Buying a home is an important, life-changing decision. You might have many questions about the average home price in Charleston, SC, ideal neighborhoods for your family, as well as mortgage options.
While there are a lot of things to consider, home buying should be a fun, memorable experience. Here is a general guide to help you in the process of buying your dream home.
Preparing to buy your dream home
You might already be looking into Charleston homes for sale, but the first thing you need to do is to evaluate your savings and the strength of your credit. Remember that it’s not just the actual cost of the home that you have to think about. There are also the following costs:
- Down payment – For first-time buyers with a good credit score, this is usually 2-4% of the cost of the
- Closing – This ranges from 2-5% of the total loan and is paid to finalize your
- Moving in – This entails the cost of moving such as hiring movers for your family’s belongings and minor home repairs or upgrades if
You must also have a high credit score to qualify for a loan. Typically, this means you are able to pay your bills on time and you have no history of bad debt.
In terms of financing and loans, there are different types that you can apply for:
- FHA loans – This is a loan insured by the Federal Housing Administration and allows down payments for as low as 5%.
- VA loans – This is a loan provided by the Department of Veterans Affairs and is exclusive for current military and This type of loan excludes the member from making a down payment.
- Bank loans – This is a conventional type of loan that is not insured by the This generally requires a 3% downpayment for first-time homebuyers.
You may also want to look into financial assistance if you are a first-timehomebuyer. This program offers low mortgage rates, zero or deferred interest payments, and grants.
The financial assistance comes from state housing finance agencies as well as government programs that are designed to assist certain groups such as teachers and policemen. There are a few requirements to be approved for this program, but they are worth reviewing if you think you might qualify.
Finding your real estate agent
A professional Charleston real estate agent acts as a consultant or an advisor to help you buy your dream home. He or she should be able to show you properties that suit your budget, as well as recommendations on financing for your future home.
On top of being licensed and knowledgeable on South Carolina’s real estate trends, your agent must understand your lifestyle needs. A trustworthy agent will work toward getting you the best value property.
Choosing a home that suits your lifestyle
If you love the beach, you might want to look into waterfront homes for sale in South Carolina. The state is known for its beautiful beaches and living here means being able to enjoy them all.
Charleston offers a wonderful opportunity to raise your family in a coastal community. The city is also known for its historic charm and lineup of “single houses”, each featuring a piazza to take advantage of the cool breeze.
Take a look at listings featuring South Carolina beach houses for sale and see the kinds of homes that would be perfect for your family. If beach houses are out of your budget, you’d be happy to know that most beaches are a short drive from Charleston.
There are condominiums, townhouses, and single-family homes around Charleston. Look into different neighborhoods and consider your lifestyle, budget, and the size of your family. Think of your needs for the long-term such as proximity to school districts as well as your office.
Closing the deal and moving in
Closing is the final step before moving in. This is the day when you review all the documents which comprise the mortgage and loan terms. This is also the day when you make your down payment and pay for closing costs. You, your real estate agent, and possibly a real estate attorney and escrow agent may be present to finalize the closing.
Make sure to review everything carefully before signing. Once signed, you will be handed the keys to the property and will be given a copy of the documents.
Congratulations, you are now the owner of your dream home!
Find your home in South Carolina
Ready to buy your dream home? Carmilla Rená Brown is an experienced Charleston real estate agent who can help you find the perfect home at the best price. Contact her at 843.926.2007.