to the home. The warranty covers the repairs and this goes with the home. If something happens soon after closing, it should be covered by the warranty. This can save you time and money.
Review Space for Leftover Belongings
The final walkthrough is much easier in an empty house, so you want all the seller’s belongings to be removed. Note anything left behind and contact the seller about removing it. Also, check that any items the seller agreed to leave behind are still present and in good working condition. Contact the seller if there are discrepancies about any agreement.
Check Appliances and Fixtures
Run every appliance to ensure they are in good working condition. Run water through every faucet and flush every toilet. Look for leaks, drips, or signs of water damage underneath cabinets and sinks. Common things new home buyers may neglect to check include:
Opening and closing the garage door with any automatic controllers
Running every setting on the HVAC for a few minutes
Arming and disarming the security system
Running the garbage disposal
Testing the oven
Testing for smells from the oven or when running water
Checking water pressure in the shower
Testing the tub drain
Look underneath all sinks, cabinets, dishwasher refrigerator, and the toilet bases for signs of mold or moisture damage.
Review Security Measures
Open and close every window and door, ensuring they work smoothly. Test every lock. If the home has a security system, arm and disarm it. Open windows and doors while it is armed to check the alarm and each opening’s alarm sensor. Look for holes or tears in window screens and damaged weatherstripping.
Test Electrical Components
Bring your cell phone charger and plug it into every outlet to make sure they work. Make sure all outlet and switch covers appear secure and unbroken. Operate all light fixtures, doorbells, automatic garage openers and other automated features. Make sure you have the codes for any smart systems, security systems, and other programmable devices.
Inspect Outdoor Area & Structures
Your final walkthrough should also pay attention to the outdoor elements of your new property. Check to see that landscaping is still present and well-maintained. Inspect any fences and test the operation of any gates and locks. Be sure to closely inspect swimming pools and equipment, outbuildings, and other structures that are part of the property. Test the irrigation system, if one is present.
Be sure no items are left in storage sheds or outbuildings, particularly dangerous chemicals. This can include pool chemicals (unless the seller agreed to leave you any usable materials), paint, used oil, or old cleaning substances. These should be removed before closing.
Look for Evidence of Pests
Pests of various kinds can move in quickly after the seller moves out, so look for evidence of mice, squirrels, birds, and any bite marks on wood. Signs of termites may now appear after everything has been removed from the home. Check chimneys for birds or squirrels, particularly if the chimney has been unused for some time.
Handling Issues Found During the Walkthrough
Buying a home is a huge undertaking, so you want everything to be as agreed with the seller. Depending on the type of contract you have agreed to, there will be an opportunity for you to request repairs from the seller so that you can move into the home in the condition you would like for it to be in when you buy it. Your agent will walk you through the process and explain the ins and outs of how the contract works, and how to request repairs from the seller. Once agreed, the sellers will be obligated by the contract to follow through on their legal agreement to remedy your concern.
There may be instances where some items cannot be completed prior to closing. There are several options you can utilize to work out an agreement that works for all parties and still close on your new home! Some of these options include:
Delaying closing to allow time for repairs to be completed
Holding funds from the seller in an escrow account to cover repairs after closing
The seller pre-paying the vendor in advance for repairs to be completed when they can be scheduled
The final walk-through is a crucial aspect of the home buying process and allows for you to ensure that all agreed-upon repairs were completed prior to closing on your new home. Take your time during this final walk-through and ensure that everything is complete or that there is a plan in place for any items that were unable to be completed and your agent will help you remedy anything that is outstanding!
Jeff Cook Real Estate is the top Realtor® in the Carolinas and his team can make the home buying process simple and enjoyable. Are you a first time home buyer? <a href="https://www.jeffcookrealestate.com/">Contact Jeff Cook Real Estate</a> today for seasoned assistance through every step of purchasing your new home.
2022-04-19T15:11:00-07:002022-04-19T09:19:35-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:12397Waiving Home Inspections | The Benefits and PitfallsWaiving Home Inspections – The Benefits and Pitfalls
Home inspections are traditionally one of the many parts to buying a home. However, with the current real estate market in South Carolina and elsewhere across the United States, some buyers are choosing to waive the home inspection as a means to speed up the purchasing process and make their offer appear more favorable to sellers. While this may place you in a favorable position over other home buying contracts being offered, you need to understand the benefits and pitfalls.
What is the Benefit of Home Inspections?
<a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp">Home inspections</a> are intended to provide accurate information on the current condition of a home. This information is vital to both buyers and sellers. The major systems and areas of a home are inspected by a licensed, trained professional, usually with many years of experience in the construction industry. Home inspections can reveal serious problems with a home, as well as smaller issues that are more easily dealt with before or after a sale.
Common areas covered in home inspections include:
Foundation
Basement/crawlspace
Property drainage
Outer surface materials
Walls, ceilings, floors
Windows and doors
Electrical system
Plumbing system
HVAC system
Heating/furnace
Attic/inner roof components/insulation
Roof
Chimney
Appliances
Attached structures (porch, garage, etc.)
Safety issues
<a href="https://www.hgtv.com/lifestyle/clean-and-organize/common-problems-found-during-home-inspections">Serious problems</a> with any of these areas could mean costly repairs. Armed with this information, the seller may choose to make certain repairs and offer a lower price to compensate for the other, smaller issues. Buyers may choose to offer a lower price if they have to make repairs, or may shy away from the deal altogether to avoid costly, time-consuming projects.
The <a href="https://www.investopedia.com/financial-edge/0511/10-reasons-you-shouldnt-skip-a-home-inspection.aspx">most significant benefit of home inspections</a> is the advance information about the home’s condition. Buyers can negotiate and make a purchase deal armed with facts, and not get stuck with huge, unexpected repairs and monumental expenses down the road, after the purchase.
Why the Trend Toward Waiving Home Inspections?
The <a href="https://www.nerdwallet.com/blog/2021-home-buyer-report/">2021 Home Buyer Report</a> from NerdWallet indicated that about 21 million Americans planned to buy a home in 2021. The number of available homes in many locations, including the Southeast, is insufficient for the number of probable buyers. With slowdowns in construction due to COVID-19 and the ongoing supply chain problems, construction materials are scarce and at a premium, making new construction difficult to find and even harder to buy.
This means existing homes are going at a premium and going fast. Many home buyers have expressed frustrations with seeing a new listing for an existing home for sale and calling about it, only to learn it is already under contract. Desirable real estate is going fast – and buyers are doing whatever they can to make their offer more desirable.
Some measures buyers are using include offering premium pricing, as much as $20,000 or more, over the asking price to shut down bidding wars and lock in their offer. Others are making sure their financing is locked in and showing proof as a guarantee to the seller that the money is in hand, making for a quicker sale and closing.
Another trend has been to <a href="https://www.realtor.com/advice/buy/should-i-waive-a-home-inspection/">waive home inspections</a>. This eliminates one element of the selling/purchasing process to speed up the transaction. And, since the real estate boom is causing delays in everything, including home inspections, this can be a significant factor in closing a sale. While this trend actually began during the height of the COVID-19 pandemic for health reasons, it persists as a means to make a buy offer more attractive.
I’m Buying a Home – When Would I Safely Choose to Waive the Home Inspection?
Is there any time when <a href="https://education.bankerstrust.com/articles/what-you-should-know-about-waiving-home-inspections/">waiving home inspections</a> is safe, or even recommended? Most experts say no, that the small investment, even the delay in the process, is warranted because of the potential savings. Even new construction can have problems from hurried contractors, shoddy workmanship, safety issues, out-of-code issues and more.
If the real estate you are buying is new construction and comes with a builder warranty, it might be conceivable to skip a home inspection. Another situation would be buyers purchasing a home they have been renting for some time. They would already be familiar with the home and know of any major problems.
An experienced real estate investor or home flipper may feel confident skipping home inspections due to already planning significant renovations. Plus, many of these investors keep up to $50,000 in an emergency fund to handle the unexpected. They can still recoup their investment even with major repairs, especially in the current real estate market.
Get Seasoned Guidance When Buying a Home
Regardless of how many home buying contracts you have negotiated, it is always wise to get advice from a seasoned real estate professional. Specific questions like waiving home inspections can only really be answered accurately according to the unique situation, and a Realtor® is best equipped to provide answers.
Jeff Cook Real Estate can help you <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">perform your due diligence</a> when buying a home in the Carolina communities of Myrtle Beach, Greenville, Charleston, Columbia, Rock Hill and Charlotte. Contact us today with your questions about Carolina real estate, home inspections, home buying contracts and more.2021-12-28T06:24:00-07:002022-01-20T06:45:41-07:00Lauren Browntag:jeffcookrealestate.com,2012-09-20:12060Buying a Home | What is 'Due Diligence’ When Buying a Home?Many people are unschooled about the various aspects of buying a home. The purchase of a new home is likely the largest investment most people will ever make, so it pays to learn what you need to know before buying a home. One of the home buying terms you will hear often, is “due diligence.” What exactly does that man, and where does it fit into buying a home?
Due Diligence Defined
The most basic definition of “due diligence” is getting to know something – all about something – so that intelligent decisions can be made. Doing your “due diligence” when buying a home means investigating the various aspects of the property in question and the proposed deal.
One of the most common home buying terms you may hear is a “due diligence period.” This is the timeframe between entering a contract and actually closing the purchase deal that gives time to discover any defects in or around the property that you may want addressed. Often, you can cancel the deal during this time if too many problems are discovered.
In short, doing your due diligence as a new home buyer means getting to know everything possible about the property you are seeking to purchase. Let’s break that down into manageable chunks so you can see how “due diligence” applies.
Get to Know the Neighborhood
It’s important to become familiar with the area around your prospective new home. Bad neighborhoods, shady neighbors, nearby bothersome utility installations or factories and a host of other concerns can negatively impact a property’s value. Not to mention make it a miserable place to live. Talk to other area homeowners and as many neighbors as possible for an honest appraisal of the area’s reputation.
It is always wise to learn about any HOAs and their policies that affect your neighborhood or new home. Some can be very beneficial and keep property values high; others can be like living in a dictatorship. HOA fees, restrictions, membership regulations and more should be carefully investigated and considered as part of learning all you need to know before buying a home.
Get to Know the Property
If the location seems to be a good fit (remember – “Location, location, location!”), it’s time to begin your due diligence about the property you are interested in buying. A walk-through with the realtor and/or owners is a good place to start, but don’t expect to learn everything you need to know. Sellers often use this to “put their best foot forward” and showcase the best parts of the home. That’s nice, but you aren’t just buying the nice parts – you are buying it all. So, you need to dig deeper.
This can begin with the seller’s disclosures. Some states require sellers to disclose certain things about the house up front. For example, federal law requires that owners of homes built before 1978 disclose information about <a href="http://www2.epa.gov/lead/real-estate-disclosure">the presence of led-based paint</a>.
Seller’s disclosures become a part of your real estate contract. According to <a href="https://www.scstatehouse.gov/code/t27c050.php">South Carolina Code § 27-50-40</a>, sellers must provide potential buyers a written disclosure statement that reveals any known defects about the property. The law specifies nine different areas that must be covered, if defects exist.
It is also wise to pay attention to a pre-sale home inspection report. This report will contain any discovered problems with the home, as well as recommendations for other inspections of a more specific nature, if other problems are suspected. This can include a structural inspection, destructive pest inspection, radon gas inspection and even a <a href="http://www.consumer.ftc.gov/articles/0124-tests-defective-drywall">defective drywall inspection</a>.
Another key part of doing your due diligence is to obtain a land survey, or a copy of one recently completed. This can prevent serious misunderstandings later, like discovering that your neighbor’s inground pool sits partially on your property.
Get to Know Your Standard Protections
A local realtor from Jeff Cook Real Estate can help you understand more about the area and what specific insurance provisions may be required. In some areas, you may be required to obtain specific flooding insurance in addition to your homeowners insurance policy. Depending on how you plan to use the property, you may need other forms of property insurance.
Obtaining title insurance can protect you from hidden title problems that weren’t discovered during the initial title search. While rare, this can happen, including such items as errors or omissions in deeds, mistakes in examining records, forgery or undisclosed heirs that may be in line for an inheritance that includes your property.
Get Professional Help When Buying a Home
Doing your due diligence before actually purchasing a property can save you from numerous costly and time-consuming headaches. Learn what you need to know before buying a home. <a href="https://www.jeffcookrealestate.com/contact/">Contact Jeff Cook Real Estate</a> in North Charleston, South Carolina, when you need help with researching or buying a new home.
2021-11-07T12:49:00-07:002022-06-17T13:03:47-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:11852Buying a Home | What is an HOA?<img src="https://assets.site-static.com/userfiles/1451/image/JCRE_3.png" width="1200" height="800" alt="HOA" />
If you are seeking to buy a home in the communities of Charleston, Columbia, Greenville, Rock Hill, Charlotte or Myrtle Beach, you may encounter an HOA. While these non-profit, local organizations can have many benefits for their members, some people may find them overly restrictive and even invasive. Before purchasing real estate in any neighborhood, you should know more about HOAs and the specific contracts each may have for members. A representative from Jeff Cook Real Estate can help you get in touch with the leadership of specific HOAs so you can learn more about what they offer and require.
Why Do Homeowners Form an HOA?
