Carolina on Your Mind? Tips on Buying a House in South Carolina
Are you considering buying a house in South Carolina (SC) but unsure whether it is the right decision? We’re here to help.
South Carolina is an amazing state for people, families, and single individuals. It has tons of work, educational, and entertainment opportunities. Still, regardless of the reason you may have to move out, it’s important to take into account several aspects before making up your mind.
Here’s what you should take into account if you’re considering buying a house in South Carolina.
1. Choose The Right City
South Carolina has several cities that may be your new home. Most people are attracted to SC because of the lovely scenery, wonderful weather, and diverse culture. However, some areas may be better for those who prefer a low-key lifestyle, while there are areas for those who are outgoing and prefer a fast-paced way of living.
For instance, Columbia, the capital of the state, is the second largest city in South Carolina and has Fort Jackson, the largest army area for basic training in the United States. Charleston is another good city for outgoing people due to the several exciting public places it has to offer. Anderson is another good area for most people due to the friendly community and diversity it has.
2. Set Your Budget
How much are you willing to spend on a home? Is this your first time buying a home? These are some of the questions that you may want to ask yourself if you’re considering purchasing a house in SC.
It’s also essential to note that you’ll have to consider several costs besides the purchase house. These costs include homeowner’s insurance and property taxes, among many others. You may also want to consider whether you’ll have to pay private mortgage insurance, depending on the loan you’ve acquired.
As of now, Columbia has some of the most affordable homes in South Carolina, with prices starting at around $194,000. Charleston is a nice area, but the cost of houses may rise up to $360,000.
Finding affordable houses for sale in SC is not easy, but also not impossible if you know where to look.
3. Save For The Down Payment
You’ll need a down payment for most properties. For instance, a regular mortgage may require you to submit a down payment of around 3-20%. Hence, you’ll need to have a relatively high amount of money saved if you want to invest in a nice house in SC.
You can considerably reduce the down payment using diverse options, such as finding a program that requires a down payment of only 3%, among many other options. However, keep in mind that a down payment of less than 20% will very likely require you to pay private mortgage insurance.
4. Find The Right Real Estate Agent
If you feel like the process is too overwhelming to deal with on your own, maybe you should contact a real estate agent. This person should be able to answer all the questions you may have during the process and should also be able to guide you through each step of it. This way, you may find better deals.
You may want to ask around for references or conduct some research online until you find a real estate agent that resonates with your needs. Be sure to ask all the pertinent questions.
5. Research Insurance Brokers For Flood And Hurricane Insurance
South Carolina has nice weather, but the summer can be a bit chaotic. SC allows easy access to the ocean to its citizens, but it can also be disadvantageous since it makes the area more vulnerable to natural disasters, specifically hurricanes.
Hurricane deductibles are a requirement for all homeowner’s insurance policies in South Carolina. Hence, you’ll be required to pay the insurance company you’ve chosen a particular amount of money, which varies depending on the area before they can cover the damages that a natural disaster has caused. Plus, if you’re living in an oceanfront area, it’s very recommended to get flood insurance.
6. Are You Moving With The Kids?
If you’re moving with kids, you may want to take into account the educational scene of the state. Generally speaking, the country has excellent educational opportunities, especially for higher education. Some of the best institutions include the Academic Magnet High School or perhaps the University of South Carolina. We recommend you research school options if you’re moving with kids or if you want to pick up your studies once you move out.
7. Get Pre-Approved For A Mortgage
If you want the home-buying process to go smoothly, you may want to get pre-approved for a mortgage. This way, you’ll find it easier to determine the type of mortgage you’ll need during later stages – whether it is a 12- or a 30-year mortgage. You may need guidance from your lender if you want to make the best decision for your case.
The Bottomline
South Carolina is a beautiful state with tons of opportunities for everyone. However, it’s essential to research as much as possible to make sure that you’re making the right decision. The tips we listed here will make it easier for you to make buying a home in South Carolina less complicated.