House in the Spring

Spring is almost here, and if you’re one of those people looking to jump into homeownership this season, you’re in luck because springtime is always a good time to buy a home, especially in Georgia and South Carolina. Historically, the real estate market windfall takes place in spring, making it ideally the best time to hit the homes for sale market. Here’s a list of tips for buying a home this spring.

  1. Hire a real estate professional.

Real estate agents have unlimited access to information on the local real estate market. They have access to multiple listings, including those not yet on the market, and know where to find the best deals. In addition, they can help you avoid pitfalls, such as buying a home in a neighborhood that’s being considered for commercial development or buying a fixer-upper that will cost more to renovate than it’s worth.

  1. Get preapproved for a mortgage. 

Preapproval lets sellers know you’ll have the money when it comes time to close the deal. It also gives you an idea of how much house you can afford so that you don’t waste time looking at homes way above your budget. Keep in mind preapproval doesn’t guarantee final approval because circumstances may change between the time you’re preapproved and the time you make an offer on a home.

  1. Know how much house can you afford.

This is probably the first question any prospective homebuyer should ask and for a good reason. It’s easy to get caught up in the excitement of looking at homes and lose sight of what you can reasonably afford. It may seem obvious, but it’s essential to know exactly how much house you can afford before you start searching for homes. 

  1. Start saving for closing costs and down payment. 

First-time buyers often don’t realize that there are other additional expenses outside the monthly mortgage payment when buying a house. Before you hit the homes for sale market, take some time to figure out how much money you’ll need for closing costs and down payment. Closing costs include lender fees like loan origination fees or discount points, title insurance fees, homeowner’s insurance premiums, etc. They usually total between 2% and 5% of your loan amount. Making a 20% down payment can help you avoid paying private mortgage insurance (PMI).

  1. Narrow down your choices.

Before you can decide which home is right for you, you need to see what options are available within your price range. That means spending some time browsing through property listings online. Make sure you also visit homes in person to see what each property looks like and get a first-hand feel for the neighborhood. Once you have a shortlist of potential properties, schedule viewings so that you can get a closer look at them. Are you in search of a home in Georgia or South Carolina? Browse through some of our listings here. 

  1. Get the property inspected.

The last thing you want to do is move into a house that needs lots of repairs. The best way to avoid this is by having a home inspector look at your new home before you close on it. An inspector can point out any deficiencies with the property that should be fixed before you buy it. Some of the key problem spots include:

  • Roofing. Look for missing or damaged shingles. Check for water damage in attics, ceilings, and along exterior walls.

  • Electrical system. Ensure wiring is up to code and the fuse box has been upgraded from the old-style fuses to circuit breakers.

  • Plumbing system. Plumbing systems should be pressure tested to check for leaks and water quality.

  • Heating/cooling systems. Make sure the central air conditioning works and has a new filter. Furnaces should be checked for proper operation, the ductwork should be checked for any obstructions or damage, and chimneys should also be cleaned.

  1. Understand the different types of mortgage loans available.

There are many types of mortgage loans available, so it’s important to understand them and determine which one is a good fit for you. Usually, you’ll choose between fixed-rate mortgage loans and adjustable-rate mortgages (ARMs). A fixed-rate loan is just what it sounds like — the interest rate will be locked in for the entire life of the loan. An ARM starts out with a lower rate than a comparable fixed-rate loan, but your rate will change annually after an introductory period of three to 10 years.

  1. Understand how your down payment affects the house you buy.

The bigger your down payment, the more equity you start with, and the smaller your monthly payments will be. But you can still buy a house without a significant down payment, as long as you are willing to pay private mortgage insurance (PMI). The minimum down payment on most conventional loans is 5 percent, but if yours is less, you’ll be required to pay PMI until you owe less than 80 percent of your home’s worth. It’s possible to avoid paying PMI by getting a mortgage insured by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). But keep in mind that there are limits on how much you can borrow with these government-backed loans, plus they require borrowers to pay an upfront premium at closing and an annual premium each month.

  1. Consider proximity to work and schools.

One of the first things to do when house hunting is to determine your priorities in a home. Are you buying intending to start a family? If so, you’ll want a home near good schools and parks or playgrounds. Do you bike to work? Then you’ll want a place within cycling distance of your office. You’ll also want to keep in mind the proximity to public transit if you plan to commute to work.

  1. Don’t be afraid to negotiate on price. 

Don’t be shy, try to negotiate for a better deal for the home but be reasonable with your offer price. The homes for sale inventory are plentiful in spring, but so is the competition. Having a good idea of how the broader market conditions affect the home prices in your area can be a plus, so take some time to do your research or consult a real estate expert. 

Spring is undoubtedly a great time to buy a home. Houses look better, the grass is green, and the trees and flowers are blooming again. 

Blanchard and Calhoun Real Estate can help you navigate the spring home buying process and make sure your experience is as simple and stress free as possible. If you are interested in buying a home in Georgia or South Carolina, contact us today.