HOA stands for Homeowners Association, and it consists of member homeowners in a local geographic area and elected leaders. The members voluntarily band together into this group in order to benefit the entire neighborhood or complex. HOAs can consist of single-family real estate owners, condo owners or other residents. Many modern, planned real estate developments include an HOA that is mandatory for its residents. Approximately <a href="https://ipropertymanagement.com/research/hoa-statistics">58% of homeowners</a> across the United States live in HOA communities.
Typically, an HOA’s overall purpose is to preserve and enhance a community’s property values. Most of the requirements established by an HOA deal with appearances, including individual property cleanliness, condition and repairs. Uniformity is usually an important guideline in many HOA charters.
The HOA often provides additional services for its members that are funded out of the monthly HOA fee. Use of some cooperative facilities like swimming pools, tennis courts or event buildings can be provided. Many condominium HOAs provide basic building maintenance, landscaping and lawn care, parking lot care and snow removal. Extra expenses for such items as tree trimming, parking lot repairs, roofing repairs or other major needs can be assessed to each member of the HOA, usually divided equally among them.
Members of an HOA elect a board of directors or a president to handle the organization’s affairs and finances. These leaders are also responsible to enforce the HOA’s guidelines among the members, as established in the HOA’s charter.
Should I Be Wary of Buying a Home Within an HOA?
An HOA can be a definite benefit in many ways to those owning real estate in the community. Your neighborhood’s property values will remain high and even grow as each member adheres to the guidelines and keeps their property shipshape. But you should be aware of some potential headaches with HOA membership.
Excessive Fees
The membership fees required by many HOAs can seem excessive. HOA fee increases actually <a href="https://www.trulia.com/research/hoa-fees/">outpaced home prices</a> between 2005 and 2015 by 17.3%. Be sure to closely examine the charter of any HOA in a prospective community to learn about their fees and benefits.
Restrictive Regulations
Many HOAs have <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-associations-tips.asp">strict regulations</a> about fences, types of fences or landscaping, colors of house and trim paint and even how many vehicles can be parked in the driveway. The HOA’s charter will spell out these restrictions, and also the penalties for violating them. The HOA’s leadership often has the authority to impose fines to force compliance.
Inept Management
Buying a home in a community with an HOA means you accept the membership guidelines and leadership. Sometimes the leaders of an HOA are inept or even corrupt; you could enter into in a bad situation without knowing it. This is a topic that should be closely investigated when seeking to purchase real estate in an area with an HOA.
Learn More About HOAs with Jeff Cook Real Estate
Jeff Cook Real Estate can help you learn more about local HOAs in communities throughout Charleston, Columbia, Greenville, Rock Hill and Myrtle Beach, South Carolina, or Charlotte, North Carolina. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> with your questions and needs concerning real estate. 2021-10-18T09:15:00-07:002021-10-07T08:47:26-07:00Tally Nelsontag:jeffcookrealestate.com,2012-09-20:10659What to Keep for Taxes after Buying a Home<img src="https://assets.site-static.com/userfiles/1451/image/Homeowner_Taxes.png" width="2674" height="1783" alt="Taxes for Homebuyers" />
Buying your very first house is an incredibly large step, plausibly an overwhelming decision to make as a part of one's life. It is, however, a good investment and could signify the results of your fruitfulness and years of hard work. Financially speaking, being a real estate owner entails a more complicated taxation process than when you do not own a property. This does not mean it is all complex and stressful. Having your own home could also give you tax advantages, making you save more money than you anticipated. Here is everything you need to know about what is recommended when doing your taxes after purchasing a home, including the benefits of being a homeowner when it comes to taxes.
Tax Breaks
Homeownership offers numerous perks and introduces a new world of tax breaks. Before owning a house, the standard deduction is what you most likely have been claiming, but upon possessing a home you can opt to itemize deductions on your tax returns. Once you begin the process of itemizing, the things you usually pay can now earn you tax-saving deductions. Enumerated below are some of the tax breaks that will come to your attention after entering the world of real estate.
Interest on your mortgage
The <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/">mortgage</a> interest deduction is one of the largest tax breaks for most homeowners. You can withhold your investment's mortgage interest, with a few situational exemptions, like a yearly cap, for instance. The odds of this happening are low, nevertheless. A tax year usually ends in January, and afterward, you will have to expect your lender to point out the IRS form particularizing your annual interest paid. You have to ensure that you will also include further interest you funded since this is essential to your closing balance. These should be written on your settlement sheet for the house purchase. Lenders will also send the first months' interest of your loan. You may seek assistance from the person or institute who lent you the money to specify this to you. However, you have to add this to the sum of your interest when you do your taxes in case it is not included in your 1098.
Taxes on the properties
The cash you fund in local charges can be put under deductibles. If you have your taxes sorted out through a moneylender <a href="https://gofirstnations.com/what-is-an-escrow-account/">escrow</a> account, you will discover the sum on the form you submitted. Personal records through checks and transfers, among others, are what you will be having if you go directly to the tax authorities in your area. Furthermore, plausibly discoverable on the settlement sheet are the off chances that you repaid the vendor for any land charges they paid ahead of time while you claimed the home. Note that you also have to incorporate those installments.
Points to pay
Upon <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">purchasing</a> a home, you may need to pay "points." This charge is normally communicated as a level of the advance sum. If the credit is received by your home and the measure of points you pay is in accordance with your space, the points are deductible as "interest" so long as the money you paid at your closing through your down payment can be equated to the points.
The world of homeownership
Now that you are equipped with this knowledge, buying a house and immersing yourself in paying taxes, mortgages and loans is less "taxing" now, right? Sure, purchasing your first home can be quite an overwhelming decision initially, but through a guided mindset and a decent knowledge about the workings of taxation in the field of real estate, homeownership can go by like a piece of cake.
2021-05-10T08:00:00-07:002023-08-29T08:11:18-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10361Mortgage Payment Structure Explained<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_23.png" width="800" height="524" alt="Mortgage Payment Structure" />
If you're like many new homeowners, you most likely write a new check every month for your mortgage without understanding how mortgage payments work. Mortgages <a href="https://www.jeffcookrealestate.com/blog/budget-tips-to-relieve-the-stress-of-high-house-payments/" target="_blank">can be stressful</a>, and many property owners have no idea how much interest rate or what they owe on the mortgage balance.
They spend a lot of their time attempting to acquire favorable loan terms, only to forget all about it once they buy their dream house. All homeowners need to at least have basic knowledge about their mortgage payments
So, what is a mortgage?
This is a long-term loan that is purposely designed to help home buyers purchase a house. Besides reimbursing the principal amount, it is also required that you pay the lender interest. The house, along with the land surrounding it, is collateral. However, if you want to own a home, you need to have more than this basic knowledge.
The four parts of your mortgage
1. Principal
The principal is the original amount given by the lender. This is the part of the reimbursements utilized to reduce the amount you owe. The bigger the balance, the higher the mortgage repayment.
If you chose the fixed-rate alternative, your principal reimbursement would be constant until you finish paying off the loan. There are plenty of details about your repayment on your amortization schedule. It is an analysis of each <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/" target="_blank">type of available payment</a>. Usually, a significant portion of the principal is reimbursed on the back half of your mortgage.
2. Interest
This is a percentage added to the loan balance as reimbursement to the creditor. Banks do not lend people funds expecting nothing in return. Typically, interest is the amount the banks charge on the principal amount.
3. Tax
As a home buyer, you must be prepared to make house payments in the form of property tax and mortgage repayments. Typically, the municipal taxes are arrived at depending on your house's value.
4. Insurance
Mortgages also include the buyer's insurance, which lenders need to cover any damage to the house, which is seen as collateral, together with everything inside it. Additionally, it covers particular mortgage insurance, which is a requirement if the buyer makes a down payment of less than 20% of the house's buying price. Generally, insurance is engineered to shield the creditor if the borrower is unable to pay back the mortgage.
Conclusion
Whether you're purchasing a home for the first time or utilizing customary funds to invest, it is vital to comprehend every factor of your mortgage. Begin by familiarizing yourself with the mortgage components and make sure any questions you might have, have been answered exhaustively. More knowledge about your mortgage repayment translates to <a href="https://www.jeffcookrealestate.com/sellers/jeff-cook-offers/" target="_blank">better decisions</a>.
2021-03-29T06:00:00-07:002021-05-27T07:23:28-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:10308When is the Best Time to Buy a Home?
Have you ever wondered if now is the “right time” to make a move and buy or sell your home? It’s important to take into consideration the interest rates and how they will affect your monthly house payment. The cost to wait to purchase a home or <a href="https://www.jeffcookrealestate.com/buyers/refinancing/" target="_blank">refinance</a> your current home loan could be significant if the interest rate increases.
Did you know that for every 1% increase in interest rate, you lose 10% purchasing power?
For example, if you wanted to buy a $300,000 house, but the rate increased by 1%, you could then only afford a $270,000 house in order to have the same monthly payments. You could see your monthly house payment drop by hundreds of dollars just by making a move quickly when interest rates are low.
Just imagine what you could do with the money you’re saving by locking in a low-interest rate!
Jeff Cook Real Estate understands that making a decision on your home is a big deal and we don’t take that lightly. Our team of experts stay up to date on local market trends and gives you the resources to make the best decisions on when to refinance, buy, or sell your home. Give us a call at 855-HEY-JEFF to speak with an agent today!2021-03-19T07:59:00-07:002021-03-19T11:01:59-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:9884Should I Use a Realtor When Buying New Construction?<img src="https://assets.site-static.com/userfiles/1451/image/unfinished_housing_frame.jpg" width="1200" height="800" alt="Unfinished House Frame" />
Buying new construction can sometimes be a daunting task. If you're <a href="https://www.jeffcookrealestate.com/blog/5-tips-for-first-time-home-buyers/" title="5 Tips for First Time Home Buyers" target="_blank">new in the real estate market</a>, you might not get it right due to the many processes involved. However, some people are still stuck on whether to look for a home by themselves or get the help of a realtor. The best way to go about this is by using a real estate agent who'll guide you throughout <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/" title="Process of buying a home" target="_blank">the process</a>. Real estate agents have lots of experience in the industry and understand the market trends. Below are some top reasons why you should consider using a realtor when buying new construction:
Help You in Price Negotiation
Realtors have the necessary skills for negotiating prices of new constructions on the behalf of the buyer. Since most new constructions are quite expensive, you can save some money by giving a realtor the duty to negotiate on your behalf. Most builders usually give a base price for new constructions. However, if you need some customizations on the property, your realtor can help you in negotiation. In this case, you'll get a price cut from the initial price and you'll end up getting the necessary upgrades.
Knowledge of Market Trends and Patterns
A realtor always knows the best time you can buy a new home. Due to the wide connections that realtors have in certain areas, they're able to tell when there are likely to be great deals. Just like any other market, the real estate market has its demand and supply patterns. When the demand is higher than supply, you're likely to spend a lot of money purchasing a new construction because the prices will be higher and vice versa. Therefore, if you keep in touch with a realtor, you'll be updated on the best time to purchase a new property.
Property Inspections
Some people don't understand the importance of a new <a href="https://www.accuviewhomeinspections.com/2021/02/09/home-inspection-when-buying-a-house/" title="Home Inspection When Buying a House" target="_blank">home inspection</a> until they move into the property and find out that toilets, sinks, septic, and other fixtures aren't working properly. A home inspection is an essential aspect of the buying process. A realtor will help you to inspect a property before buying. Realtors have a better understanding of house parts where you're likely to find some underlying problems. The major issues, in this case, are usually associated with plumbing.
Finding the Best Builders
An experienced realtor understands the local market better. Therefore, if you want to get the <a href="https://www.jeffcookrealestate.com/blog/8-questions-you-must-ask-before-hiring-a-home-builder/" title="8 Questions You Must Ask Before Hiring a Home Builder" target="_blank">best builder with quality workmanship</a> and a good track record, you won't have to move up and down looking for references from your friends or colleagues. With the help of a realtor, your work will be just coming up with a home buying checklist stating the general layout that you want depending on your taste and preference.
In conclusion, these are some of the top reasons why it's essential to use a realtor when buying a new home. However, the truth is that you're likely to even spend more if you don't get professional help.2021-02-15T06:00:00-07:002021-02-16T07:57:59-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:9234How to Shop For A Mortgage Company<img src="https://assets.site-static.com/userfiles/1451/image/Shopping_For_A_Mortgage_Company.png" width="1200" height="800" alt="Shopping For A Mortgage Company" />
For most people—especially first time home buyers—taking out a mortgage can be a scary thing. If you do your research and weigh your options, though, there's no need to fear! The fact you're on this page at all means you're headed in the right direction. Below, we'll take an in-depth look at how to shop for mortgage lenders.
Evaluate Your Credit Score
Mortgages are a loan like any other: interest rates will be higher if you have a poor credit rating. If you do have a poor credit rating, it's better to <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">improve it</a> before applying for a mortgage, since you’ll want the lowest rate possible for these long-term loans.
Know About the Types of Mortgage Lenders
It's important to note that your bank is not always the best option for your mortgage - they may offer you low-interest rates if you're a long-time member, but don't just assume they're the best choice. Shop around!
Mortgage brokers are companies that shop for lenders on your behalf. They require you to pay a percentage of your mortgage - normally 1-2 %. This usually isn't worth it. With time and patience, you can find a great lender on your own.
Credit unions are funded by members, using deposits to make loans. If you're a member of a credit union, consider looking for mortgages through them as you might get lower interest rates.
