If you are in the market for buying or building a new home, you’ve chosen a fabulous place in which to start your search. The Triangle’s major cities and surrounding towns have been ranked countless times in national publications for the exquisite quality of life they offer residents, so putting down roots here makes perfect sense.
“Raleigh just earned the title of ‘America’s Best City,’ ranking No. 1 in Businessweek.com’s Best Cities Ranking,” said Christina Walters, sales manager for Adams Homes in Raleigh. “The amazing schools, numerous parks, plentiful restaurants, thriving nightlife, low unemployment and cost of living are all factors that were taken into consideration. Factoring in the rapid growth, the low unemployment rate, and the low foreclosure rate, the Triangle is ranked at the top for quality of life compared to the other largest metro areas.”
However, it’s no secret that buying a new home can be at times a frustrating experience. Should you be in the market to build your own dream house in a prime location, it can also be tough to even figure out where to start. The good news is that there are many well-qualified Realtors and countless reputable builders in North Carolina’s Triangle region to help ensure that you get the best possible value for what may be your largest lifetime investment.
Credit Check
The first step in the home buying — or home building — process is to clear up your credit history. Having good credit gives buyers a lot more leverage with mortgage lenders and buyers should examine a copy of their credit reports before beginning their searches.
Simply check out some of the online credit reporting agencies and make sure that everything is ship shape, and look for an agent to represent you.
Prequalification
Once you’ve gotten your credit as clean as possible and chosen a Realtor with whom you are comfortable, it’s time to prequalify.
Prequalifying is an important step for buyers because it offers the buyer a true foundation of what you can afford. To prequalify, you’ll need your recent tax returns, pay stub, and any documentation that reveals if you have collateral, IRAs, or stocks.
Referrals and friends and relatives are also helpful when it comes to choosing a lender, or a mortgage professional. Buyers should find a mortgage professional who knows the business and who can confidently discuss the buyer’s needs.
Close to a Deal!
Once you’ve chosen a lender, it’s time to apply for a loan. For this process, buyers should bring their last two tax returns, last month’s pay stubs, recent credit card statements, and bank statements from the last three months.
“Decide on the area(s) you would like your new home to be,” Walters advised. “As a starting point, search for an area that you believe most fits your needs based on your criteria, such as proximity to work, entertainment, family, friends and desired schools.”
Now that the wheels are in motion and you and your Realtor have pinpointed your ideal home, there’s one thing you can do to protect yourself from costly repairs.
Make sure to get an inspection from a licensed real estate inspector.
Build Your Own
With labor costs, materials and housings starts at recent lows, if you are considering building a new home, now may also be just the right time. The good news is that there is still affordable real estate available in the Triangle that will enable you to find just the right location for your new abode. Do some research on local builders and land for sale.
“Buyers are able to customize features to create a brand new home that meets individual needs,” Walters said. “New homes offer a builder warranty, modern floor plans and features, less maintenance, and lower energy bills.”
For more on this story, click here to order our magazine.