Charlotte’s metro area is increasingly becoming a good place to live in. Many people are coming to Charlotte looking for homes to rent or buy. Many people have decided to move away from renting apartments, and they are looking to own a home in the Queen City.
But where do you begin when you want to buy a home? There are many moving parts to navigate in the real estate market. Here a few things that you need to keep in mind before starting your search for a home to buy.
- Connect with a lender
This is the most important and first step to owning a home, unless you have the whole amount ready. You need to know if you’re qualified to own a home and how much exactly can you afford. There are many financial plans and programs including down payment assistance programs, home-buyer programs as well as 100 percent financing options. You should seek to know what the banks thinks you’re worth. Once you’ve established that you qualify for a mortgage loan, it is important to maintain it in the sense that you should not do anything that will compromise your credit score.
- Get a great inspector
A great inspector is a must to help you identify issues with a home that you might not be aware of. He or she should be well versed with houses and able to identify any electrical problems, plumbing leaking and more. As you explore the Charlotte homes for sale, the inspector should even tell if a home has a structural issue or not. You don’t want to find a problem with your nearly acquired home way after the transaction is complete.
It is your responsibility as a buyer in North Carolina to perform due diligence and know everything possible about the home you’re buying before you buy it. Once the property is sold, the seller has no obligation whatsoever to make any repairs. Therefore, you need a good inspector to help you know everything about what you are about to buy to be able to make an informed decision.
- Remember how expensive you are
New home owners often forget that they will have to pay more because of the additional expenses they never incurred when renting an apartment. Expenses such as home insurance, property taxes, repairs, maintenance, electric, trash, water, and sometimes, additional Homeowners Association fees are all on your shoulders as a homeowner. Therefore, before deciding to buy a house, check if you can be able to cater for all the additional expenses you will incur as a homeowner.
- Explore other factors that can affect the value of the home
It will be worth it to go beyond home inspection to seek to understand the future development plans, the value of neighboring homes as well as zoning laws. Keep in mind the fact that the neighborhood or area the home is located is another important factor to consider. Additionally, perform a research on the things that buyers are usually interested in such as low crime rates, good school districts, parks as well as tourist attractions.