Correspondent lenders fund their own loans but then sell them to a larger mortgage company, like a bank. Correspondent lenders may be able to negotiate with those larger lenders to get you a better deal.
Remember that which type you choose really depends on your individual needs.
Learn About the Types of Mortgages
There are two main <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">types of mortgages</a>: fixed-rate and adjustable-rate.
Fixed-rate mortgages have fixed interest rates that never fluctuate over the life-span of the loan. These mortgages are better for people who think they’ll be in their home for a long-time or the full length of the mortgage.
Adjustable-rate mortgages have a fixed rate for a certain period of time but fluctuate after that period of time. These are a good option for people who think they'll sell the house after a few years, so they can get lower initial interest rates and save money.
Select A Few Lenders to Evaluate
Ask friends, family members, or your realtor for recommendations. The <a href="https://www.consumerfinance.gov/">Consumer Financial Protection Bureau</a> recommends contacting at least three separate lenders. By getting separate quotes from different lenders, you may be able to negotiate with one or the other as they lower interest rates to "win" your business.
Get Pre-Approved
Pre-approval means that a lender has evaluated your financial situation and determined you're a good fit for taking out a mortgage. This means that your offer may be viewed as more competitive. To <a href="https://www.jeffcookrealestate.com/blog/how-do-i-get-pre-approved-for-a-home-loan/">get pre-approved</a>, you'll need to provide the lender with your social security number, financial history, and salary info.
Wrapping Up
We hope these tips provide the help you need to take to secure your first mortgage. Take your time, do your research, and before you know it, you'll feel confident in shopping for a mortgage!2020-10-28T08:00:00-07:002020-10-27T13:49:01-07:00Matt Serratotag:jeffcookrealestate.com,2012-09-20:8885How Do I Get Pre-Approved for a Home Loan?<img src="https://assets.site-static.com/userfiles/1451/image/Canva_-_Person_Looking_at_Phone_and_at_Macbook_Pro.jpg" width="1600" height="1068" />
Borrowing money to purchase a new house usually comes down to 2 options; mortgages or home loans. As the latter is a much risk-friendlier choice for first-time homeowners, people usually opt for a pre-approved home loan to feel safer. That said, in this article, we are going to cover the whole process of getting a pre-approved home loan but not before we clarify what the concept actually means.
What is Home Loan Pre-Approval?
A home loan is a sum of money one borrows from a lender to buy a new house without listing the house as collateral (proven valuable asset the lender has the right to take in case you can't repay the loan), just like you would have to do with mortgage loans. A pre-approved home loan, also called a conditional home loan, is the term used when the lender finds you eligible and agrees IN ADVANCE to lend you the money before you actually proceed to buy the home and without making a proper, official home loan application.
Why Should You Get a Home Loan Pre-Approval?
While getting a home loan pre-approval isn't mandatory, first-time house borrowers find it useful from multiple considerations
When you have a pre-approved home loan, it is easier for you to find a suitable house since you will already know you are eligible to take the necessary amount for the house. You will also have a rigid understanding of how much you can borrow and you'll know what prices to realistically consider when inspecting your home options.
Pre-approval acts as an eligibility confirmation for the current house-owner as well, allowing you to make a solid offer for the home on the spot.
Having a pre-approval means you already have completed most of the legal work and therefore it will be much faster and easier for you to take the actual loan after you decide which house to buy.
How to Apply for a Home Loan Pre-Approval
The process of applying and getting a pre-approved home loan in part translates to showing your lender enough proof that you are eligible and trustworthy of lending money as that's the main concern of lenders, to get their money back and moreover, on time. That said, here are the 5 common steps you will have to take to get a home loan pre-approval.
1. Review Your Current Finances and Prove You Are Eligible
First and foremost, you have to determine how eligible you are by reviewing your current finances. Depending on how much money you have and you're able to produce, the lender will decide how much of the house total cost he will pay for. Your repaying capacity will be determined by your current monthly income (composed of disposable and surplus income), personal assets, total capital, liabilities, income stability, partner's income, and others.
Lenders usually check if at least 50% of your monthly income is available for repayment and depending on the tenure and interest rates, they will decide the final loan amount. Your eligibility will be the defining factor for what's the maximum amount you can borrow, the highest rate usually being 90% of the total house cost.
2. Choose the Home Loan Type
There are 2 main home loan types; fixed and flexible interest rate home loans. A fixed home loan means the interest rate of the loan will be steady for the whole repayment process and it usually is combined with a redraw capability, which allows you to make extra repayments. A flexible home loan has fluctuating interest rates (the rate usually changes based on the market rates and other influences) and sometimes allows for an offset account which can reduce interest rates periodically.
3. Pick Your Home Loan Cosigner
A cosigner or a co-applicant is an additional person who takes responsibility for the loan repayment in case you fail to repay. To make up for the lack of collateral, lenders require you to get a cosigner to make sure they're getting the money back. You can underwrite your partner or co-owner of the house as the loan cosigner but if you don't have any, any close relatives are also compatible.
4. Present the Required Documents
A pre-approved loan application form will come with a checklist of documents required, along with a photograph attached to it. Besides regular legal documents linked to the purchase of the house, the lender will also demand your residence documents, current salary income (provided by your employer or yourself), a Form 16/income-tax-return in case you're a business owner, and a bank statement of your balance sheet of the last 6 months.
5. Fill the Pre-Approved Home Loan Application with Your Lender
Once you've completed all the above steps, together with your lender, you will have to fill the final application where you'll agree with all the legal terms, with the loan amount, the interest rates, and finally sign. Once the application is filed, you'll have to wait for approval, which usually does not last long.
Now that you know how to buy a home easily and safely, why it's a good idea to get a pre-approved home loan and now that you're also familiar with the process of getting one, find a suitable house and go get it with a home loan.2020-08-26T13:27:00-07:002020-08-26T13:41:20-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8578Best of Mount Pleasant's Neighborhoods<img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-mount-pleasant.jpg" alt="Where are the Best Neighborhoods in Mount Pleasant?" width="475" />As one of the fastest-growing communities in the nation, it's easy to see how desirable the <a href="https://experiencemountpleasant.com/live/" target="_blank">Mount Pleasant</a> area is to live in. Less than 10 miles away from the booming city of Charleston, Mount Pleasant is home to over 80,000 residents who can attest to the wonderful community it is.
From the Mount Pleasant Capital Improvement Plan that aims to cultivate advancements within the community, to the excellent school system, to its close proximity to the water, Mount Pleasant encompasses many features that check off big-ticket items on buyers' wish lists. This is an area that embraces the outdoors, with its multiple parks and recreational complexes for both kids and adults, offering an abundance of pleasantries for its residents.
What can $300,000 get you in the Mount Pleasant Area? There are <a href="https://www.jeffcookrealestate.com/blog/introducing-best-of-your-neighborhood-series/">a few great neighborhoods</a> within the Mount Pleasant area to check out if you're looking to keep in the $300,000 budget range. With Mount Pleasant's intrinsic southern charm, you're bound to find something that you and your family will be happy to call home!
What are the best <a href="https://www.jeffcookrealestate.com/mount-pleasant/">Mount Pleasant</a> area neighborhoods to buy real estate?
<a style="color: #000;" href="https://www.jeffcookrealestate.com/mount-pleasant/">View homes for sale in Mount Pleasant today >>></a>
Royal Palms
The <a href="https://www.jeffcookrealestate.com/property-search/results/#city_Mount%20Pleasant/subdiv_Royal%20Palms/">Royal Palms</a> townhouse community offers many spacious homes within the $300,000 budget range, allowing it to be an economical option for growing families. These newly built three story homes range in size from either 3 bedroom 3 bathroom to 4 bedroom 4 bathroom, and each has its own personal 2 car garage. This community is located in the center of Mount Pleasant off of Highway 17 N making it very accessible to shops, the downtown, and schools.
Snee Farm
Located on Snee Farm Golf Course, the <a href="https://www.jeffcookrealestate.com/property-search/results/#subdiv_%2FSnee%20Farm%2F/">Snee Farm neighborhood</a> is a secluded, scenic place to call home. If you're looking for a cozy 2 bedroom 2 bathroom or 3 bedroom 3 bathroom that also has great views, look no further than here! Enjoy Snee Farm's community pool or hit the green as a local member of the Snee Farm Country Club. Just a short drive or bike-ride away from all that downtown Mount Pleasant has to offer. This neighborhood is aligned for students to attend high ranked Jennie Moore Elementary School, Laing Middle School, and Wando High School.
Cambridge Lakes
Another cozy community in the Mount Pleasant area that fits within the $300,000 price range is <a href="https://www.jeffcookrealestate.com/property-search/results/#city_Mount%20Pleasant/subdiv_Cambridge%20Lakes/">Cambridge Lakes</a>. This gated neighborhood offers waterfront views and is set in the heart of Mount Pleasant with a central location to shopping, dining, the beach, and schools. Stay active living in the Cambridge Lakes community, as it accommodates its residents with a pool, gym center, and a clubhouse! It's another ideal location for children as students of this community will attend Mamie Whitesides Elementary School, Laing Middle School, and Wando High School.
Do you think you're interested in house hunting in the Mount Pleasant area? Let Jeff Cook Real Estate's experts help you explore the area and find the neighborhood that suits you and your family's needs best!
<a style="color: #000;" href="https://www.jeffcookrealestate.com/mount-pleasant/">View homes for sale in Mount Pleasant today >>></a>2020-07-08T12:05:00-07:002020-08-04T14:14:38-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8569Popular North Charleston's Neighborhoods<img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-north-charleston.jpg" alt="Where are the Best Neighborhoods in North Charleston?" width="475" />About six miles outside of Charleston, <a href="https://www.jeffcookrealestate.com/north-charleston/">North Charleston</a> is the third-largest city in South Carolina, presenting over 50 suitable neighborhoods for families of Charleston commuters. North Charleston has recently received multiple renowned awards, including those from the National League of Cities Award for Municipal Excellence and Home Depot Foundation's Award of Excellence for Sustainable Community Development. The city presents many attractive assets, including parks, gardens, and historical sites.
Some of the top parks include Riverfront Park, Wannamaker County Park, and Butterfly Garden, to name just a few. It is also well known for its plethora of year-round events, including the North Charleston Farmers Market, theatre performances, and holiday festivals. With North Charleston's Academic Magnet High School receiving national recognition for excellence, this area is <a href="https://www.jeffcookrealestate.com/blog/introducing-best-of-your-neighborhood-series/">a great neighborhood to consider</a> for your next place to call home.
What can $300,000 get you in the North Charleston Area? With all that North Charleston has to present to its residents, here are a few of the many wonderful neighborhoods we recommend looking in when searching for the perfect home that won't break your budget.
What are the popular North Charleston area neighborhoods to buy real estate?
<a style="color: #000;" href="https://www.jeffcookrealestate.com/north-charleston/">View homes for sale in North Charleston today >>></a>
Park Circle
Founded in the early 1900s, <a href="https://www.jeffcookrealestate.com/charleston/park-circle/">Park Circle</a> embodies Charleston's historic district. It first earned its name as Garden City and is one of the first landscape architecture areas in South Carolina. It is now home to many local businesses and restaurants that illuminate the unique community. If you're a fan of outdoor dining, Park Circle is definitely a spot to check out as many of the restaurants offer year-round sidewalk dining. As for real estate, Park Circle offers many mid-sized homes, with options ranging from 3 bedroom and 3 bathroom to 4 bedroom and 3 bathroom homes within the competitive $300,000 price range.
Coosaw Creek
<a href="https://www.jeffcookrealestate.com/property-search/results/#subdiv_%2Fcoosaw%20creek%2F/">Coosaw Creek</a> is a gated golf club neighborhood that is located about 30 minutes from Charleston, allowing it to be the ideal location for city commuters who like to tee up on the weekends. Offering a variety of homes ranging from 3 bedrooms to 5 bedrooms in the $300,000 range, Coosaw Creek is one of the most affordable golf communities to live in the Charleston area. With a well-renowned school system, Coosaw Creek is perfect for expanding families. In addition to the golf course, this neighborhood offers many other amenities for residents, including a community pool and recreational courts.
If North Charleston sounds like the place for you, get in touch with Jeff Cook Real Estate's local experts who are happy to help you find the home of your dreams in a neighborhood you'll love.
<a style="color: #000;" href="https://www.jeffcookrealestate.com/north-charleston/">View homes for sale in North Charleston today >>></a>2020-07-07T13:06:00-07:002022-04-27T13:26:51-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:8568Best of West Ashley's Neighborhoods<img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-west-ashley.jpg" alt="Where are the Best Neighborhoods in West Ashley?" width="475" />For those searching for an up-and-coming community to call home, while remaining loyal to their budget, look no further than the district of West Ashley. Located alongside the scenic Ashley River, West Ashley is a community with homes perfect for those looking for a rapidly growing area within close proximity to Charleston.
Currently in the midst of a revitalization, the historic town of West Ashley is located about six miles from Charleston, with shopping centers such as the Citadel Mall nearby. Aside from their prowess as a rising area in South Carolina, West Ashley is known for its adjacency to the Ashley River and recreational outdoor areas, including bike paths, beaches, and more. With multiple high ranked schools, West Ashley is one of a number of <a href="https://www.jeffcookrealestate.com/blog/introducing-best-of-your-neighborhood-series/">great South Carolina neighborhoods</a> that both you and the kids will love!
