For a first time home buyer, if you don’t know anyone who has gone through the process before you, the whole process can seem daunting and overwhelming. If you’re one of those future home buyers based in Greenville, here are the steps you’ll need when buying your first home in South Carolina.
Step 1. Making the Decision:
There’s never a wrong time to decide you want to buy a home. However, the decision to purchase your first home can be one of the most important decisions you can make in your life. As for the average individual, it may be the most significant investment that they ever make.
As you’re deciding to purchase, take the time to evaluate your finances carefully: Is your income steady? Can you afford the mortgage payments? Buying your own home is indeed a massive investment that gives you many financial benefits that renting doesn’t, such as tax benefits and equity buildup.
Step 2. Agent Hunt:
There are a lot of options out there for real estate agents. When you’re looking for a legitimate real estate agent, you should select someone you trust and who will advocate for you. Also, a knowledgeable agent will know the current market conditions, research homes that are within your budget and fits your criteria, coordinate with all parties involved throughout the entire process, and be able to assist in solving any problems that may occur.
Also, once you purchase your home, your agent can be an excellent resource for you. They can guide you to have great interior decorators. They probably have relationships with contractors and repair services, and can even represent you again if you think of selling later down the line.
Step 3. Secure Financing:
Your lender will help you get pre-approved for a loan amount based on your finances. Once you’re pre-approved, you’ll have to determine the amount you want, plus can afford to pay and select a loan option. The next step is to submit to the lender an accepted purchase offer contract. From there, you’ll get an appraisal and title commitment. Once everything closes, you’ll obtain funding.
Step 4. Start the Home Search:
The home you imagine in the beginning will probably not be the home you decide to buy. As you look at different houses and determine what will or won’t work for you, your priorities will shift along the way. Work with your agent to help you narrow down homes that fit your needs and as many of your wants (within reason) as possible. Some questions to ask yourself are: What amenities do I want? If I have or will have children, how are the neighboring schools? What will my commute to work look like?
Step 5. Submit Your Offer:
Once you’ve found the home you love, the next step is to have your agent submit your offer. Your agent will guide you on getting the best offer based on the market value of the home, what the other homes in the neighborhood are selling for, and what the sellers are asking for.
Step 6. Home Inspection and Appraisal:
Once you submit your offer and before you close, the home will have to be inspected and appraised. You have to be into this process so that you won’t be stuck with a house with any significant plumbing issues and structural damage or termites. This way, you have the opportunity to walk away from the purchase if the problems are too many.
Step 7. Closing:
The last and final step is closing. In the previous phase of the whole process, make sure you verify that all the mortgage funding steps are completed, do a final walk-through of the home with your agent, and make sure all necessary insurance is in place.