If you’re getting ready to start shopping for a new home in South Carolina, there are several key factors to success. One of the best things you can do is connect with a real estate team who takes a holistic approach to the home purchase experience. This means they won’t just crunch some numbers on paper and move you along. They’ll get to know you and your family. They listen to your needs and create a memorable experience to help you achieve your goals. A dedicated real estate team will also make sure you are “homebuyer educated” before you make an offer on a house.
Unfortunately, many people cannot make informed decisions about their first-time home purchase due to lack of knowledge. They don’t understand how the system works and may not have a clear idea about what they will owe, both at closing and throughout the lifespan of a mortgage loan. A quality service real estate team will make sure you are homebuyer educated before making an offer.
Make sure you know the DOM of a house
One piece of information you’ll always want to learn when you are touring a house for sale is its “DOM.” This stands for “days on market” and can influence your decisions when considering whether to make an offer. For example, if a home has been lingering on the market but seems to be in good repair, the seller might have priced it too high. In this case, you might have room to negotiate a lower price. Always ask what the DOM is when you’re scheduling a showing.
Be aware of all fees and expenses associated with the home purchase
To be homebuyer educated, you must understand all the financial aspects that will affect your purchase. In addition to the obvious, which is the cost of the home, numerous other fees are included in a home purchase. You may incur lender fees, closing costs, moving expenses and more. An experienced real estate agent can provide resources and recommendations to help you minimize costs as much as possible.
Understand South Carolina full disclosure laws
When someone lists a house for sale in South Carolina, he or she must disclose certain information to prospective buyers. Such information must include known structural or material defects in the home, as well as issues like electrical or plumbing problems and known hazards such as asbestos or lead. South Carolina Code § 27-50-60 requires a seller to submit a corrected disclosure statement before closing if inaccurate information is revealed or new information is discovered by the seller.
A seller is not obligated to inform you about a stigmatized property. Another real estate term for this issue is “psychologically affected.” For instance, if a murder took place in the home or people have had paranormal experiences there (“house is haunted”) such information is not required to be disclosed. Speak with your agent about disclosure statutes so that you can make informed decisions.
Tap into online resources for homebuyer education
You can access many videos and online articles about homebuyer education before you start searching for your dream house. Ask your South Carolina real estate agent questions. Remember, knowledge is power. Learning more ahead of time puts you in a better position to negotiate a deal that gives you the best return on your investment.