Advice You Can Use When Buying Your First Home in Hilton Head
Finding the perfect starter, buying your first home in Hilton Head is a journey as well as a destination. You’ve got to know what you want, then adjust expectations to meet the reality of the market. In the end, you don’t have to settle on your “forever home”—just a place you’ll call home for at least five to seven years.
Buying your First Home in Hilton Head So it’s Going To Last
So how do you know what’s going to stand the test of (a decent amount of) time? You’ve never done this before. You’re taking a leap of faith that you have the money, skills, and temperament to maintain the biggest purchase of your life so far.
We know—it’s scary. And overwhelming. But there is a foolproof formula when buying your first home. If you’ve been renting all your adult life, you’ll be surprised by how much owning a home actually costs. There’s a mortgage, real estate taxes (usually wrapped into your mortgage), insurance premiums, utilities, and the drip-drip-drip of maintenance costs. And here’s the fun part: All these costs usually increase with time! When calculating how much you can spend on a house, figure in all these costs, and then add a little more for unexpected expenses. Like replacing LED light bulbs a pop. Or hiring a pro to prune that gorgeous oak in the backyard. Or maybe replacing your Grand Palais range that spontaneously combusted. It is important to understand these items when buying your first home in Hilton Head. This way you will know what to expect and what to do!
Make Sure Buying Your First Home Choice Truly Fits Your Budget
Got it? That may mean buy your first home something smaller, older, or farther out than you originally intended. Maintenance costs are the great unknown in home ownership—the older the house, the more it will cost to keep running. So, unless you have the handyman skills and desire to fix whatever comes up, it’s better to buy your first home to be newer construction (less than 10 years old). You may even want to consider brand-new construction, which costs more but whose parts are typically covered by a warranty.
Standard coverage would be a one-year warranty for labor and materials, two years’ protection for mechanical defects—plumbing, electrical, heating, air conditioning, and ventilation systems—and 10 years for structural defects. Whether you buy a new or existing home, don’t forget to hire a good home inspector to thoroughly identify potential problems. Your family may consist of a spouse and a golden retriever today, but even if you aren’t thinking about expanding, your nuclear unit could look vastly different in a few years. You may add a baby or two, or you may decide to help care for your elderly parents. Since you never know what the future holds, buy as much house as you can reasonably afford. Talk with your lender and get pre-approval for the largest mortgage you’ll qualify for.
A Lot of First-time Home Buyers Have Self-Imposed Limitations.
Temple says. “Talk to a lender, and at least know what your ceiling is.” Change is hard, and moving is particularly stressful. So don’t buy your first home that will drop you into a totally unfamiliar lifestyle and location far away from the people and activities you love. Most of all, buy a place reasonably close to work. A daily commute is time-consuming and expensive, and will soon get old if you’re adding two or three hours to your work life. Remember this. You’ll be glad you did.
Right now is an opportune time for buying Your first home in Hilton Head. Housing prices are extremely low, and it is the right time to invest. If you are financially secure, seize your chance to get a great piece of property at a low price. The downward trend is an aberration when you look at house prices over the long term. Therefore, you will more than likely make money on your investment after ten years.
Charles Sampson Group of Charter One Realty
200 Merchant St
Hilton Head, SC 29926
843-384-7300
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