How Much Money Do I Need to Buy A Home?

Posted on by andreasellsthemidlands

living room

I meet a lot of buyers that still think that they need 20% down to buy a home. The truth is that there are tons of loan options out there that offer lower down payments- ranging anywhere from zero percent down to 20% down. Depending on your credit, income and the location you want to purchase in, you may be eligible for a 100% down USDA rural housing loan. An FHA loan is 3.5% down. Traditionally a conventional loan is 20% down, but there are many lenders that are offering 3-5% down payments on conventional loan products.

But, when you are thinking of buying a home there are more expenses to consider than a down payment. Once you are under contract on a home you will have a ten day due diligence period to complete your home inspections. During this period you will want to hire a home inspector, hvac inspector, termite inspector, and any other inspectors that you see fit. Generally you can expect to spend anywhere from $500-700 on inspections.

You will also need to put down earnest money when making an offer on a home. Typically this is $500-1000 depending on the price range of the home. This will need to be submitted along with the offer and will be returned to you should your offer not be accepted. If accepted it will be deposited and applied to your closing.

The last expense to consider is the appraisal. Most lenders require that you pay for the appraisal in advance. Appraisals are around $500.

So you can expect to need at least $1000 in your bank account to get you through the home buying process. This does not include closing costs- which are a buyer expense but can be paid for by the seller if they agree. I have pretty good luck having my buyers closing costs paid for by the seller. Closing costs are generally 3% of the purchase price so they can add up to thousands of dollars. Having the seller cover those is a big help!

If you would like to set up a time to talk about the home buying process or for a first time home buyers guide please call me at 803-604-7736.

4 Must Visit Patios in the Midlands!

Posted on by andreasellsthemidlands

The Midlands is full of beautiful patios for you to enjoy! Here are 4 spots for you to enjoy a cold beverage and nice company.

  1. Private Property– One of my favorite Midlands restaurants features a beautiful outdoor patio with twinkling lights, plenty of space and a super romantic atmosphere. I recommend trying out their extensive cocktail menu and their cajun egg rolls!

patio-seating

Image courtesy of TripAdvisor

2. Cantina 76 (Devine St. location)- This covered patio overlooks Devine St. and offers heaters for cooler months. The margaritas are available by the glass or pitcher and the tacos are ammmmazing. Don’t forget the queso!

3. D.W. Fusco’s– One of my all time favorite patios! This gorgeous patio has a stone fireplace making it super romantic. With heaters in the winter and fans in the summer it is the perfect place to enjoy a delicious cocktail and their pimento cheese board is extra yummy! And don’t forget to ask for the free bread- I’m all about the free bread šŸ˜‰

downloadImage courtesty of DW Fuscos

4. Bone In Barbeque– I can’t forget this months giveaway location. Bone In Barbeque offers a spot right next door to the Columbia Fireflies stadium- literally steps away. Don’t miss the Frose and barbeque stuffed mac and cheese.

bone-in-bbq.jpg

Image courtesy of Bone In Barbeque

Hope you can find some time to enjoy these beautiful outdoor spaces with your family and friends!

Steps to Buying a Home

Posted on by andreasellsthemidlands

LRE+Social+Stock+(25)

Here are the major steps that are involved in the home buying process:

  • Talk to a Mortgage Lender for pre-approval and price range
  • Consult and analyze your needs with real estate agent
  • Select and view homes that meet your requirements
  • Write and present an offer to purchase the desired home- put down earnest money (generally $500-$1000; will be applied to your closing)Ā 
  • Confirm acceptance of contract
  • Arrange for all inspections including but not limited to: home inspection, HVAC inspection, termite inspection
  • Fill out mortgage application ASAP, appraisal (buyer pays for) and credit report
  • Guarantee mortgage loan approval
  • Title Company/Escrow Company title searchĀ 
  • Order Home Owners and/or Hazard Insurance
  • Arrange for a closing date and assemble all necessary documents
  • Schedule movers and utilities
  • Review HUD or closing statement for accuracyĀ 
  • Get a certified check for funds needed at closingĀ 
  • Complete a final walk through of your new homeĀ 
  • Closing
  • Move into your NEW HOME!

New Listing- 258 Jumper Station Rd.

Posted on by andreasellsthemidlands

Last week I listed this charming two bedroom, one bath home in Swansea and I am in love! My clients have put so much hard work and love into this home and it really shows! It has a farmhouse/cottage feel and is located on 1.5 acres of land. The owners have chickens, pigs and at one time they also had horses on the property. So if you are searching for your own little farm- this is it!

72136942_2496605380558223_8052906243678797824_o

For more information or to view this home contact Andrea at (803) 604-7736.

New Listing- 109 Scarlet Oak Way

Posted on by andreasellsthemidlands

Welcome to 109 Scarlet Oak Way in Lexington, SC! This beautiful home is located in the prestigious Reserves of Woodside Farms. This community features all brick homes, a community pool and a playground. This home is located across from the pool and has a resort like feel!

