5 Things to Know Before Buying Your First Home

Buying Your First Home

Buying your first home is an exciting milestone, but it can also be a daunting experience. It is important to do your research and ask the right questions to be prepared for what lies ahead. The more prepared you are, the smoother your journey to homeownership will be.

Here are five things to know before buying your first home:

1. Home Condition

Make sure you have an inspector look at the house before you buy it. They can check for:

  • electrical issues
  • moisture issues
  • pests
  • structural damage

…as well as any other potential problems. Decide whether you’re willing to invest in repairs or renovations before you buy a house that needs work.

2. Loan Qualification

Before you begin your house hunt, it’s important to get pre-approved for a mortgage. This will give you an idea of your price range, so you’re not wasting time looking at homes that are out of your affordability range. It will also give the seller confidence in you as a potential buyer. This could prove to be an advantage when competing against other offers.

3. Local Real Estate Market

Understanding the local real estate market will help you determine what’s a good deal and if you’re getting a fair price. It can also help you decide whether or not now is a good time to buy. Look at:

  • days on the market
  • how many homes are currently listed in the area
  • similar home prices

4. Neighborhood Desirability

Don’t focus only on the houses. Research the neighborhood you’re looking at as well. Drive around the area, look into crime statistics, learn about local schools, read online reviews from residents, and talk to people in the neighborhood.

5. Your Budget

One of the biggest mistakes first-time homebuyers make is assuming that the loan amount they qualify for is what they can afford. In addition to the down payment and closing costs that you must pay upfront, you’ll need to make sure it’s financially feasible to keep up with the monthly payments as well as all the costs associated with owning a home, including taxes, insurance, HOA fees, maintenance, and more.

These are five things that you should know if you’re planning to buy a house for the first time. For additional first-time homebuying advice, be sure to contact us at Randy Lindsay today.

Is a Rent-Back Agreement a Good Idea?

 rent-back agreement

Selling your home can come with all sorts of challenges. One of these challenges is finding a place to live before you close and move out.

It’s not uncommon for sellers to find themselves in a situation where they have a buyer lined up but nowhere to go, whether it’s because their new house hasn’t been completed or they simply haven’t yet found a new place to buy. If this is the case for you, one potential solution is to sign a rent-back agreement with your buyer.

What Is a Rent-Back Agreement?

A rent-back agreement is an arrangement in which the seller agrees to continue renting the property from the buyer for a set period of time. This can be a good option for sellers who need extra time to find a new place to live if the buyer doesn’t have to move in right away. It’s worth noting that this is generally a short-term agreement.

The Pros and Cons of a Rent-Back Agreement

Arguably the biggest benefit to a rent-back agreement is that it will give you time to find a new place to live. The last thing you want to do is to be forced into moving, putting everything in storage, and having to rent an apartment if that’s not what the plan was. On top of that, you’ll also deal with much less stress since you won’t have to worry about finding new living arrangements on top of everything else that comes with selling a house.

However, there are a couple of drawbacks. First, the buyer needs to agree. This means the buyer needs to be in a situation where they don’t have to move in right away. Such a buyer can be hard to find. Secondly, it puts you at a disadvantage as far as negotiations are concerned. You may have to accept a lower offer if the buyer knows you need something.

Consider Signing a Rent-Back Agreement

If you’re in a situation in which you need to sell your house but don’t have anywhere to go yet, you may want to consider finding a buyer willing to sign a rent-back agreement. Be sure to contact us at Randy Lindsay today for more advice on selling your home.

4 Habits of Smart Home Buyers

smart home buyers

Being a smart home buyer is a lot more difficult than you might realize, especially if you’re a first-time homebuyer. First-time home buyers have no experience with the home-buying process. They may encounter more challenges due to not knowing what to expect.

However, being a smart home buyer is crucial to ensuring you get the home you want without sacrificing your financial stability. With that in mind, the following are four habits of smart home buyers:

1. Maintain a good credit score

One of the most important things you can do as a home buyer is to maintain a good credit score. Your credit score will play a big role in qualifying for a mortgage, not to mention determining the interest rate you’re offered. It’s essential to ensure your score is as high as possible before looking for a new home.

2. Save money before going house hunting

Be patient about becoming a new homeowner. You should save enough money to make a sizable down payment, cover closing costs, and have reserves left in case of a financial emergency. The bigger your down payment is, the less your house will cost you in the long term since you’ll pay less on interest. Additionally, you won’t have to pay mortgage insurance if you can make at least a 20 percent down payment.

