What To Know When Buying A Home

What To Know When Buying A Home

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Did you make a New Year’s resolution to buy a house?


You may have heard that it is a good time to buy. Perhaps, you realize it would cost less to own your own home than to rent.


In the last 2 years several magazines have highlighted Greenville and Travelers Rest as great places to live. If you prefer to be close to the only US BMW plant or the airport there are options in Greer and Duncan.  Also, Mauldin and Simpsonville have recently become popular places amongst homebuyers.


Now is not the time to be impulsive!


Consider setting aside approximately anywhere from $2,000 to $3,000.


The cost of buying a house goes beyond your monthly mortgage payment. Even if the seller agrees to pay a portion of your closing costs or you get 100% financing, there are other costs involved. Here are the most common:


  • Earnest money – It is recommended to put down a deposit of at least a 1% of the purchase price to make your offer solid.

  • Inspections – A termite and moisture inspection (CL 100) is required if your loan is FHA, VA or USDA. Even on a cash deal you will want to know about any serious issues.

  • Appraisal – This tells you the market value of the house and is required by your lender.

  • Lender fees – See your specific lender for details.

  • Property Taxes – Based on your property’s value, this is an annual cost that goes to local government whether you have a loan or not.

  • Homeowner’s Insurance – This will be important in order to protect your home and property (also required by a lender).

  • HOAs (Home Owners Association) – This exists dependent on where you buy your home, and varies between associations.


Remember your agent is an excellent resource to guide you through the home buying process.


If you have any questions, it would be our pleasure to help 864-643-0474.


We would love to show you the way home!


Blanca Garcia Headshot
Author:
Phone: 864-214-3014
Dated: February 22nd 2016
Views: 1,034
About Blanca: Welcome! I am the Client Care Specialist for the Wondracek Realty Group. After more than 15 years in...

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Wondracek Realty Group
101-A Regency Commons Dr
Greer, SC
864-643-0474
864-990-1951