What can $300,000 get you in the West Ashley Area? There are attractive subdivisions within the revitalizing West Ashley community to consider, with some likely vying to become the home of you and your budget's dreams.
What are the best West Ashley area neighborhoods to buy real estate?
View homes for sale in West Ashley today >>>
Avondale
Located in the center of West Ashley, <a href="https://www.jeffcookrealestate.com/charleston/avondale/">Avondale</a> is a prime community to call your own. It's close location to the West Ashley greenway makes it a great choice for those who love walking and biking in the outdoors. Being situated between the Savannah Highway and Saint Andrew Boulevard allows for Avondale to be fully accessible to local high rated schools, shops, and restaurants. Homes in Avondale range from $105,000 to $545,000 on average, making it a smart place to shop if you're looking in the $300,000 range.
Carolina Bay
As one of West Ashley's newest up and coming neighborhoods, <a href="https://www.jeffcookrealestate.com/charleston/carolina-bay/">Carolina Bay</a> offers many new build homes. Ranging from 3 bedroom 3 bathroom to 4 bedroom 4 bathroom homes, Carolina Bay is suitable to fit families of all sizes! As a new area, it also offers the enticing feature of proposed construction, which allows buyers to have the freedom to include their own suggestions before the home is built. This neighborhood is ideal for the whole family, as amenities include swimming pools, a dog park, outdoor community entertainment areas, and walking and biking trails.
Is West Ashley a new contender for your list of top areas in South Carolina? Connect with Jeff Cook Real Estate and their local experts to help you learn more about what the West Ashley area has to offer.
View homes for sale in West Ashley today >>>2020-07-07T12:33:00-07:002022-09-28T00:41:00-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8557Best of Summerville's Neighborhoods <img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-summerville.jpg" alt="Where are the Best Neighborhoods in Summerville, SC?" width="475" />On the outskirts of Charleston, Summerville is a <a href="https://www.jeffcookrealestate.com/blog/introducing-best-of-your-neighborhood-series/">great neighborhood to call home</a> if you're looking to live near the bustling city. As the birthplace of sweet tea, Summerville embodies southern charm through its historical roots. The town gained its name in the late 1700s when the people of Charleston and Lowcountry, South Carolina took to the area from May to August to sojourn from the summer heat in a place by the coast and Ashley River. Thanks to Summerville's beautiful landscape, it's also nicknamed "Flowertown". <a href="https://www.jeffcookrealestate.com/summerville/">Summerville</a> offers tons of dining, shopping, outdoor recreation, and historical sites, making it a perfect area to live in and explore. Summerville is even a good spot for the kids too, with multiple top-rated schools throughout the town.
What can $300,000 get you in the Summerville area? Throughout Summerville, there are a few different neighborhoods to consider when searching for a new home that will be tailored to your needs. From the Wescott neighborhoods to the historic district, to Carnes, there are lots of options for under or around $300,000.
What are the best Summerville neighborhoods to buy real estate?
<a style="color: #000;" href="https://www.jeffcookrealestate.com/summerville/">View homes for sale in Summerville today >>></a>
Wescott Plantation
The <a href="https://www.jeffcookrealestate.com/charleston/wescott-plantation/">Wescott Plantation</a> neighborhood is an ideal location for a growing family with multiple 3 and 4 bedroom homes on the market in the $300,000 price range. This neighborhood offers close proximity to the beaches, Charleston, schools, and shopping, allowing it to be easily accessed by city commuters, beachgoers, and students alike!
Historic District
Walking distance from downtown Summerville's shops and restaurants, the <a href="https://www.jeffcookrealestate.com/property-search/results/#subdiv_%2FHistoric%20District%2F/">Historic District</a> is another neighborhood that families love to call home. In the 1970s, this neighborhood was listed on the National Register of Historic places and has since then been a preserved area flourishing with history and charm. The Historic District neighborhood offers a variety of home styles and sizes, from classic 2 bedroom ranches to larger new construction homes. With something that fits everyone's needs, <a href="https://discoversouthcarolina.com/articles/walking-tour-of-historic-summerville" target="_blank">this historically rich neighborhood</a> is bound to check every want off of your family's wishlist.
Carnes
Carnes Crossroads is an up and coming community in the Summerville area that is blossoming with three different neighborhoods. Currently, the St. Thomas Park and St. James Park neighborhoods are fully established, with a third, Philips Park, underway. The Carnes development encompasses many perks for its community, including parks, trails, lakes, and a neighborhood venue called the Green Barn. The Green Barn is located by the community pool and offers events such as live concerts and workout classes for residents.
There is a private school for K-12 that is walking distance to most of the neighborhoods within Carnes, Northwood Academy. There is also the Northwood Church for members of the community to attend as well. <a href="https://carnescharleston.com/" target="_blank">Carnes Crossroads</a> homes are created traditionally in style offering anywhere from 1 bedroom to 4 by different builders including, David Weekley Homes, Eastwood Homes, Pulte Homes, and Sabal Homes.
Are you sold on the Summerville area yet? Let Jeff Cook Real Estate help guide your search by providing you with the local experts who will help you say yes to your new home!
<a style="color: #000;" href="https://www.jeffcookrealestate.com/summerville/">View homes for sale in Summerville today >>></a>2020-07-06T12:36:00-07:002020-08-04T14:08:33-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8556Best of Nexton's Neighborhoods <img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-nexton.jpg" alt="Best Neighborhoods in Nexton, SC" width="475" />About 25 miles away from Charleston, Summerville sits on the outskirts of the city and presents many <a href="https://www.jeffcookrealestate.com/blog/introducing-best-of-your-neighborhood-series/">great communities in South Carolina</a> that serve as alternatives to the city life for families to call home. Specifically, Nexton, which is one of the biggest up and coming areas in <a href="https://www.jeffcookrealestate.com/summerville/">Summerville</a> for city commuters or families of the Charleston area.
Once a forested tract of land, Nexton is now blossoming as a suburban area that offers restaurants, shopping centers, and housing developments. Nexton is also home to plenty of parks for not only you but for kids and your four-legged family members! Although its school system is relatively new, having opened in 2015, Nexton Elementary has become well known for its innovative technology and accolades.
What can $300,000 get you in the Nexton Area? When looking for a Nexton home, there are a few wonderful neighborhoods to consider that will allow you to find the perfect place while still adhering to your set budget.
What are the best Nexton area neighborhoods to buy real estate? Discover <a href="https://www.jeffcookrealestate.com/charleston/nexton/">homes for sale in Nexton</a> that might set this community apart for you in your home search.
<a style="color: #000;" href="https://www.jeffcookrealestate.com/charleston/nexton/">View homes for sale in Nexton today >>></a>
Brighton Park Village
As the first neighborhood in Nexton, Brighton Park Village offers two-story homes with luxurious backyard spaces that are perfectly poised for entertaining. Brighton Park Village also offers 3 bedrooms 2 bath townhomes and cozy cottages beginning at $250,000. Picture a summer night enjoying your very own courtyard in this flourishing community! Only a bike ride away from parks and the elementary school, <a href="https://www.nexton.com/bpv/" target="_blank">Brighton Park Village</a> has a lot to offer for families who like the great outdoors.
North Creek Village
<a href="https://www.jeffcookrealestate.com/property-search/results/#city_Summerville/subdiv_North%20Creek%20Village/">North Creek Village</a> is ideal for young families looking for a home to suit their exact needs. The homes in the $300,000 range include beautiful stone exteriors and plenty of room for everyone with options of 3-4 bedroom homes. North Creek Village offers an intimate feel, as it is a more rural area of Nexton. Step away from your bustling workday in Charleston to this laid back location that will give you the serenity to spend quality time with loved ones, while still being just a short distance away from parks, the school, and shops!
Del Webb
As an active retirement community, <a href="https://www.jeffcookrealestate.com/property-search/results/#city_Summerville/subdiv_Del%20Webb%20Nexton/">Del Webb</a> offers homes that are built as one story for easy accessibility for the 55 years and older group. These modest-sized homes are ideal for active retirees with extra space for the family to visit. Spend your retirement on the tennis court, in the pool, or joining clubs with your neighbors. Del Webb is located right off of I-26, allowing you to get out and about with ease. Enjoy your retirement and settle in the Del Webb community!
Find a Home in Nexton Today
Are you ready to find your dream home in the booming Nexton area? Jeff Cook Real Estate provides you with the local experts who can find homes your family will love in your desired neighborhood.
<a style="color: #000;" href="https://www.jeffcookrealestate.com/charleston/nexton/">View homes for sale in Nexton today >>></a>2020-07-06T12:08:00-07:002020-08-04T14:06:55-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8555Introducing Best of Your Neighborhood Series<img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/best-neighborhoods-in-south-carolina.jpg" alt="Where are the Best Neighborhoods in South Carolina?" width="475" />Whether you're looking to relocate or simply find a better fit in your area, the experts at Jeff Cook Real Estate understand that moving can be a huge undertaking. Along with the mental and emotional stress of finding the right place, there's the financial stress of finding the right place in your budget. For someone searching for a new place to call home or saying goodbye to a place you've called yours, it's important to feel supported and understood by your real estate agent.
Jeff Cook Real Estate has over 17 years of real estate experience and is distinguished as South Carolina's number one real estate team.
Jeff Cook Real Estate is here for you to help you find your forever home, next step, or your right now place, all while helping you sell your current home. With nine locations throughout the Carolinas, we've got your back to help you explore your new neighborhoods. Follow along with our nine-part blog series, in which we will share information on the best areas to fit your needs near us. Check out our write-ups of all the neighborhoods below to discover if any of them could be the right future home for you:
<a href="https://www.jeffcookrealestate.com/blog/best-of-nextons-neighborhoods/">Best neighborhoods in Nexton</a>
<a href="https://www.jeffcookrealestate.com/blog/best-of-summervilles-neighborhoods/">Best neighborhoods in Summerville</a>
<a href="https://www.jeffcookrealestate.com/blog/best-of-west-ashleys-neighborhoods/">Best neighborhoods in West Ashley</a>
Best neighborhoods in North Charleston
<a href="https://www.jeffcookrealestate.com/blog/best-of-mount-pleasants-neighborhoods/">Best neighborhoods in Mount Pleasant</a>
Best neighborhoods in Columbia
Best neighborhoods in Greenville
Best neighborhoods in Rock Hill
Best neighborhoods in Myrtle Beach
We're here to help take the stress of researching off your shoulders by informing you of the best neighborhoods and school systems throughout Summerville, Nexton, West Ashley, North Charleston, Mount Pleasant, Lexington, Greenville, Rock Hill, and Myrtle Beach, South Carolina.
Stay tuned for our location nearest you, or nearest where you'd like to be!2020-07-06T11:34:00-07:002022-09-27T05:06:26-07:00Megan Williamstag:jeffcookrealestate.com,2012-09-20:8304Best Apps to Use When Searching for a Home<img src="https://assets.site-static.com/userfiles/1451/image/jeff_cook_real_estate_smart_phone_apps.jpg" width="800" height="533" />
Buying a home is one of the most exciting prospects for any person. A great deal of time, effort, and resources are spent searching for the perfect home. If you are someone who is looking for a new home, chances are your pursuit may take several months and numerous disappointments, before you can zero in on the ideal home. With the proliferation of the internet and smartphones, mobile apps for real estate are quickly becoming the norm for people looking to buy and rent homes. They offer wonderful insights and easy access to comprehensive listings, giving customers ample options.
Here are the top applications to use when seeking a new home!
Zillow - Best Overall
Zillow is undoubtedly one of the best known real estate apps, owing to its full-fledged platform. The highlight of the application is 'Zestimate', which assesses the value of more than 100 million homes using sophisticated algorithms. For homeowners looking to sell, it is possible to get an invaluable insight into sale prices. Additionally, Zillow also offers personalized loan quotes and mortgage calculation tools, giving you an end-to-end experience. Notifications of price drops, when bookmarked homes are sold, and new listings make it all the more enticing and valuable.
RedFin - Discounted Fees
As part of the RedFin real estate company, the application features an interactive map-based interface. You can move to any neighborhood and just tap on a listing to see details about a particular home. The application is refreshed every 15 to 30 minutes from the well-known MLS listings and promises the latest updates. Owing to its connection to RedFin, realtor-based insights into properties are also available, in addition to comments from users who have already toured the property. RedFin's highlight is its incredibly low commission fee of 1.5%, compared to the 2 or 3% from competing apps.
Trulia - Comprehensive Searching Tool
Trulia separates itself from the competition by offering a powerful home searching tool. From the number of bedrooms and type of flooring to crime statistics and video tours, you can get a great deal of information about the property and neighborhood. The detailed filter options allow you to easily narrow down your choices and come to a decision. Trulia also includes features such as cost breakdown and mortgage calculator, which are quite handy.
Homesnap - Convenience
As one of the newest real estate applications, Homesnap has been making waves in the industry. Like most other applications, you can search for listings and find homes based on specific criteria. What makes it stand out from other apps, however, is that with a snap of the camera (where the name arises from) you will have access to all information of a property. From sales history and market data to school district ratings and interior features, the application gives you an excellent look at the investment potential of a property. Combined with a convenient and easy-to-use messaging feature that can be used to communicate with anyone, Homesnap is a must-try for home buyers.