3. Budget for the long-term

Just because you can afford the monthly mortgage payment doesn’t mean you should max out your budget. You need to consider other expenses associated with homeownership, such as property taxes, insurance, repairs, and maintenance. By budgeting for these additional costs, you can ensure you’re still comfortable with your mortgage payment after everything is said and done.

4. Make sure your personal life is in order

Make sure that you’re employed full-time, have a good handle on your finances, and have stability in your personal life before you begin the home-buying journey. If you’re in the middle of big life events, such as getting married, starting a family, or beginning a new job, you might want to wait until things settle down before buying a home.

These are just a few habits you should adopt if you want to be a smart home buyer. By doing so, you can be sure you’re prepared for the challenges of the home-buying process. For more advice on being smart home buyers, contact us at Randy Lindsay today.

4 Tips for Selling Your Home for More Money

Selling Your Home

If you decide to sell your house, you’ll want to do everything you can to maximize your profits. However, to get as much as you can out of your house, you’ll have to do a little more on top of simply listing it and hoping you find a buyer willing to give you what you’re asking.

With that in mind, the following are four tips on selling your home for more money:

1. Price your house correctly

The most important factor in getting top dollar for your home is pricing it correctly from the start. One of the biggest mistakes sellers make is pricing their homes too high, thinking they’ll be able to come down later if nobody bites. However, overpricing your house can scare potential buyers away. And the longer your home sits on the market, the more difficult it will become to sell.

2. Make necessary repairs and updates

If any major repairs or updates need to be made to your home, it’s best to do them before putting your house on the market. Not only will this make your home more appealing to potential buyers, but it will also increase its value. If you’re unsure what repairs or updates need to be made, a home inspector can give you a detailed report.

3. ‘Time’ the real estate market

If you put your house up for sale during a buyer’s market, it will likely take longer to sell because there will be fewer buyers, and you’ll probably have to lower your asking price. However, if you list during a seller’s market, you’ll likely have more buyers interested in your home and you might get away with a higher asking price. Competition may even result in a bidding war. Pay attention to your area’s market conditions to help determine the best time to list your home.

4. List your property at the right time

Besides timing the market, try to list your market during the peak season, either in the spring or summer. This is when more buyers are looking for homes than at any other time of year, so you’ll have a better chance of selling quickly and for top dollar.

These are four tips you should keep in mind to help ensure you get the most money possible from selling your home. Contact us at Randy Lindsay today for more tips on selling your home.

4 Things Homeowners Insurance Won’t Cover (That May Surprise You)

Homeowners Insurance Won’t Cover

When you buy a house, you’ll want to insure it. If you take out a mortgage to pay for your home, the lender will likely require you to buy homeowners insurance as part of the agreement.

Even if it isn’t required, getting your home insured against damage or loss is a good idea. But what many homeowners don’t realize is that their insurance policy may not cover everything they think it does.

It’s important to understand what your homeowner’s insurance policy covers so you’re not caught off guard if something happens to your home. Knowing what it doesn’t cover will allow you to purchase additional coverage if necessary. With that in mind, the following are four things that your home insurance policy probably won’t cover:

1. Flooding

Standard home insurance policies exclude coverage for flood damage, so if your home is inundated with water from a storm or other flooding event, you will likely have to foot the bill for repairs and replacements yourself. If you live in an area prone to flooding, purchasing separate flood insurance is a good idea.

2. Earthquake damage

Homeowners insurance also typically excludes coverage for earthquake damage. If an earthquake hits and your home sustains damage, you will likely have to pay for repairs and replacements out of pocket. If you live in an area that’s susceptible to earthquakes, you may want to purchase separate earthquake insurance.

3. Mold

Mold is a type of fungus that can grow in homes and other buildings. It can cause property damage and pose health risks. Mold typically develops and spreads from moisture, so it’s often found in bathrooms, kitchens, laundry rooms, and basements. Because mold growth is so common, most standard homeowner’s insurance policies exclude coverage for mold damage.

4. Pest infestations

Pests like rodents and insects can damage your home and pose health risks. If your home becomes infested with pests, you will likely have to pay for pest control. You might not be bothered about paying for pest control; however, some pests, such as termites, can cause significant damage to your home.

A standard homeowners insurance policy will provide coverage against things like fire, wind, and snow damage, as well as vandalism, theft, and personal liability. However, it’s important to know what it doesn’t cover so you can plan accordingly. Contact us at Randy Lindsay today for more advice about the home-buying process.


Randy has enjoyed over 31 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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