Overwhelmed at the thought of building a new home? Don’t fret. Lake Carolina has plenty of new homes in South Carolina and can help you with the process that starts with the basics. Here is a month-by-month guide for making sure you are ready to buy your first home.
Month 12: Review, build and enhance your credit
Before you even go to the bank or a mortgage broker, pull your credit score and review it for yourself. They will do this when you get there, but it’s better if you have a chance to see it before you go. Be sure to attempt to fix an errors that appear on your score and understand that the lower your credit score the higher your mortgage rate will be. Moving forward, work to enhance your credit by paying all bills on time and eliminating any debt.
Month 11: Figure out what you can afford
Know your income, understand your debts and take a deeper look into your savings. By paying debts, your credit score will improve and knowing your savings will help you see what you can do to save more. You may prequalify for a mortgage and you begin to identify what type of mortgage fits your needs.
Month 10: Understanding what you need in a home
This is probably one of the most unique parts of the journey, and something that you should take seriously. Understand what you (and your family) need in a home. Know exactly what day-to-day life will bring and be okay with needing certain things. From transportation to quality schools, a basement to a large closet in every bedroom..the details matter. Rank these necessities so that nothing is left out.
Month 9: Educate yourself and do research
It’s time to start looking at neighborhoods and seeing which ones fit your needs. You can see what properties are able to meet your needs and that are currently available. The Internet is a great tool, but can also be tricky. Know that pictures you might see online aren’t always what you will get. It’s best to check out places in-person after thorough research about an area.
Month 8: Pick a Realtor that fits your needs
Find someone motivated, energetic and trustworthy. For the rest of the process, a Realtor will be a very key part of your search. Confide in them with what you are looking for and don’t play that down. This is your home and it deserves attention and care during every step. Make them aware of your timeline, wants, needs and preferences. Discuss neighborhoods and areas you are interested in and factors that are non-negotiable for you and your family.
Month 7: Recruit other professionals
This is a great way to be prepared for the upcoming months. You won’t need other professionals such as lawyers, insurers and home inspectors right now...but you will. The earlier ahead you can be ready to hire these professionals, the more you will thank yourself in the end. Do your research and choose these individuals just as you chose your Realtor.
Month 6: Keep your paperwork in order
Even if you aren’t an organized person, you kind of have to be with all of the paperwork that goes into buying a home. Tax forms, asset statements and income statements are all required by a mortgage lender. Be prepared at any time to show these documents so that your timeline and process isn’t slowed down. Keep this paperwork in a safe and secure place as misplacing these creates quite a hassle.
Month 5: Mortgage lender & pre-approval
Month 4: Stay on top of contracts
After offers and counteroffers, you will establish a contract. Bring it that lawyer from month 5 to go over the sales contract and a home inspector to make everything checks out. After the contract has been signed, set a closing date for the property.
Month 3: Plan, plan, plan
Be ready to move out of your current residence, especially if that means contacting a landlord of some sort. Plan out the logistics of your move from storage to the actual, physical moving of your things. Decide if you will be hiring professionals or renting equipment to assist in your move and make sure utilities for your new home are set up for when you move in.
Month 2: The actual day
Know your closing date and do not focus on just packing. You will be excited, but understand that there is still a lot to do before you are settled in your new home. Schedule one final walk through (you don’t have to be with the inspector) to get a final glimpse at your future home. Leave no stone unturned and be prepared for the move you’re about to make.
Month 1: Contingency plan
Rental trucks, moving employees, utility issues or just simply delays can all impact your move-in day. Be prepared for the variety of bumps in the road that can occur and be able to handle them accordingly. Have backup plans for any and all situations and know that if something doesn’t go as planned, everything isn’t ruined.
This is a basic timeline, almost an outline, of what you can expect and what will be expected of you. The evolution of buying a home never goes 100% smoothly for anyone. Don’t get discouraged by stressful times during the journey and enjoy it as a process toward an amazing final result.
Thinking about relocating? Think Lake Carolina for your first, second or next home. They are one of the premier new home developers in South Carolina.