Regardless of a simple local search or a more meticulous inquiry, there is no doubt that these applications can make your pursuit for the perfect home much easier. Armed with these useful tools, you can be assured of a fruitful home hunt!
2020-06-08T05:56:00-07:002020-06-15T12:25:39-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8184How to Apply for a Home Loan<img src="https://assets.site-static.com/userfiles/1451/image/How_to_Apply_for_a_Home_Loan.jpg" width="800" height="443" alt="How to Apply for a Home Loan" />
The overall process of acquiring mortgage approval can get pretty confusing, especially for first-time home and property buyers. But the good news is, this article will guide you through the basic steps of applying for a home loan approval process. This guide will help you find the right home loan for your financial needs in the best possible way.
Step 1: Pre-Approval of Mortgage
Pre-approval is similar to pre-screening; this process determines if you're qualified for a home loan. It evaluates the financial capability of the lender, primarily his or her assets, debts, income, credit scores, and reports. During this process, the lending institution will inform you about the amount they're willing to give you, and they will also provide you with a pre-approval letter.
This is a crucial and beneficial step in the home loan approval process, as it narrows down your options. Without this step, you may end up wasting your time and energy by looking at house and property options that are way above your budget and financial capability.
Step 2: Home Searching & Offer
After you passed the pre-approval stage and were granted a certain amount of loan, you can now proceed on searching for a house that is within that cost. This stage allows little to no involvement for the home loan lender, as this solely and heavily rely on the real estate contractors and buyers.
The home loan lender then returns to the picture right after you've decided to buy a certain home. Right then and there, you'll be needing to move into the next stage of the home loan approval process.
Step 3: Application of Home Loan
Once you've finished the first two steps, now is the time to process your mortgage approval and apply for a home loan. The process may vary depending on where you live. However, most lending institutions comply with the standard form--the "Fannie Mae form 1003" or also known as the Unifrom Residential Loan Application.
In this type of application, information about the property will be asked, the type of home loan to be used, and information about the borrower will be asked.
Step 4: Processing of Mortgage
This stage involves the collection and reviewing of the submitted documents relating to the borrower and the intended property to be purchased. In here, the lending institution will be needing to review and ensure that all the submitted documents met all the needed requirements for the next step, which is the underwriting process.
The necessary documents may include:
Tax records
Home appraisal
Bank statements
Asset and income order
Credit report
Employment letters
Purchase agreement
Step 5: Underwriting of Mortgage
In this stage, an underwriter will carefully examine all the submitted documents given by the borrower, in order to make sure that the borrower has complied with all the guidelines and requirements for the approval of the home loan.
The three C's involved here:
Credit
Capacity
Collateral
The underwriter will evaluate if the borrower and the property match the criteria and eligibility requirements for the loan to push through. This stage also involves the review of the borrower's assets, debt-to-income ratio, credit history, and other financial documents that show the borrower's financial capability.
Step 6: Approval of Home Loan
After the evaluation of the submitted documents by the underwriter, the documents will be labeled "clear to close", which means that all the requirements for the home loan are met. This last step of the home loaning process involves the finalization of the borrower's monthly payments, loan terms, fixed amount to be paid, and other fees.2020-05-13T07:53:00-07:002020-10-21T12:29:10-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:77186 Great Reasons To Buy A Home In Charleston, South Carolina <img src="https://assets.site-static.com/userfiles/1451/image/6_Great_Reasons_To_Buy_A_Home_In_Charleston_South_Carolina.jpg" width="1600" height="900" alt="6 Great Reasons To Buy A Home In Charleston, South Carolina" />
If you have been thinking of moving to and buying a home in Charleston, South Carolina, then you are thinking of living in a fun, thriving, and fantastic place. There are many reasons, all great for moving to Charleston. From great weather to beautiful beaches, I am sure you will be able to come up with many reasons to move. If you can't come up with any reason to move, then this article will be sure to help you out.
1) Take It Easy
The pace is slow and peaceful, and everyone takes the time to smell the roses. You can check at the door, high anxiety, stress, and a rushed pace of life. You can actually take the time to sit back and enjoy what life has to offer you. From quiet streets to no long lines and traffic, you can enjoy the feeling of a small city and town life.
2) Small City Life
Most cities are filled with high rises, skyscrapers, and<a href="https://www.jeffcookrealestate.com/charleston/charleston-condominiums/"> </a>Charleston condos, But Charleston is different and will leave you the feeling of small-town life that is rich with history. Even in the busiest parts of Charleston, you will get that small-town feeling.
3) This Way to The Beach!
Charleston offers 6 of the best beaches in South Carolina. Surfers will love Folly Beach, and if you are looking for a quiet and secluded spot, then check out Kiawah and Seabrook. The Isle of Palms will give you an upscale feeling. There is also a wide selection of beachfront real estate to choose from and enjoy.
4) Show Us The Money
There is a strong economy, and there are tons of job opportunities to choose from in Charleston and the surrounding areas. Many different industries are experiencing job growth, and new businesses are always getting created. If you have a business, it will thrive in Charleston.
5) It’s Always Sunny in Charleston
You can enjoy the mild and beautiful weather year-round. It rarely snows, and you can enjoy temperatures of 36-62 degrees in the winter, and summer temperatures run 62-91 degrees. Only rarely does it go above 100 degrees.
6) Calling All History Buffs!
Charleston is nearly 350 years old and got founded in 1670. There's a beautiful collection of historical buildings with a range of architectural designs. Styles include Victorian, Italianate, Greek Revival, and Federal, and you can find homes of all different structural types from old to new. You can be sure to find a home that you will love and will fit your own unique style and tastes.
So you can see in this short article all that Charleston has to offer. And there is so much more to look into to find out. Buying a home and moving to Charleston, South Carolina, may become one of the best moves as a homeowner that you can make, especially with a family. Take advantage of all Charleston has to offer.2020-03-05T09:54:00-07:002020-09-21T08:45:20-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7374Buying a Home - The Documents You Will Need<img src="https://assets.site-static.com/userfiles/1451/image/Buying_a_Home_-_The_Documents_You_Will_Need.jpg" alt="The Documents You Will Need" />
Buying a home for the first time is a thrilling experience! If you need to know what information is required, you've come to the right place. Here we will look at what types of documentation you need to present when applying to purchase your very own.
Types of loans include:
Adjustable-rate mortgage - the interest rate varies for the duration of the loan term.
Fixed-rate - the interest rate for the entire term of the loan remains the same throughout.
Federal Housing Administration (FHA) - issued by FHA-approved lenders for low-to-moderate incomes.
Veterans Affairs (VA).
United States Department of Agriculture (USDA) - zero down payment loan with low mortgage rates.
Bridge - a short-term loan.
In general, a lender will want to see proof of who you are, how much you make, and what your payment history is like.
Most lenders will, therefore, want you to provide the following:
Two or three months of bank statements (investments included).
Asset statements (such as for mutual funds, retirement accounts, insurance, stocks & bonds, etc..)
Proof of your income. This can be by pay stubs from the most recent 30 days, direct deposit, and 1099 forms.
Proof of past rental payments.
A copy of your credit report (which you can provide by signing a 4506-T form - this allows your lender to request a copy straight from the IRS). Note: if there is any negative information contained within your credit report, it's important that you provide a written statement to your lender addressing the issues and explaining them.
The most recent two years of W-2 forms (this is a tax & wage statement issued by your employer and is required of both you and your spouse if you are married).
Photo identification.
A copy of your signed purchase and sales agreement.
Statements from family and friends regarding that money given to you are gifts rather than loans (if this is the case). Included in these statements (written by whom you've accepted the gift from) should outline their relationship to you and the amount they've given you.
If You Are Self-Employed:
A copy of your recent quarterly or year-to-date profit and loss statement.
Signed business and personal tax returns and relevant schedules.
A copy of the most recent two years of your corporate tax returns (if your business is incorporated).
If You're Applying for a VA loan:
Active-duty:
A statement of service signed by your personnel officer, commander, or adjutant.
Veterans:
A copy of your DD214 (discharge or separation) papers.
Current member of Reserves or National Guard (never activated):
A statement of service signed by your personnel officer, commander, or adjutant.
Discharged member of the National Guard (never activated):
A copy of your NGB Form 22 (report of separation and record of service) for every period of service you've provided the National Guard.
A copy of your NGB Form 23 (retirement points statement and proof of the character of service).
Discharged member of the Reserves (never activated):
Your most recent annual retirement points and proof of honorable service.
Surviving spouse:
DD214 (Veteran's discharge documents ).
VA Form 26-1817 (Request for Determination of Loan Guaranty Eligibility) if you're receiving
Dependency and Indemnity Compensation (DIC) - if you are not receiving this, you must fill out VA Form 21P-534EZ (the application form for DIC).
Accrued Benefits and/or Death Pension.
A copy of your marriage license.
The death certificate.
Owning your own home is a wonderful experience, and now that you're aware of the types of documentation you will need to bring to your prospective lender, you are that much closer to stepping over the threshold of your home-sweet-home and beginning the next chapter of your life!2020-01-09T13:56:00-07:002020-09-23T13:57:22-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7188What You Need to Know Before Applying for a Home Loan<img src="https://assets.site-static.com/userfiles/1451/image/NeedToKnowBeforeApplyingforaLoan.jpg" width="450" height="253" alt="What You Need to Know Before Applying for a Home Loan" />
Whether you're taking out a loan to purchase a new home, or you're applying for a home equity loan (taking out a loan with your home as collateral), there are some important things you should be aware of ahead of time and keep in mind. Being well informed will help you make it through the process successfully, and also have more confidence.
It's important to do your research before applying for a home loan. There are a number of online resources with helpful information and advice, such as Zing! by Quicken Loans, or millionacres by Motley Fool. If you'd like professional help from experts, Jeff Cook Real Estate is a great company that can help you make the best decisions. Here we'll give you five important tips to get you started.
Raise and Maintain Your Credit Rating
This is something you'll want to be aware of well ahead of applying for a loan since it takes time to raise your credit score if it's gotten low. Your credit score is one of the key factors a lender will consider when determining whether or not to extend a loan and what interest rate you will pay. Many services and companies provide credit ratings, and you can find it online.
Once you know what your score is, you can determine whether you need to raise it. There are a number of <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">ways to increase your credit rating</a>. A good first step is to look over your credit report and make sure there are no mistakes or inaccuracies. If there's anything on there that doesn't look right and it may be adversely impacting your credit, you should look into it. If you have a substantial credit card balance that you can afford to pay off, that will usually help your credit. It's hard to do a lot with short notice, but not opening new accounts or taking out other loans is very important if you're concerned about your loan application.
Avoid Changes in Employment
Having steady, reliable employment is a crucial consideration in the loan approval process. If possible, avoid making any major job changes prior to applying for a loan or during the process. They want to see that you have a job that you have and will stick with and that you'll have regular income to make payments from.
Create a Budget
Before you apply, it's important to have a good idea of what you can afford as far as monthly payments. You don't want to overextend yourself, and your application likely won't be approved if it doesn't look financially feasible. It's a good idea to put together a budget of all your income and expenses. Be sure to include everything, within reason; remember, it all adds up. Doing this is extremely important for determining how big of a loan you can afford to take out, and what type of house you'll be able to buy.
Prep for What You’ll Need
When making a loan application, financial institutions will ask you for quite a bit of <a href="https://www.bankofamerica.com/mortgage/learn/how-to-apply-for-a-mortgage/">information to aid in the review and decision</a>. This may include pay stubs, financial account statements, and tax filings. It's important that your taxes have been filed and that everything is in order. It relieves a lot of stress and hassle if you have what you need ready for when they ask.
Do Your Research & Choose Carefully
It's important to do thorough research so you know what you're getting into. As mentioned earlier, there's a wealth of helpful information online. Talking to a professional can be a good idea to get personalized assistance. You'll want to research the current housing market and be aware of current interest rates, which will help you know the best time to apply for a loan. You should also look around at different lending institutions to determine which ones have the best offerings and will provide the best service. Entering into a financial agreement with an institution of people you feel you can trust is really important, so take time to talk to folks.
The process can be a little intimidating, but if you do your research ahead of time, you'll find it's really not bad because you'll know what to expect. At the end of the day, this process is incredibly rewarding, especially when you are preparing to <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">move to South Carolina</a>!2019-12-04T10:26:00-07:002021-01-22T13:07:21-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:6115Process of Buying a Home<img src="https://assets.site-static.com/userfiles/1451/image/Signing_form.png" width="2344" height="1562" />
Guest Blogger: Inan Sikel
The process of buying a home can be overwhelming, especially for those looking to purchase their first property ever. And with no prior experience whatsoever, it can become an especially daunting task. To help make this process a little less vague, below is a general timeline for the process of buying a home. Although it is subject to change based on your situations and experiences, we believe that this guideline can help you build an expectation of what your process may be like.
Aside from learning <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">why people are moving to South Carolina</a>, it is important to start your home buying journey by reviewing your finances to prevent yourself from over-reaching. This includes checking and/or <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">improving your credit score</a>, how much cash you have available, determining your potential down payment, and getting an understanding of how much is realistically affordable for you. This will often differ between buyers based on their preferences and circumstances. Once an understanding of finances is reached, it is time to move forward and research both the mortgage industry and listings in your preferred areas of choice. This in-depth research will be important, as it will serve as your foundational familiarity and re-consideration of your commitment to the designated areas. A common example would be for those who commute to work to see if the area is near accessible public transportation. All in all, getting an understanding of the area is important in deciding if the location is truly in your best interest and even for understanding why a listed home is priced the way it is.
