4 Tips to Make Buying Real Estate Hassle-Free

by carolinaone_marketing 29. July 2015 08:49

At Carolina One, we see more families than ever looking at Mount Pleasant, SC real estate. Mount Pleasant is a beautiful area and has lots of great properties, but the home buying process can be daunting. Here are our tips to make it as stress free as possible:

1.  Get pre-approved, not just pre-qualified – Many banks will tell you that you "pre-qualified" for a mortgage, but that only means they know they can get you a mortgage of some kind—not the specific rates and details of what you will qualify for. Instead, take the time to sit down and go through the pre-approval process, meaning you will know exactly how much you qualify for and what the interest rate and terms will be. This arms you with hard knowledge of what you can and cannot afford—and what the monthly payments will be—before you even look at houses.

2.  Have a "High," "Medium," and "Low" budget – Many people simply come up with a maximum number they will be willing to pay and call that their budget. The problem is that, invariably, you will be tempted to buy houses toward the high end of your budget, as they will offer more in terms of space, luxury or location. We recommend setting three ranges: High, Medium and Low. Your Medium range is the ideal range to buy a house in, and any house you like in that range is probably a good call. The Low budget will be the range below that. Buying in this range will come with drawbacks, but mean substantially more spending money every month. Your family should discuss exactly what sacrifices you're willing to make if you find a house in this range—fewer rooms than you wanted, a different neighborhood, a substantial fixer-upper, etc. Likewise, the High range will mean you have less disposable income, so discuss beforehand what benefits you would need to make a High range house worthwhile.

3.  Consider sleeper costs before you make an offer – Remember that owning a home comes with other costs, such as maintenance, repairs, insurance, and HOA fees for condos. Use an inspector to accurately assess what repairs you will need and get estimates for them. Factor all of these costs into whether you can afford a house.

4.  Work with a real estate agent you trust – Although it's possible to go it alone these days, DIY home hunting has drawbacks. Your realtor knows the market, knows the warning signs of a lemon, and knows how to negotiate. Most importantly, they work for you and will put that knowledge to use in your favor.

 

If you are looking for a new home in Mount Pleasant or the surrounding area, contact us at Carolina One and we can help you to stay within your budget!

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Mount Pleasant SC Real Estate

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