This home features five bedrooms, four bathrooms and an open floorplan! The master bedroom is very large and features a sitting area, his and hers closets, and a spacious master bath with over sized jetted tub and dual vanities. The backyard is a large .35 acres and offers a wood deck and backs up to trees.

To learn more about this great home call Andrea Kelly at 803-604-7736 or click here for more information and extra pictures.

 

Andrea Kelly- Lexington, SC REALTORĀ®, Andrea Kelly is a licensed REALTORĀ® specializing in the Lexington, Gilbert, and Batesburg-Leesville areas. She is a full service REALTORĀ® committed to providing excellent service to her clients.Ā 

What you need to know about home inspections

Posted on by andreasellsthemidlands

Between the contract, negotiations and inspections, buying a house can be A LOT to take in. And the due diligence period can be confusing for some buyers- especially first time home buyers. That is where a good REALTORĀ® comes in to help.Ā  Today I am going to walk you through the process.

The due diligence period is the ten day period after a contract has been ratified. During this period you are expected to do your “due diligence” to ensure that the home is in acceptable condition. This includes having inspectors come out to access the home.

These inspections could include a home inspection, HVAC inspection, termite inspection, roof inspection, well/septic inspection, the list could go on and on. Ultimately it is up to you as to which inspections you would like to schedule. Keep in mind that generally you will be paying for these inspections as well, unless I am your awesome REALTORĀ® šŸ˜‰

Once selected, the inspections will be completed and you will review the reports to see which repairs you would like to ask to be done. Your agent will then complete a repair addendum which you will sign. Please review this addendum to be sure that all repairs are listed. Once you have signed your agent will send this to the listing agent and the sellers will either agree to complete all items, complete some items or complete no items.

Once an agreement has been met the seller will sign the repair addendum and all items will need to be completed prior to closing, and by the date specified in the repair addendum.

To give you an idea of price ranges for inspections in the Columbia, SC area:

Home Inspections- Vary depending on size of home but generally range from $250-400

HVAC- range from $75-150

Termite Inspection- generally $75-150

Well/septic Inspection- generally $200-400

Hopefully this gives you a better idea of the due diligence period. Happy House Hunting!

 

Andrea Kelly- Lexington, SC REALTORĀ®, Andrea Kelly is a licensed REALTORĀ® specializing in the Lexington, Gilbert, and Batesburg-Leesville areas. She is a full service REALTORĀ® committed to providing excellent service to her clients.Ā 

Why We Love Exit Real Estate!

Posted on by andreasellsthemidlands

There are so many things that I love about my job and one of the biggest things is how great my brokerage is. When I joined Exit Real Estate Consultants I didn’t know what I was getting into. I had no idea what to expect. Would it be a competitive environment? Would there be people to help me? Well it has been the BEST decision that I have made for my real estate career. Today I interviewing one of my amazing colleagues, Mande Bower, to hear what she loves most about Exit.

 

Mande, tell me a little about your real estate background-

“I started 13 years ago in property management. I was a regional manager in Pennsylvania and then worked for a commercial real estate company for several years. After relocating back to South Carolina, I decided to work under my own license and have been going at since for four years!”

 

What made you choose to hang your license at Exit?

“When I first walked into the Exit REC office I felt an immediate comfort and connection with the people in the office. After hearing about Exit Realty itself, the fees, the residual package, the training, and the hands on experience offered there was simply no other choice.”

What do you love most about real estate?

“I certainly love that my income potential is limitless. The flexibility helps me to be a better mom and spend more time with my family. And since we vacation a lot, I am able to work remotely and still put in the hours needed for my busy clientele. But most of all, it’s the clients! The relationships that I build with them, the friendships made, and the appreciation at the closing table.”

 

I agree with Mande’s opinions on Exit. It has been the best decision that I have made for my business!

If you have considered changing brokerages or starting a career in real estate I would love to chat! Feel free to reach out to me at 803-604-7736.

 

Andrea Kelly- Lexington, SC REALTORĀ®, Andrea Kelly is a licensed REALTORĀ® specializing in the Lexington, Gilbert, and Batesburg-Leesville areas. She is a full service REALTORĀ® committed to providing excellent service to her clients.Ā 

8 Week Success

Posted on by andreasellsthemidlands

lexington-realtors.jpg

Last Friday I started Key Yessad’s #8WEEKSUCCESS course at the South Carolina National Association of Realtors in Columbia, SC. This course is designed to help agents better their business by learning about how to better serve their clients. So far I have learned so much and Keys energy is contagious. Getting to know my fellow agents and supporting each other has been my favorite part. These are the great agents that are taking the course alongside me:

Karen Chandler

Arletha Mack

Frank Hahne

Kendra Calore

Heather Williams

Angela Barrett

Heidi Brown

Michael Marshall

Joey Hardee

Carol Wilks

Joi Cobbs

Mark Ilderton

Teresa Polson

Michael Occhipinti

Shannon Burnette

Mande Bower

Nelson Bermas