After you decide what areas suit your needs, the next step would be to create a list of features that you would like your home to have to help narrow down options when searching. It is important to understand that these features should also be separated by those that are necessary compared to those are simply wants. This distinction may help buyers in the untimely position of having to compromise when deciding between homes. Often or not, most people will hire a real estate agent to help when home searching becomes too much, but can also prove to be a wise decision considering their experience and knowledge of the area of interest.
Once the search commences, it is recommended to have home inspections completed to learn more about the home and get information about the neighborhood from those who live there and neighbors. When the decision is finally made, it's time to make the offer based on your planned budget. During this time, it is vital to stay active during the bidding process and stay on top of any paperwork that comes your way.
When winning, complete a final walkthrough and follow-up any requirements before closing day. Congratulations! Prepare to pop open the celebratory champagne bottles because you have just bought your very own property!
Check out some of these <a href="https://www.hgtv.com/lifestyle/clean-and-organize/10-best-kept-secrets-for-buying-a-home">best-kept secrets for home-buying </a>for more guidance during this overwhelming but worthwhile process.2019-10-21T06:37:00-07:002021-04-30T11:50:31-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:58995 Tips for First Time Home BuyersGuest Blogger: Talia Spero
Congratulations! After months – maybe even years - of preparation and excitement, you are finally purchasing your first home. But, it is important to not let the anticipation of being a first time home buyer to get in the way of making crucial decisions in the <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">home buying process</a>. By checking these to-dos off your checklist, the task of purchasing your first home will be less daunting and all the more exciting, especially when you see <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">why people are moving to South Carolina</a>!
1. Determine your budget
The very first thing a new homeowner should do is determine what they can or cannot afford. This will make your house-hunting significantly more effective. When <a href="https://www.daveramsey.com/blog/how-to-budget-for-new-home">calculating your personal budget</a>, including all additional costs, such as homeowner’s insurance, property taxes, etc. Once you have determined your budget, you will know which homes are within your reach.
2. Consider cost-saving moves
A first time home buyer is most likely looking to get as much bang for their buck. There are several potentially cost-saving moves you may be interested in; such as properties in foreclosure, or shop in neighborhoods with a high number of properties for sale to get the highest value for your dollar.
3. Determine where you stand with vendors
To make the buying process much easier, know where you stand with lenders. Being aware of how low or high your credit score is can allow you to shop around for the appropriate loan. Either way, there are still promising options available, but having a low credit score may increase your budget.
4. Determine your requirements
For most first time home buyers, an idea of what you are looking for is already planted in your mind. But, be sure to separate your needs from your wants. This will narrow down your search for a quicker home buying process.
5. Consider your potential down payment
Hopefully, you have some funds set aside to <a href="https://blog.hireahelper.com/the-home-buying-101-guide-for-millennials/" target="_blank">make a down payment for your dream home</a>. It is recommended to have at least 20% of the purchase price available, but be sure to look into many loan and mortgage companies that can help you make a down payment for significantly less.
Although there are many other tips to consider when buying your first home, these first five should be extremely helpful to you and your search. Go find your dream home! 2019-09-30T10:23:00-07:002021-03-09T12:57:50-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5946Here Are The Types of Mortgages ExplainedThe easiest step when buying a home is learning <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">why people are moving to South Carolina</a>! On the other hand, homebuyers face an overwhelming decision when considering what type of mortgage loan is right for them. In this scenario, a single decision is enough to affect a buyer’s finances, and in the case of a rash decision, one that can negatively plague them indefinitely. If you’re in the process of deciding which mortgage loan is right for you, it is important to know the basic types of mortgage loans available. The following are popular mortgage loans to help you get a grasp on the information to help you decide which financing option is the one for you.
To start off, it is important for a borrower to decide if they want a <a href="https://www.investopedia.com/mortgage/mortgage-rates/fixed-versus-adjustable-rate/">fixed-rate or adjustable-rate mortgage</a>. A fixed-rate mortgage loan keeps the same interest rate throughout its term entirely, which means that monthly payments are predictable and will never change. On the contrary, an adjustable-rate mortgage loan will have an interest rate that will adjust over time, resulting in either increases or decreases in payments based on the adjusted interest rate. It is also important to note that there are also hybrid loan options, which start as loans that start off with fixed-rates for a period of time and then adjust from thereafter.
Furthermore, borrowers can decide between more conventional loan options or those insured by the government. A conventional home loan is a loan that is not insured or guaranteed by the federal government as opposed to <a href="https://www.usa.gov/mortgages">government-secured mortgages</a>, such as FHA, VA, and USDA/RHS mortgage loans, which are. One of two popular types of conventional loans includes conforming loans that fall within limits set by government agencies that back most U.S. mortgages, such as Fannie Mae or Freddie Mac.
The other types of conventional loans are non-conforming loans, which don’t meet the standards mentioned previously. For example, jumbo loans are one of those loans that don’t meet the standards of either mortgage agencies. Rather, these loans are much riskier for the lender as they are larger in size, which is why they have larger interest rates and resulting in bigger monthly payments. Borrowers must meet certain requirements, such as good credit and having a larger down payment, for jumbo loans to be appropriate.
Deciding on a type of mortgage is only one step in <a href="https://www.jeffcookrealestate.com/blog/how-to-apply-for-a-home-loan/">the home loan application process</a>, but it is so important to do your research on what options are available to you and what will best suit you. With a preface to mortgage loans available, consider all your financial planning budgets and homeowner needs to ultimately help you determine what mortgage loan is best for you. 2019-09-19T11:23:00-07:002021-01-22T10:58:08-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5948The Top Reasons to Invest in South Carolina Real EstateGuest Blogger: Austin Winder
Historically, land has been a safe long term investment. While stocks can fall and companies can close, land is an investment that will eventually bounce back from any downturns in the market. With interest rates currently low and the housing market booming, that is as true now as it has ever been.
Cities such as Charleston are particularly appealing to investors. Strong job growth, a growing population, and low taxes have all made owning in this vibrant city a smart bet for both seasoned investors and those looking to dip their toes in the water.
Companies are Investing in South Carolina
For buyers looking for property, prices are forecast to continue to climb. In 2019 alone, the Charleston real estate market should see an increase of 5%, a number that highlights the robustness of the current market. With new factories having recently been opened by Mercedes Benz and Volvo, and strong hiring from more established businesses such as Boeing and Bosch, that growth isn't likely to slow down any time soon.
That makes buying a starter home in or near the city an appealing prospect, as when it comes time to move or upgrade, that initial investment will pay off with a nice nest egg that can be put towards the next home purchase, or just into a savings account. Selling isn't likely to be difficult, either, in a state with a growing number of retirees looking to downsize while growing families are upsizing.
No Real Estate License Required
Investment buyers have even more to celebrate. With <a data-cke-saved-href="https://www.allied.com/moving-resources/relocation-guides/regional-guide-southeast" href="https://www.allied.com/moving-resources/relocation-guides/regional-guide-southeast" rel="nofollow">median home prices of $160,738</a> and average rental prices of about 1,100, a buyer with 20% down and a good credit history can find a home whose mortgage will be fully covered by their renters year one. Nor does the state require a license to become a landlord. Additionally, a large local military and student population means that there is no shortage of high quality renters looking for stable homes to live in during their time in the city. Over the course of a 20 or 30 year fixed rate loan, rent will only continue to rise while the mortgage payment will stay steady, slowly resulting in ever larger monthly gains. Best of all, down the line, when it comes time to sell, it will have been the renters who paid off that mortgage.
Tourism is Growing
Tourism is also up, which trickles down into the real estate market. The historic walking tours, foodie reputation, and the <a href="https://www.jeffcookrealestate.com/blog/south-carolina-monthly-focus-charlestons-great-outdoors/">great outdoor adventures</a> to be had in Charleston draw millions of tourists each year. Those tourists pump billions into the city's economy.<a data-cke-saved-href="https://chstoday.6amcity.com/the-economic-impact-of-tourism-in-the-greater-charleston-s-c-area/" href="https://chstoday.6amcity.com/the-economic-impact-of-tourism-in-the-greater-charleston-s-c-area/" rel="nofollow"> Visitors spent over 7 billion in 2017</a>, almost double the 2016 number, just in the greater Charleston area alone, and that number keeps growing.
Savvy buyers who have the time and inclination can translate those numbers into a business opportunity by renting out rooms or entire homes on AirBnB or other similar sites. Beach rentals can be particularly profitable through this strategy. This can mean even homeowners who are living in their investment property themselves can use visitors to pay their mortgage. While running an AirBnB is more work than managing a long term rental, it can also result in much higher profits, especially in the busy season.
All this goes to say that there has never been a better time to invest in real estate in South Carolina. South Carolina prices are about 30,000 below the national average. Combined with low unemployment rates and booming business, this sweet Southern state is increasingly becoming <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">a haven for homebuyers</a> looking for somewhere to settle down. Whether in the city of Charleston or in one of the surrounding counties, great deals abound. It just needs the right buyers to take advantage of them.2019-09-12T11:36:00-07:002021-01-22T10:52:05-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:59508 Questions You Must Ask Before Hiring A Home BuilderFew things feel as good as finally being in a position to have a home you can call your own.
It’s great if you choose to buy an existing house. It’s also just as amazing if you build an entirely new home. Deciding on <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-vs-building-a-home/">whether to buy or build </a>is only the tip of the iceberg. If you go the latter route, however, you have to make sure that you put the project in the hands of a highly-capable home builder. After all, it is your home, and you would want nothing less than the best available home builders to work on it for you.
To <a href="https://oxlandbuilders.com/blog/post/6-tips-for-choosing-a-home-builder">find the right custom home builder</a>, you will need to interview several candidates for the job. So line them up, and ask them the following questions:
How long have you been building custom homes?
While experience is not a guarantee that a home builder is that good, more years in the business tend to mean that the builder must be doing decent work at the very least, or that builder wouldn’t have lasted that long. Besides, the longer the experience, the more knowledgeable about new home construction a builder would be.
Can I see your previous work?
A portfolio would be nice. Seeing in person the actual houses the candidate has built over the years would be even better. So ask the candidate if something like that can be arranged so you can see for yourself if you’re going to like that builder’s work.
Can you work where I want to build my home?
Assuming that the location of the build is in a remote location, you have to know if the candidate will commit to working there. Far too many projects have been put on hold because of the unwillingness of builders to do their thing in distant or hard-to-reach project locations.
How is your knowledge of relevant building codes?
One of the most frustrating parts of any construction project is the possibility of an already-finished structure being taken down upon the order of local authorities because it violated certain aspects of state and local building codes. To avoid this costly mistake, hire only home builders who are up to date on building codes.
Will you be working on other projects besides this one?
That question may sound like you’re implying that the candidate must work exclusively on your new home construction, but that isn’t really the case.
If the candidate you’re interviewing has a massive operation with lots of personnel and equipment, then you probably won’t have to ask this question. The builder will probably work on other projects simultaneously, and his or her company will be able to handle it. But if you’re talking to a builder with a smaller company, you have to make sure that the builder will commit to your project and its timetable, or your custom home will take a long time to finish. You wouldn’t want to be working with a small home builder who accepts every client that comes along but doesn’t have the resources to work on all of them at the same time.
If you take on this job, how are we going to communicate?
A candidate that plans to communicate with you by phone, email, or Skype is good, but one who has a software-driven system would be even better. Such systems make sending out progress reports and other pertinent project-related matters a lot easier.
Do you have insurance?
Insurance protects you from liability for any personal injury or property damage that might occur at the site of your new home construction, so never forget to ask a candidate if he or she has the right contractor's insurance policies. And don’t just take a home builder’s word for it. Always ask for proof of insurance.
Is your work guaranteed?
A one-year warranty is par for the course, but some home builders provide a structural warranty of up to 10 years.
These are just some of the most basic questions you need to ask before hiring a home builder. Building a home and <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">moving to South Carolina</a> will be one of the most exciting and fulfilling decisions you make, especially when backed up by the expertise of the Jeff Cook Real Estate team!2019-09-05T11:43:00-07:002021-01-22T10:45:08-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:59903 Steps Everyone Should Take if They Want to Own Real Estate by Age 30The term “adulting” typically describes the time in life when people assume more responsibility, and find it time to start making grown-up decisions. This time may include becoming steady in one’s career or relationship, paying bills you didn’t realize existed, and even considering purchasing your first real estate property! As scary as it may sound, and as many doubts as you may have about affording it, yes it is possible to own real estate by the age of 30! In order to do so smartly, it is crucial to do research and educate yourself.
If you are someone under 30 looking to purchase real estate, amidst the high priced real estate market, and potential student loans from college, you can still buy your first home or rental property! However, it is important to follow these three vital steps when starting <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">the home-buying process</a>. First things first, create a goal for your property. Next, quantify what your down payment will need to be. And lastly, make sure you do ample research on the real estate market.
