Six Steps to Buying a Home

Whether you are a first time home buyer or currently a homeowner searching for a new property in a better neighborhood, the home buying process can be an exciting yet overwhelming experience. That’s why we’ve broken down the home buying experience into six simple steps!

  1. Choose the right realtor. You want to make sure that your realtor understands your needs. They will work tirelessly to make the transition to finding your new home as simple and easy as possible. Which means less stress for you. Make sure your realtor is a professional who knows the market and can identify the best home for your value.

  2. Get Pre-approved. A pre-approval certifies that your lender has checked your credit and verified your documentation to approve a specific loan amount for your future home. This can be your bank, a mortgage lender, or local home buying programs.

  3. It’s time to shop! Now you can really begin your search for the perfect home and negotiate offers.

  4. Home Inspection. A home inspection is super important in determining if there are any defects to the property once you go under contract. There are a variety of home inspections including a full home inspection to radon inspections, so make sure you visit our post on the “Top 5 Home Inspections” you should consider before moving in!

  5. Home Appraisal. Getting a home appraisal provides a professional estimate on the value of the property. This will determine whether the home’s value is actually worth what you’re able or willing to pay.

  6. Congratulations you’re a homeowner! You’ve reached the final step. It’s now time to get the keys and go to closing.

To learn more from a qualified and experienced agent, contact us! Call: 833-704-HOME or email Qulia Bryant via quliasells@gmail.com for specific needs.

Source(s):

https://www.investopedia.com/financial-edge/0411/5-things-you-need-to-be-pre-approved-for-a-mortgage.aspx

https://www.investopedia.com/articles/pf/12/home-appraisals.asp

https://www.discover.com/home-loans/articles/the-home-appraisal-process

 

The Importance of a Home Warranty

A home warranty is one of the best forms of risk protection next to homeowners insurance. Once you become a homeowner, you’re investing in a property that requires proper care and upkeep. That’s why it is important to acquire a home warranty plan to help keep you prepared for unforeseen incidences and maintenance issues. So many homeowners save on out-of-pocket costs because they are covered by a home warranty plan. But what is it?

While home warranties and homeowners insurance both protect against unexpected circumstances, a home insurance policy covers any accidental damage to your home and belongings due to theft, storms, fires, and some natural disasters. Homeowners insurance will help repair any wreckage to your home or personal property that was stolen or damaged. This may also include liability coverage which can help cover legal and medical fees if someone is injured on your property.

Home warranties are not required but are highly suggested because it will provide coverage on expenses related to HVAC systems (heating, ventilation, and air conditioning), plumbing, and home appliance repairs or replacements. This is an annual renewable contract that provides assistance in repairing electrical issues, leaks, and faulty appliances or will replace systems in your home that are beyond repair if they break down, such as a dishwasher or washer and dryer.

For all of those who are currently a homeowner or potential homeowners, please make sure you have a home warranty. Negotiate that within your contract and if you already own a home continue to renew your home warranty policy because it will definitely save you money in the future.

To learn more make sure to check out our video on “The Importance of Home Warranties” or reach out to our trusted agent, Qulia Bryant for more realty tips! Call us: 833-704-HOME or find your dream home online!

Sources:

https://www.ahs.com/home-matters/cost-savers/whats-the-difference-homeowners-insurance-vs-home-warranty/

https://www.allstate.com/tr/home-insurance/home-insurance-vs-home-warranty.aspx

https://www.thebalance.com/home-insurance-vs-home-warranty-4135608

 

The Benefits of Becoming A Homeowner

There are some of us who still struggle with deciding on whether we want to rent or make the transition to becoming a homeowner. The latter may seem nerve-wracking, but today we’re discussing some of the beneficial reasons why owning a home versus renting is so much better.

Immediate Equity. Once you begin making payments on your mortgage your property’s equity increases. As a refresher, equity is determined by the current market value of your home minus what you owe in loans. Your home’s equity increases as you make payments on your mortgage balance or as the property value appreciates over time.

For example, if your home’s market value is $300,000 and your mortgage balance is $175,000, then you have $125,000 of equity in your home. After you sell, you can use this $125,000 to reinvest your money in yourself instead of renting and paying someone else.

Invest in Yourself. Usually, first time homebuyers are looking for a home that is an investment and not necessarily their dream home. You can use your equity in the future to move into a bigger home and a better neighborhood. You can also choose to invest your money into other properties or put it towards your nest egg.

Tax Advantages. We’re currently in the midst of tax season. As a home owner, you’ll receive a bigger return. Furthermore, in states such as South Carolina, home owners may be eligible for a Homestead Exemption which exempts a set dollar amount or a percentage of a home’s value from property taxes.

For example, the current property tax rate in South Carolina is 0.57%. If the assessed value of your home is $300,000 and your property tax is 0.57% then your property tax bill will equal $1,710. But if you’re eligible for a homestead exemption of $50,000 then the taxable value of your home would drop to $250,000 and your property tax bill would be $1,425.

Those are just a few of the reasons why you should make the transition from being a renter to becoming a home owner. To learn more, check out our video on The Benefits of Owning vs Renting. And if you’re ready to take the next step or have any questions, feel free to reach out to our trusted realtor, Qulia Bryant for your homebuying needs. Call us: 833-704-HOME or find your dream home online!

Sources:

https://www.investopedia.com/terms/h/homestead-exemption.asp

https://money.howstuffworks.com/personal-finance/personal-income-taxes/homestead-exemption.htm

https://smartasset.com/taxes/south-carolina-property-tax-calculator

https://smartasset.com/taxes/what-is-a-homestead-tax-exemption