Myrtle Beach SC Real Estate - First Time Buyer Tips
Myrtle Beach is a great place to live. Whether you buy a beach house, golf course home, waterway home or vacation condo this is advice you can use.
- Don’t go into debt to furnish your new home
- Be careful before you decide to put in an offer. You can increase your chances of getting your dream home by getting pre-qualified for a mortgage. When you are pre-qualified you'll know exactly what you can afford to buy. Many experts advise that you only spend 75% of what you’ve been pre-qualified for.
- Don’t buy the most expensive home in your Myrtle Beach community. Myrtle Beach real estate includes ocean front homes, golf villas, residential and vacation homes. For long term investment buy the least expensive house you can afford in your target neighborhood. If you’re willing to do some work on a home that’s not in tip top shape you’ll almost certainly reap the rewards down the road.
- Find out about the neighborhood. Myrtle Beach South Carolina has many unique neighborhoods. Does your prospective neighbor have loud parties that last all night? Find out how the people already living there feel about the area. Imagine what a day in the neighborhood would be like. Take a walk around and get a feel for the community.
- Take your digital camera when touring homes as well as a pad to make notes about the property. Many cameras, including phone cameras, have audio so you can make on-the-fly comments about each home.
- Which direction does the home face? This is point is rarely considered - how does the home sit in relation to the sun. An artist might want certain rooms getting the non-direct softer light of a northern view. Is the porch or patio drenched in hot sun light at the times of day it is likely to be used? Visit a property in the morning and afternoon. This way you can be sure the sun won’t be shining into your kitchen while you are trying to cook dinner.
- Closing Date – Closing often changes from the date on the contract. Wait to schedule movers, etc. until everyone agrees on an official closing date.
- Be a negotiator. In today's market sellers expect that their selling price will be less than the asking price. Start as low as you think might be reasonably considered by the seller as a serious offer. Ask your Realtor, about how to counter-offers and how to negotiate for the best deal.
More Things To Think About
- Make a list of needs & wants.
o Does it have what you need? Must you have a home office? A large fenced in yard for the pets? Do you just have to have an ocean view or be close to shops and services? Privacy? A large dining room for a big family? Use your imagination to envision living in the home.
o Does it have what you want? Do you dream of sitting in a jet tub at the end of the day? Do you envision floating around in the Olympic size pool? Stop and think – can you afford these particular dreams? - Buy less than you can afford. Needless to say that with home foreclosures all across the country this is advice that many unfortunate home buyers didn’t heed. Think about your income and your expenses. What can you really afford?
- Have Money for move-in expenses and emergencies. Maybe the plumbing stops up and a plumber has to be called or the water heater springs a leak. Even home inspectors miss hidden problems so be prepared with extra money factored into your budget for such emergencies. Ask your Realtor about a home warranty to cover such events. This can be paid by you the buyer or by the seller and is often used as a negotiating point.
- Put down as much as possible. Lenders are requiring much more down payment in the current housing market it is almost mandatory to have more than 20%, 30% or more. A large down-payment can reduce monthly payments and eliminate private mortgage insurance (PMI).
- Hire a reputable home inspector. If you don’t know anyone personally ask your realtor to recommend an inspector. Real estate companies and agents have a list of reliable inspectors.
- Make repairs and renovations before moving into your new home. Hammering, sanding, workers in and out of your home and dust everywhere are not fun. You would probably have to store some of your furniture and cover the rest with tarps. Even minor work should be done before your move since after you are in your new home these to-do items often fall by the wayside.
- Read everything and ask lots of questions. Read the fine print in your paperwork and contracts. Many of those who’ve lost their homes to foreclosure admit to never reading the fine print. Don’t make that mistake.
- Don't be pressured. Don’t let anyone rush you into signing something you're uneasy with. The spector of losing your dream home may make you feel you have to sign quickly or miss your chance.
Debbie can help you every step of the way. She will watch out for your interest.