Establishing your property goal price is important because it will allow you to determine what you can currently comfortably afford and what should be left for your dream house goals in the future. It’s important to decide if you’re looking for a residential property or a commercial property, and establishing whether it will be a place you reside or an income property. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Location</a> is also an important aspect of your property goal. Currently, the median value for a home in the United States is $226,800, according to <a data-cke-saved-href="https://www.zillow.com/home-values/" href="https://www.zillow.com/home-values/" rel="nofollow">Zillow</a>, but that can vary greatly based on location and the size of the property you are looking to purchase. Decide how much space you need, and how much you’re looking for before searching for a property. It is also imperative to consider the costs of utilities that may be associated with your property if you plan to live in it. Heating and cooling a smaller home is much cheaper and more efficient than heating and cooling one that has more space than you need!
Figuring out what your down payment will be is the next crucial step in the process. If you quantify how much money you are looking to put down, based on your established price goal, you will be able to <a href="https://www.daveramsey.com/blog/save-down-payment-while-renting">calculate how much you need to save</a>. If you know exactly what age you’d like to purchase a property by, decide how much money you will need to save each month before then to efficiently accumulate your down payment goal. This process of saving can occur much quicker if you are purchasing the property with another owner’s assistance!
The last step is to do your research on the real estate market itself in your desired area. This is imperative when purchasing a property. For example, researching the school district for the town you’re looking to move into can be vital to your search. Although a better school district may mean higher taxes, this may be something important to consider if you plan on starting a family or eventually reselling your home. Taking note of fixer-uppers on the market is also an important step in purchasing a property. Buying a fixer-upper is often overlooked, but it can be a great way to save money when purchasing your first property. If you’re deciding to go down the route of a fixer-upper, make sure you create a budget that incorporates both the price of the home and the renovations. Overall, these are three steps that young aspiring property owners should take to ensure that they can achieve their goal by the age of 30. With the proper planning and knowledge, your dream property by 30 is definitely attainable!
Ready to get start your process? Click <a data-cke-saved-href="https://www.jeffcookrealestate.com/c/Get-Pre-Approved/" href="https://www.jeffcookrealestate.com/contact/" rel="nofollow">here</a> to get pre-approved for a mortgage loan!2019-08-29T06:41:00-07:002022-10-20T21:19:34-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5290Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1451/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">The mortgage market</a> is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
<a href="https://wallethub.com/edu/hl/mortgages-and-the-economy/117/#:~:text=When%20the%20economy%20is%20strong,lead%20to%20an%20economic%20boom.">Mortgages and the economy are highly connected</a>. The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs.
Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Move to South Carolina</a> and let the expert Jeff Cook Real Estate Team help you throughout the entire process!!2019-07-18T11:32:00-07:002021-01-21T13:51:50-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5289Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1451/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market, especially when you're unsure about <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">where to move</a>! Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually, the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and <a href="https://www.realtytrac.com/statsandtrends/sc/">the housing market</a> are strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can <a href="https://www.jeffcookrealestate.com/blog/when-is-the-best-time-of-year-to-buysell/">determine the right time to purchase your dream home</a>. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home since home prices and mortgage rates are increasing. 2019-07-18T11:31:00-07:002021-01-21T13:45:03-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5288Will Increasing Mortgage Rates Impact Home Prices? <img src="https://assets.site-static.com/userfiles/1451/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on<a href="https://wallethub.com/edu/hl/mortgages-and-the-economy/117/#:~:text=When%20the%20economy%20is%20strong,lead%20to%20an%20economic%20boom."> home prices in relation to mortgage rates</a>. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">your mortgage</a>, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Make the move to South Carolina</a> and our team of experts will help you every step of the way to navigate the housing market.2019-07-18T11:26:00-07:002021-01-21T13:28:35-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5957Foreclosures: How-To Guide for BuyersWhen it comes to buying a foreclosure, there are many pros and cons. One of the most widely known benefits of purchasing a home that’s been foreclosed upon is that you can often score a better price. Because the bank or lender on the property is eager to settle the debt owed, foreclosed properties typically come with a negotiable asking price and an urgency to sell.
Throughout the process of purchasing a foreclosed home, it’s vital that you don’t allow any of these benefits to cloud your good sense. The process of purchasing a home is exciting, but don’t forget to cross your t’s and dot your i’s when it comes to inspection and other critical steps in the buying process.
Keep reading for everything you need to know about purchasing a foreclosed home.
Types of Foreclosures
Keep in mind that there are two types of home foreclosures: foreclosure auctions and bank-owned properties.
Any buyer's agent will advise against purchasing a home through a foreclosure auction unless you have previous experience. Foreclosure auctions are often sight-unseen, meaning you won’t be able to get into the home to evaluate any necessary repairs. Because of this, many homes sold at auction come with costly issues that drive up the overall investment.
The process of purchasing a bank-owned home is significantly more straight forward than buying at auction. Before signing any paperwork, buyers will have the opportunity to tour the home and evaluate any work that needs to be done.
Questions to Ask Your Buyer's Agent
It is highly recommended that anyone looking to purchase a bank-owned foreclosure work with a <a data-cke-saved-href="https://www.jeffcookrealestate.com/Agents.aspx" href="https://www.jeffcookrealestate.com/Agents.aspx" rel="nofollow">buyers agent</a> to answer questions throughout the process and help negotiate final terms. Be sure to get answers to the following questions before purchasing:
What is the neighborhood like?
You can get answers to this question by driving around the community at different times of the day. Notice if you see young families walking around. What is the activity like at night? Are there nearby schools or parks? Where is the closest grocery store?
Along with this basic information, your buyer's agent can provide additional information about neighborhoods you are considering (average home price, local amenities, etc.) and maybe even recommend other areas you may not have previously considered.
Why is this home in foreclosure?
While this may seem like an invasion of privacy, anyone purchasing a home that is in foreclosure should factor the reason the home was foreclosed upon into their decision-making process. The buyer's agent can inquire on your behalf.
What is the market value of this home and how was the foreclosure price determined?
I’m important to know the value of the home so you can make an informed decision once inspections are complete. You will need to calculate your projected total investment before coming upon an agreed price with the seller. By inquiring on how the purchase price was determined, you will have a clearer understanding of the value of the home and how it compares to others in the community.
Has the home had any previous issues?
Ask this question in order to learn any critical issues the home may have. If there have been any issues with the foundation, plumbing, or electrical, these are important things to know before moving forward.
How long has the house been unoccupied?
Homes that sit empty are prone to a wide range of issues. With the potential for dried plumbing seals, electrical damage, or bug infestations, you may run into a major headache after closing. Ask this question so you can ensure you have a thorough inspection.
Inspecting a Foreclosed Home
One of the most important parts of purchasing a foreclosed home is the inspection. After your offer has been accepted, be sure to hire a home inspector who will make a thorough report of all the home’s potential issues.
An experienced home inspector will provide reports on the following:
Exterior issues including:
<a data-cke-saved-href="https://www.familyhandyman.com/doors/how-to-repair-rotted-wood/" href="https://www.familyhandyman.com/doors/how-to-repair-rotted-wood/" rel="nofollow">Wood rot</a>
<a data-cke-saved-href="https://www.zumper.com/blog/2018/05/4-common-window-problems/" href="https://www.zumper.com/blog/2018/05/4-common-window-problems/" rel="nofollow">Window Issues</a>
<a data-cke-saved-href="https://www.phpsd.com/blog/8-shocking-roof-safety-statistics-you-won-t-believe" href="https://www.phpsd.com/blog/8-shocking-roof-safety-statistics-you-won-t-believe" rel="nofollow">A failing roof</a>
<a data-cke-saved-href="https://inspectapedia.com/chimneys/Chimney_Crack_Diagnosis.php" href="https://inspectapedia.com/chimneys/Chimney_Crack_Diagnosis.php" rel="nofollow">Chimney cracking</a>
<a data-cke-saved-href="http://best-inspection.com/posts/house-grading-issues/" href="http://best-inspection.com/posts/house-grading-issues/" rel="nofollow">Grading issues</a>
Interior issues including:
<a data-cke-saved-href="https://www.weathershield.com/News/WS-Blog/Weather-Shield-Blog/September-2014/How-to-Fix-Window-Seal-Failure" href="https://www.weathershield.com/News/WS-Blog/Weather-Shield-Blog/September-2014/How-to-Fix-Window-Seal-Failure" rel="nofollow">Broken window seals</a>
<a data-cke-saved-href="https://mrelectric.com/blog/common-electrical-problems" href="https://mrelectric.com/blog/common-electrical-problems" rel="nofollow">Electrical issues</a>
<a data-cke-saved-href="https://www.familyhandyman.com/plumbing/plumbing-repair/find-and-repair-hidden-plumbing-leaks/" href="https://www.familyhandyman.com/plumbing/plumbing-repair/find-and-repair-hidden-plumbing-leaks/" rel="nofollow">Leaking pipes</a>
<a data-cke-saved-href="https://www.hotwater.com/water-heaters/" href="https://www.hotwater.com/water-heaters/" rel="nofollow">Expired water heater</a>
<a data-cke-saved-href="https://www.houselogic.com/organize-maintain/home-maintenance-tips/understanding-foundation-problems/" href="https://www.houselogic.com/organize-maintain/home-maintenance-tips/understanding-foundation-problems/" rel="nofollow">Cracks in the foundation</a>
Other critical issues including:
<a data-cke-saved-href="https://loans.usnews.com/what-to-do-if-your-house-has-mold-or-you-think-it-does" href="https://loans.usnews.com/what-to-do-if-your-house-has-mold-or-you-think-it-does" rel="nofollow">Mold</a>
<a data-cke-saved-href="https://www.health.ny.gov/publications/2502/" href="https://www.health.ny.gov/publications/2502/" rel="nofollow">Lead paint</a>
<a data-cke-saved-href="https://www.epa.gov/sites/production/files/2015-05/documents/hmbuygud.pdf" href="https://www.epa.gov/sites/production/files/2015-05/documents/hmbuygud.pdf" rel="nofollow">Radon</a>
<a data-cke-saved-href="https://www.epa.gov/asbestos/protect-your-family-exposures-asbestos" href="https://www.epa.gov/asbestos/protect-your-family-exposures-asbestos" rel="nofollow">Asbestos</a>
<a data-cke-saved-href="https://www.epa.gov/safepestcontrol/got-pests-control-them-safely" href="https://www.epa.gov/safepestcontrol/got-pests-control-them-safely" rel="nofollow">Pests</a>
The Payoff
While purchasing a home that is in foreclosure can require extra diligence, it is often worth the hard work. If you hire a buyer's agent that you can trust, you will be able to understand every step of the process and make an educated decision.
Use your home inspection as a tool to learn as much as possible about the home and to gain a full understanding of any imminent repairs. Issues like an out-of-date water heater or poor window seals may not be the end of your pursuit to buy a home, but being aware of these issues before closing may help you negotiate a better price. On the other hand, foundational issues or excessive termite damage may influence you to walk away.
Even though the process of buying a home in foreclosure requires extra work, it can be well worth the payoff. Above all, before sure to practice patience every step of the way and don’t sign any papers until you know you’ve found the perfect home.2019-05-06T12:07:00-07:002020-12-18T09:45:41-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:59638 Easy Packing Tips that Will Save Your TimeIf you have bought a new house and are looking for some easy packing and moving tips then you have come to the right place. Have a look at these easy packing tips that will not only save your precious time but save you money as well.
Plan Ahead
Try and avoid leaving anything until and unless you have to pack up and leave in a hurry. Although chances are that you have at least 30-60 days to make a plan and ensure that moving day runs smoothly. So, you can create a countdown list and itemize everything that you can accomplish week by week.
Pack a Bag of Essentials
Chances are that you will be tired to unpack your things, so you will want your essentials within your reach. This may include a pair of clothes if you are going back to work the next day as well as your toiletries. It is also a great way to transport a laptop as it can get stolen during transport.
Pack the Items in a Clear Bin
You can pack the things in a clean bin that you need first like a box cutter, paper towels, trash bags eating utensils, select cookware, power strips, phone chargers, toilet papers, etc. With the help of the clear bin, you can see what’s inside and it also separates itself apart from the cardboard boxes.
Donate Unwanted Items
One of the biggest things many people realize when they begin to declutter and simplify their homes is that they have more unwanted stuff than they had realized. There is no point in moving boxes from your old home to your new home if they are simply going to be sitting unused. You can save your time and energy by getting rid of your old stuff by giving them to charities.
Wrap Your Breakables in Clothes
You can use your clothes to wrap up breakable items like glassware and utensils.
Pick the Right Transport
If the distance is short then you may be able to get away with making more than one trip, but if you don’t have the luxury then you will need to make sure that you have the right size of truck to carry all your things in one go. However, choosing the right size is particularly important when moving farther away as making several trips could be a problem.
In other words, the items of bachelor and the one-bedroom apartment can easily fit in a 16’ cube truck that can be rented from your local rental company. On the other hand, two-three fully bedrooms will require a 24’-26’ truck to ensure that your move is completed in one load.
Put a Packing Kit
If one or more people are packing than stay organized by establishing a system. You can have blank inventory sheets prepared so one person can tackle each area or room. Be prepared with a pen, black marker, and packing materials like newspapers, a packing tape dispenser, and boxes.
Reuse The Boxes
You will need some cardboard boxes to pack your things if you have <a data-cke-saved-href="http://greaterhoustonhouse.com/" href="http://greaterhoustonhouse.com/" rel="nofollow">sold your house fast</a>. You can get these cardboard boxes from grocery stores or you can buy it online. Also, keep in mind that smaller boxes are easier to carry on narrow pathways.2019-03-25T12:52:00-07:002020-12-18T09:29:57-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5965How to Add Value to Your PropertyAre you looking to sell up or just increase your property value for the future? Whatever the reason, minor improvements around your land can add some crucial increases to the value of your property no matter when you decide to put it on the market. Here are some of the top things you can do to add value to your property.
