3 Home Buying Myths Debunked

reality checkOnce 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:

  1. 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.
  2. 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.
  3. 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.

Why You Should Insist On An Inspection Before Buying A Home

home inspectionOne 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.

Are There Advantages To Buying A Home In Winter?

winter home buyingWhen it comes to buying a house, a lot of people wait until the summer. There are a number of reasons for this, including that kids are out of school, which means that it’s easier for the whole family to go house hunting, there are more properties for sale since summer is the peak selling season, and they won’t be busy with the holiday season. However, that doesn’t mean that buying a house in the winter is a bad idea. The following are a few advantages to buying a home in York County in the winter:

  • Less competition – Since most homebuyers will wait until the summer season to begin house hunting, you’ll have less competition. This generally means that you won’t have to worry about engaging in a bidding war with another buyer for a house you want, which means you won’t have to overpay.
  • Sellers are motivated – Homeowners who aren’t waiting for the summer to sell are probably motivated to sell soon due to one reason or another, whether it’s financial troubles or the need to move, to name two possibilities. Not only is it potentially easier to negotiate terms with a motivated seller, but you won’t be wasting time with unmotivated sellers who are just testing the market.
  • Lower prices – Because sellers are more motivated to sell, there is a good chance that they are more open to negotiation on price as well. Since there are fewer buyers competing against you, there will be less demand, which could help bring prices down.

These are just a few of the advantages of buying a home in the winter. If you’re planning on buying a home in York County this winter season, be sure to get professional real estate buying guidance.

Give Yourself The Gift Of Good Credit

credit scoreIf you’re planning on taking out a mortgage sometime in the next year in order to buy a new home, then one of the things you might want to focus on this holiday season is building up your credit score. Credit scores have a big impact on whether or not you’ll qualify for a mortgage loan and factor into how favorable the terms will be, such as how big of a down payment you’ll have to make and how much interest you’ll have to pay. The following are a few tips for boosting your credit score:

  • Avoid overspending – It can be easy to build debt on your credit cards, especially during the holidays. Make sure you keep track of how much you are using your credit cards and try to use cash whenever possible. If you’re trying to build your credit score, you’ll want to reduce your credit card debt. Ideally, you’ll want your balance to hover around 30 percent or less of the credit that’s available.
  • Avoid applying for more credit – Every time you apply for new credit, your credit score will take a hit that will last a year. This is the last thing you want if your gearing up for a mortgage application, so don’t open up any new lines of credit.
  • Pay your bills on time – Sticking to your budget is important because if you don’t, you may end up not being able to pay some of your bills. Paying your bills on time and in full will help boost your credit score, while late or missed payments will hurt it.

Good credit scores are vital to securing a home mortgage loan. Use these tips to give yourself the gift of good credit this holiday season.

5 Tips For Buying And Selling A Home At The Same Time

buying and selling a homeIn a perfect world, selling your old home and buying a new home would coincide perfectly so that you could pay for your new home and move in immediately. However, it’s rarely as easy as this. Fortunately, it is possible to do. The following are a few tips to keep in mind if you’re buying and selling a home at the same time:

  • Know your finances – If you’re in a strong financial position, you may be able to buy a new home before you sell your old home. You’ll need to be financially capable of doing this, however, since you’ll be responsible for paying off two mortgages (unless your old home is paid off) until you sell your old home.
  • Add a contingency – You can make the sale of your house contingent on whether or not you’re able to close on a new home. This can, however, limit the number of buyers, especially those who need to move in right away.
  • Add a new term – Add a term to your purchase contract that gives you an additional two or three weeks to stay in your old home.
  • Rent out your old home – If the person who has bought your old home doesn’t need to move in right away, you might be able to come to an agreement in which you rent out your old home until you are able to find a new house to purchase.
  • Work with a real estate agent in Fort Mill – A good real estate agent has experience in closing concurrent sales and can help you successfully sell and buy a home at the same time.

If you need a real estate agent in Fort Mill to help sell and buy a home at the same time, be sure to contact us at Randy Lindsay today.

How To Evaluate A Neighborhood When Buying A Home

neighborhoodsFinding the right home for you and your family isn’t just about finding the right house, it’s also about finding the right neighborhood. If you’re planning on living in York County, then make sure that you use the following tips to determine if the neighborhood you’re looking at is right for you:

  • The safety of the area – The last thing you’ll want to do is to move into an area that’s unsafe. Look up the area’s crime rate and talk to some of the neighbors to find out how safe the area is. A good real estate agent will be familiar with how safe certain areas are as well.
  • The reputation of the school district – If you have kids or are planning on having kids, look into the school district the neighborhood is located in. Do the schools nearby have a good reputation? Check into things like graduation rates, class sizes, teacher turnover rates and awards to properly judge a school.
  • Nearby amenities – Different people want to be nearby different things. Look for certain amenities that you want to have near you wherever you live, such as gas stations, grocery stores and restaurants.
  • The local real estate market – If you see a lot of for sale signs in the neighborhood, it may be a bad sign. It could mean that the neighborhood is struggling. A real estate agent can provide more insight in this regard.
  • The future of the neighborhood – Plans for the future can greatly impact a neighborhood. For example, if the city is planning to build a park nearby, it’s probably a good thing. However, if they are planning to build a freeway right across the street, it’s probably not.

For more advice on living in York County, be sure to contact us at Randy Lindsay today.

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Randy has enjoyed over 25 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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