6 Things To Know When Buying Your First Home in Charlotte, North Carolina

Ready to Own a Home in North Carolina?

Taking the steps to own a home can be both exciting and scary at the same time. Maybe you are a college grad who is ready to leave the dorm and roommate lifestyle, or you are a career-driven individual who has finally built up the financial security to start investing in real estate. Whatever the case is, stepping into the real estate world to start buying your first home is unexplored and possibly financially dangerous terrain for many first-time home buyers. But do not worry, we have some tips to help you avoid all that.

Remember These 6 Things

Nobody starts out as an expert when it comes to buying your first home. Sometimes, first-time homebuyers tend to make the mistakes that are usually right under their noses.

1. Tame your Lust

   Most of us want to own that mansion with marble floors and hand-carved staircases, but we need to remember what we can afford. The best thing is to stray away from looking at those fancy palaces in the first place. Only look at properties that you can afford. This method will help you not lust after those expensive houses, which would otherwise make you spend more than you originally planned.

2. Do Not Forget How Expensive You Are

   A lot of new homeowners invest in real estate knowing they can afford the monthly mortgage payment, but many of them forget how much they spend on themselves and other expenses. Owning a home has those additional expenses we never had to pay when we were renting. Additional expenses for homeowners include property taxes, home insurance, maintenance, repairs, electric, water, trash, potential Homeowners Association fees, and mortgage. Those are typical house payments, and it is important also to remember how much you spend on yourself. Personal expenses include phone service, gas, car insurance, car payments, groceries, clothes, entertainment, and more. So, before jumping into buying a home, know what you can spend considering all of the additional costs.

3. Get Qualified and Maintain It

   Many of us jump into the dream of owning a home without knowing how much the bank thinks we are worth. Even if you make enough knowing you can make all the necessary payments, the bank may not lend you enough for a house you found with the white picket fence. Know your worth before your search.

   Once you have been pre-approved, it is important to maintain it. That means do not do anything extra that could affect your credit score. Loans fall through on first-time home buyers all the time because they do something as simple as financing a car purchase. This could end up costing you thousands of dollars and causing you to lose the contract on the house.

4. Do You Need an Agent?

   Once you are serious about buying a home. It is important to have someone with the expertise to help you with all of the real estate lingo. Real Estate Agents are trained to study and understand the financial status of the real estate market. An agent can help you find what is still on the market, schedule tours before you buy, and provide you with real estate financial advice. Real Estate agents are also obligated to practice ethical rules that are both beneficial for the seller and the buyer parties.

5. Inspect Before You Buy

   Before you close on the sale of any home, make sure you get a certified home inspector to use that keen eye to really see what you are buying. You should know the exact shape of your house before you sign a 15 or 30-year mortgage. Many first-time home buyers step into a seemingly beautiful home, buy it without an inspection, and later find out things like a gas leak in the water heater, mold in the walls, and the floors rotting. Spend that extra couple of hundred dollars to avoid buying something that could cost you tens of thousands in repairs.

6. Be a Wanna-be Psychic

   It may be impossible to predict the future, so maybe it is better to dig for some facts. The house is not the only thing that you invest in when you sign a contract, the area or neighborhood are important things to consider because they can affect the future value of your home. Research future development plans, zoning laws, and the value of the neighboring homes. It is also important to research prime things that the majority of home buyers would be interested in, such as good school districts, low crime rates, parks, and tourist attractions.

Buying Your First Home

Being a first-time home buyer can be stressful, and it is not without risk. At the end of all of it, and through following the above important steps you will find yourself the perfect place to call your own at a price you can afford.