Outbuildings
If your land has space, outbuildings can be a fantastic way to bump up your value. Garages, workshops, or even self-catering holiday cottages are all things you could add which future buyers could see as worth a lot more. In the case of holiday properties, you could even make a little money in the meantime.
Metal buildings are an economical way to add some long-lasting outbuildings which can be put up in the blink of an eye. Versatile and stylish, if you are thinking about outbuildings then you should definitely consider constructing them with steel. You can find some more information about the price of <a data-cke-saved-href="http://armstrongsteel.com/" href="http://armstrongsteel.com/" rel="nofollow">metal buildings</a> and their many benefits by visiting the Armstrong Steel website; who is one of America’s top providers.
Increase Your Curb Appeal
Does your house look uninviting from the street? A few quick and relatively easy changes might be all you need to bump up your curb appeal and therefore increase your property value! Small details like outdoor light fittings, a change to your mailbox, or a few <a data-cke-saved-href="https://www.finegardening.com/article/10-plants-for-year-round-containers" href="https://www.finegardening.com/article/10-plants-for-year-round-containers" rel="nofollow">low maintenance planters</a> add charming focal points which all help to make things look more welcoming.
If you have a little more money to spare, consider repaving any paths or driveways and repainting exterior fittings like windows and doors. Small but costly changes like this can make all the difference to the appeal of your property.
Interior Changes
The exterior of your property isn’t the only place you can improve. Inside is a whole range of places where you can add details and value. Change the carpets or tiles in any room where they are becoming a little dated, and a lick of paint can work similar wonders.
You should also consider potentially <a data-cke-saved-href="http://www.duconcontractors.com/9-ways-a-bathroom-renovation-can-add-value-to-your-home/" href="http://www.duconcontractors.com/9-ways-a-bathroom-renovation-can-add-value-to-your-home/" rel="nofollow">updating the kitchen or a few of the bathrooms</a>. These are some of the most high-ticket places in the property and a modern update could bump up your property price. It does not have to be a complete refit. In the bathroom, you could simply replace the bath or shower unit, and in the kitchen, you might just need to swap out the countertops and/or the cupboard doors. Even a tight budget can allow for some changes if you think smartly.
Choose Carefully
If you are intending to sell the property on, it is imperative that you do not over-improve. Putting far more money into the property than you are going to make back with a price increase is never a smart move. Instead, take your time to work out what needs to be done and focus your attention on that. With some intelligent choices and potentially a few cut corners (if you can pull it off) there is no reason why you cannot make the right changes to be abler to put your house on the market for what you think it is worth.2019-03-11T12:59:00-07:002020-12-18T09:51:47-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5964Buying New Construction? How to GuideBuying a new home can be an extremely overwhelming process, especially when purchasing a new build. Buyers who want to live in a brand new house will need to do some additional research and take extra care when making decisions on where to live and which builder to use.
Keep reading for tips on buying a new construction home.
1. Get Qualified.
All home buyers must be pre-approved by a bank or mortgage lender. During this process, the lender will determine the amount you are approved for by checking your income, debt, and credit score.
Once you are approved for a specific loan amount, it's up to you to decide how much you can commit to spending on a monthly mortgage. While it may be tempting to use the maximum amount you are approved for, it’s important to take into account other home expenses you will incur like property taxes, association fees, maintenance, and other necessities including furniture, window treatments, and landscaping. Be sure to factor these in to your monthly expenses when deciding how much you will borrow from your mortgage lender.
2. Consider the Pros and Cons.
Pros:
Negotiating the price on new builds is often easier than negotiating an amount for pre-owned properties. When purchasing a home from a previous owner, you may go back and forth in negotiations more as they may have more emotional ties to the property. Builders are typically more eager to make a sale and are often willing to negotiate on the price and, in some cases, lot lines.
Building a new home will allow for some control over <a data-cke-saved-href="https://www.homedepot.com/c/how_to_choose_an_interior_paint_finish_HT_BG_PA" href="https://www.homedepot.com/c/how_to_choose_an_interior_paint_finish_HT_BG_PA" rel="nofollow">finishes</a> and <a data-cke-saved-href="https://www.homedepot.com/c/Kitchen_Lighting_Fixtures_Ideas" href="https://www.homedepot.com/c/Kitchen_Lighting_Fixtures_Ideas" rel="nofollow">fixtures</a>, as well as appliances – which are becoming increasingly <a data-cke-saved-href="https://www.hotwater.com/water-heaters/residential/solar/" href="https://www.hotwater.com/water-heaters/residential/solar/" rel="nofollow">energy-efficient</a>. Not only can these modifications add personal touches to your home, but they also have the potential to add value.
The most obvious benefit of purchasing new construction is that your home will be brand new. You won’t have to worry about fixing up wear from previous owners or making aesthetic changes when you move in.
Cons:
Many new builds are in ‘up and coming’ areas, meaning they may not be in a prime location (yet). Be sure to consider your commute to work and daily activities before deciding to move forward with a construction contract.
There may be less privacy. Many new build subdivisions are planted with young trees that will take a while to grow. In addition, the homes tend to be close to one another as they are often built on smaller lots.
New neighborhoods may require homeowners association fees (HOAs) and have association rules. If you know you will need additional exterior buildings (such as a storage shed) or have your heart set on a specific exterior paint color, make sure your desires are in accordance with the association policies before moving forward with your build.
3. Find the Right One.
To find the perfect neighborhood, do research online, and drive through the areas you are considering. Make note of the quality and style of the homes in each community, and if you find a neighborhood that appeals to you, go for a walk and strike up conversations with the residents. Take your time touring model homes, and make detailed notes of what you like and don’t like about each before you make your final decision.
As you search for the perfect home, be sure to work with a buyer's agent who will help you set up tours and introduce you to new neighborhoods you may not have previously considered. Even if you already know where you want to purchase a home, it is still wise to hire a buyer’s agent who will work for you, rather than going through the listing agent who works for the builder.
As many new builds are in developing areas, talk to your agent about plans for the community. Are there any shopping centers being built nearby? Will there be any changes in the school system as more homes are built? What are the zoning laws for the neighborhood?
Along with researching each neighborhood, it’s essential to research each builder. Read reviews online and ask your buyers agent about their experience. By being diligent during this phase of your new construction purchase, you may be preventing major issues down the road.
4. Close the Deal.
Just because a home is brand new doesn’t guarantee it will be up to code and free from construction issues. When you sign a building contract, make sure your agreement is contingent on the final <a data-cke-saved-href="https://www.yelp.com/search?cflt=home_inspectors&find_loc=Charleston, SC" href="https://www.yelp.com/search?cflt=home_inspectors&find_loc=Charleston, SC" rel="nofollow">inspection</a>, which will take place before you close on the home.
In addition to the inspection, ask the builder about their home warranties. Even new builds are susceptible to major defects that require extensive repairs, and the most reputable builders will offer a warranty on any structural repairs for a stated period of time after closing. Make sure you are clear on the warranty offered by your builder and understand what is covered and for how long. This will ensure your home is properly maintained and that the builder stands behind their work.2019-03-02T13:55:00-07:002022-10-20T21:22:00-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5970Buying A Home vs. Building A HomeDeciding to move is a big step that can lead to many choices. The abundance of choices that you become faced with when moving can range from big to small, but each is important in achieving your dream home. A major decision to make once you’ve decided you want to move is whether you’d like to buy a home or build a home. Both of these options have both pros and cons associated with them, so it is important you weigh all of the elements before making a choice!
Buying A Home
Buying a home is more of the traditional option, as it can be a quicker and easier. If you go this route, you’ll find yourself viewing an abundance of homes throughout your desired locations. When viewing homes it is important to assess every aspect of the home, to look for damage and to see what you may or may not like about the home. After doing so, you can assess how much money you may need to put into the home before it becomes your perfect dream home. It is also important that you have a building inspector check the home before you settle on it, to see if there are any major areas you may need the seller to fix. These can create for any additional costs, so it is important to be wary of the inspector’s report.
Once you find a home that you love, and the logistics are settled with the inspector’s findings, you can make an offer on the home. How much you offer can be based on the seller’s asking price and your assessment of how much work needs to be done in the home. If the home is completely move-in ready and renovated, chances are the sellers will stick to their asking price, as they know it can be achieved. However, if the home needs to be renovated once you move in, it is more likely that a seller would accept a lower offer to sell the house quicker. This process can be slowed down if there are other parties interested in the home. It can create for a bit of a competitive time for the bidders and the sellers. If the seller approves your offer you will have to coordinate the logistics of the closing costs and paperwork, and then you’ll be on your way to moving into your new home!
A benefit associated with buying a home is that it can be done in a timely manner, much quicker than building a home. However, if your home needs fixing up, you can still be faced with a wait to move in. Buying a home also ensures an upfront cost. You are able to determine exactly how much you’re purchasing the home for, and then can anticipate for an additional improvement costs that need to be made. The convenience of buying a home, ensures that you know exactly how the home will look before buying it. Some cons associated with buying a home is the lack of personal touch it will have. When you buy a home, you are buying someone else’s construction, which although not a bad thing, might not be your exact taste in design. Buying a home can also create for difficulty as the process working with the seller may be tedious and take a while for them to settle.
Building A Home
Building a home can be a large task to take on, and a less traditional route. When you build a home, you first need to find the perfect location with land for sale. Once you are approved of your offer on the land, you’ll need to find a building company that can create your dream home. After you and the builder have developed the plans for your new home, the building process can begin.
Some pros associated with building your own home is that you are able to design, from scratch your perfect home. You are the one selecting every element that is put into the home from the roofing to the flooring, to the cabinetry, the home is composed of completely of your own flair. The home is completely constructed based on your wants and needs! Since the home will be built new, you can ensure that it is built efficiently with a new HVAC system and energy-saving options. It can also be a healthier alternative, as you can be sure that the new construction is completely free of any toxic materials, an old home may have, such as asbestos. The home will also generally have a higher resale value as it is newer and more recently updated than an older home you may buy. A huge con that goes along with building your own home is time and money. It is very difficult to set a specific budget and timeline for building your own home, as there can be many scenarios of the home’s construction taking longer and costing more than originally anticipated. In many cases, those who build their own home end up spending more money than if they have bought an originally built home, so this is something to consider if money is a strict factor in your decision.
Overall, buying and building a home are both great options, but they are very different. It is important to know what you should anticipate with either route, but it is also important to note that through either buying or building, you can still have your dream home. At the end of the day, the decision you make needs to be one that is best for you and your family, and once you make that choice, you’ll be able to start the journey of finding the perfect dream home for you!2019-01-31T14:15:00-07:002021-08-09T05:49:08-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:5973What You Need To Know When Buying a Fixer UpperWhen it comes to looking for a new home, you need to consider an array of vital things. It is important to plan out exactly what you’re looking for your new home to offer. This can vary depending on your budget, the location, and how move-in ready the home is. It is important to first establish the condition you’re looking for the home to be in. Are you looking for something completely move-in ready, due to a time crunch? Or, are you looking for a fixer-upper, that you can craft into your own dream home? Both of these have many pros and cons, which is why it is a decision that should be weighed before starting your home shopping. An important element of this is time and budget! It is essential that you set a specific budget before debating which route you will take, and it is also important to consider how much time you will have before needing to be completely settled in the new home. If you do decide the fixer-upper route is right for you, it is important to prepare for this type of purchase! Fixing up your own home is a great option, but you should be aware of the road ahead of you before committing to it. Here are some important things to keep in mind when in the market for a fixer-upper.
Make sure you are ready to take note of the house’s condition in its entirety. You need to be able to assess just how much time, money, and effort will need to go into making this home yours.
Be on the look-out for the condition of:
Structure/Foundation
Kitchen
Bathroom
Flooring
Basement
Roofing
Attic
HVAC system
Plumbing
Windows
Another important thing is to have a home inspector come and check the home out before you make any decisions. The home inspector can assess where the home needs immediate fixing, aside from the visual assumptions you can make yourself. He or she can help you estimate how much money you will need to spend fixing vital elements of the home such as the electrical, plumbing, foundation, sewer-line, gas-line, and any potential pest problems the house may have. Having a building inspector check the home before buying it is crucial! Without a proper inspection, you could potentially be purchasing a home with way more issues than you originally bargained for.
With these tips, you will be able to see how much work your fixer-upper needs and decide if there are any areas that are viable. The beauty of a fixer-upper is that it allows you to create your dream home, without having to build from scratch. You can completely remove the previous owner’s touch from the home, and make it your own. This is what attracts many people to a fixer-upper, as it allows for the new owners to feel that it is something that is uniquely theirs and that they are not living in someone else’s home.
All fixer-uppers are unique and require a careful individual assessment before purchasing. Although buying a fixer-upper can be a bold step, with the proper knowledge and preparation, you can ensure that the process of making it your own is achievable. A fixer-upper can be a cheaper alternative to buying a move-in ready home, and with the proper time, budget, and planning, it can be a satisfying choice. Fixing up your home can leave you with a lifetime of memories that fill your home and make it all the more special to live in.2019-01-17T14:24:00-07:002020-12-18T11:21:32-07:00Cory Towler