Once you’ve made the decision to invest in a new home, odds are you’ll do a little bit of research on your own in search of helpful home buying tips. However, there are a lot of misconceptions and half-truths out there that you don’t want to fall for. The following are three common home buying myths to watch out for:
- You have to put down 20 percent – You will need to pay a down payment; however, it doesn’t necessarily have to be for 20 percent of the home’s price. If you’re able to, then you should. However, there are loan programs that only require 3.5 or 5 percent down payments. You’ll just be required to pay for mortgage insurance if you can’t put up 20 percent.
- A 30-year mortgage is the best option – When comparing 30-year mortgages to 15-year mortgages as well as other terms, you may think that a 30-year is your best option since it will cost less on a month-to-month basis. However, there are a few factors to consider. First of all, while you may pay less month-to-month on a 30-year loan, you’ll end up paying more in interest over that term. Secondly, a 30-year mortgage only makes sense if you’re planning on staying in your house long-term.
- Buying a house is a great financial investment – Buying a house is more affordable long-term than renting and you’ll be investing in an asset. However, it’s important to understand that you shouldn’t be investing in real estate if you expect to make large long-term profits. Homes in the U.S. only appreciate around one percent above inflation. Buying a home is a good investment, but not for that reason.
These are three common home buying myths debunked. Contact us at Randy Lindsay for more professional home buying tips today.
One of the most important home buying tips that any real estate agent will give you is to hold off on signing on the dotted line until you’ve had a professional home inspection done on the house. The following are a few reasons why a home inspection is so important and why you should insist on one:
- The house may be a money pit – Just because the house looks like it’s in tip-top condition on the surface doesn’t mean there aren’t any hidden problems. A professional inspection may reveal a faulty foundation, plumbing issues, problems with the wiring and other potentially costly problems that you don’t want to be stuck with when you buy a house.
- It may help improve your bargaining power – Things that may be uncovered during a home inspection could potentially be used towards your advantage when negotiating with the seller. For example, maybe the furnace is a lot older than you thought, which means that energy costs are likely to be higher than normal and that it’s likely going to need to be replaced in the near future. You may be able to get the seller to lower the price if you have information like this to bargain with.
- The seller may perform needed repairs – Because you don’t want to move into a house that’s on the verge of falling apart, a home inspection will allow you to figure out exactly what’s wrong with it. You’ll usually be able to get the seller to make those repairs before you purchase the house, or at least to remove the cost of those repairs from the total price.
These are just three of the reasons why you should get a home inspection before buying a house. Being insistent can really pay off, or help you avoid a bad situation altogether.
Trying to sell a house that’s in a state of disrepair is not generally a good idea. Few homebuyers want to invest money in a home only to have to turn around and put even more money into making repairs. Not to mention that certain issues that need repair can hurt a buyer’s first impression of your house. Keeping that in mind, the following are three things you should fix before you list your home:
- The paint – One of the most common home selling tips is to give your home a fresh coat of paint, even if it’s not necessarily in need of one. However, if you notice that your paint is peeling or the color is fading, whether it’s on the home’s exterior or interior, then you should repaint it before you begin showing the house. Faded, peeling paint is going to make your home look dilapidated, and many buyers won’t even bother to come inside for a look if you don’t fix this issue.
- Lighting – Be sure to go through your entire home and check all of the lights. You’ll want to make sure that if a light doesn’t work, that it’s not an electrical issue. Buyers won’t want to have to make electrical repairs. Additionally, a lack of light will make certain spaces feel dark and cramped, which is not an effect you want to go for.
- Leaks – If there’s a leak, you’ll want to have it fixed right away. Buyers who spot any leaks throughout your home are going to assume that there might be something wrong with the plumbing or with your roof, both of which can require expensive repairs and can scare buyers away.
These are three fixes you should make before listing your house to improve the buyer’s first impression.
There’s not much you can do about a slow housing market, and most homeowners don’t have the time to just wait it out. However, there are still things that you can do to help sell your home even during a slow market. The following are five tips on selling a home in Rock Hill even when the market is slow:
- Price your home properly – Compare the price of similar homes that sold within your area recently. Pricing your house too high will result in limited interest.
- Make necessary repairs – Don’t just focus on the major repairs you have to make. You should also focus on smaller repairs that may seem inconsequential, such as tightening loose doorknobs. Even the smallest issues can have a negative impact on a buyer’s impression of your home.
- Be ready to show – Be flexible in terms of showing the house. Make sure that the house is ready to show every day just in case a prospective buyer wants to come by at the last minute.
- Don’t turn down low offers right away – You might be tempted to reject a buyer right off the bat if they make a low offer. However, you should bite your tongue. It takes a lot of paperwork to put in an official bid, which means that even a low bid means that the buyer has interest and there could be room for negotiation.
- Use a reputable agent – Find a real estate agent who knows the area well and has a good record selling properties within a short period of time. Their connections and know-how will help to sell your home quickly.
Most real estate agents will tell you that the best time to sell a house is during the summer and spring seasons. This is because this is the peak selling time – and they’re not wrong. However, there’s no reason you can’t sell your home during the winter season. In fact, there are actually several advantages to doing so. The following are a few ways that you can take advantage of the winter home-buying market to sell your metro Charlotte real estate:
- Most buyers are serious – People who are house hunting during the winter are less likely to be “testing the market,” than they would be during the summer season. Anyone who is trudging through the cold weather of winter to look at houses is most likely a serious buyer, which means you won’t be wasting your time showing your house to people who were never going to commit in the first place.
- There will be less competition – Because most sellers will wait until the summer to list their property, you’ll have less competition. Less competition means that more people will be taking a look at your house.
- You could get closer to your asking price – Another perk of having less competition to deal with is that you don’t have to worry about other similar properties asking for less than what you’re asking for. Buyers can’t shop around as much, which means that they won’t have as much negotiating room. Not to mention that because inventory is low during the winters, buyers may end up having to compete with each other.
These are just a few of the ways in which you can take advantage of the home buying market in the winter. For more advice on selling metro Charlotte real estate, be sure to contact us at Randy Lindsay today.