Tips for New Homeowners
Congratulations on embarking on the journey of becoming a first-time homebuyer in South Carolina!
Purchasing a home is a significant milestone and can be both exciting and overwhelming. Here is a guideline to help you navigate the process smoothly:
1. Assess your financial readiness
Check your credit score: A good credit score is essential for getting a favorable mortgage rate. Obtain a free credit report and address any errors or outstanding debts.
Free credit reports may be found from the three major credit reporting agencies: Experian, Equifax, and TransUnion. Individuals seeking their credit reports should use these agencies directly; however, third-party providers such as CreditKarma also provide free reporting without utilizing hard credit inquiries. Third-party providers such as CreditKarma will offer various products/solicitations as part of their business model, while the three major credit reporting agencies will not. Individuals may also ‘freeze’ their credit reports through the major agencies as an additional barrier to identity theft.
Calculate your budget: Determine how much you can comfortably afford for a down payment and monthly mortgage payments. Factor in other costs like property taxes, insurance, and maintenance.
2. Save for a down payment
Start saving early to build up your down payment. While 20% is ideal to avoid private mortgage insurance (PMI), various loan options require lower down payments, such as FHA loans that may require as little as 3% down.
3. Get pre-approved for a mortgage
Speak with multiple lenders to compare rates and loan options. Being pre-approved for a mortgage gives you a clear idea of how much you can borrow and strengthens your position when making an offer.
4. Choose a real estate agent
Working with an experienced local real estate agent can greatly simplify home-buying. They can help you find suitable properties, negotiate on your behalf, and guide you through paperwork.
5. Determine your housing needs
Make list of essential features you want in your home (e.g., size, location, amenities). Consider factors like commute, schools, and neighborhood safety.
6. House hunting and making an offer
Tour different properties that align with your criteria. When you find the right home, work with your agent to make an offer based on market conditions and comparable sales.
7. Home inspection and contingencies
Once your offer is accepted, hire a qualified home inspector to assess the property’s condition thoroughly. Include contingencies in your contract to address any issues found during the inspection.
8. Secure your mortgage
Finalize the mortgage process with your chosen lender. Provide the necessary documentation and complete all requirements to obtain the loan.
9. Closing the deal
Review all closing documents carefully and ensure the terms align with your agreement. Pay the necessary closing costs and fees.
10. Move in and enjoy your new home
Once the deal is closed, you can move into your new home. Consider changing the locks, setting up utilities, and making necessary repairs or upgrades.
Remember, buying a home is a complex process, so don’t hesitate to seek advice and support from real estate professionals, family, and friends. Take time and make well-informed decisions that suit your financial situation and lifestyle needs. Good luck with your home-buying journey in South Carolina!
Resources
New Homeowners
HOPE (Helping Others Prosper Economically) offers Framework, a comprehensive online training course. You learn the entire home-buying process from start to finish and how to stay on track as a responsible new homeowner.
HOPE
8570 Rivers Ave., Suite 120
North Charleston, SC 29406
843.225.4343
Maintenance Checklist
https://www.hud.gov/sites/documents/DOC_12334.PDF
Maintenance and Repair Tips
https://www.ahs.com/home-matters/repair-maintenance/?pr=1
Energy Saving Tips
https://www.dominionenergy.com/our-stories/energy-saving-tips-for-every-season
HVAC
Jake Anderson
843-291-0014
843-789-3785 (office)
Mike Platt
Carolina Sun Heating & Air
843-513-2360
carolinasunheatingandair@yahoo.com
Shawn King
Awesome Heating and Air
843-200-8610
Octavio Sanchez
Wasson Electric Heating and Air
843-745-0575
TREE SERVICE
Chris Stewart
843-830-8758
ELECTRICIAN
Chris Leto
Mt. Pleasant Electric
843-388-6588
Rodney Hunt
Hunt Electric
843-751-6064
huntelectricsc@gmail.com
Zach Noble
843-566-2150
PLUMBERS
Joe Cotes
843-327-5503
Simmins Kurt
843-296-0853
Gregg
GW Peterson Plumbing
843-795-1050
Michael Leahy
843-597-3921
Luke Sadler
Sadler Plumbing and Gas
843-509-4003
PRESSURE WASHING
Top Dog Pressure Washing
843-641-9685
Luke Delpit
854-902-0024
SURVEYING
Dean L Britt
Britt Land Surveying, Inc.
843-810-6771
dlbsurvey@knology.net
Amy Hoats
Atlantic Surveying, Inc.
843-763-6669
Amy.hoats@atlanticsurvey.com
sonya@atlanticsurvey.com
PAINTERS
Randy Woods
The Painting Guy
843-343-7121
randywwoods@gmail.com
David Wright
843-735-1971
Fred Skipper
843-557-2500
Sandor
843-810-8237
Russ Pye
843-556-9129
Kevin Koozer
843-881-2212
kevinkoozer@koozerpainting.com
Bill Badrow
843-813-8443
