Your Best Investment Awaits in WNC
It is no secret that buying a new home can be a harrowing experience. Should you be in the market to build your own dream house in a pristine 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 the Western North Carolina to ensure that you get the best possible value for what may be your largest lifetime investment.
The Western Carolina region is one of the most beautiful places in the Southeast in which to live, and putting down roots here is definitely an exciting possibility. There are quaint cities and inviting small towns at every stretch, and they all have many different housing options for potential new movers.
Due to the economic downturn, the real estate market in the Western NC area has been depressed, resulting in great deals for buyers in all price ranges. Materials and labor are also cheap and builders are offering great add-ons and upgrades that can be an irresistible incentive to custom-build.
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 searching.
Simply check out some of the online credit reporting agencies and make sure that everything is ship shape. Confirm that there are no errors or outstanding balances that need to be taken care of. A buyer might be unaware of a missed bill somewhere down the line, which, when resolved, could increase your score dramatically.
“Buyers should get a copy of their credit reports way before they start looking at homes because this will let them know where they stand,” said one local mortgage lender. “That way, they will have some time to pay off credit cards and close any open accounts.”
Find a Realtor
Next, potential buyers should find a real estate agent because they need a representative who can support them and help drive the process. Getting a local agent is key to a buyer’s satisfaction because they know the area very well and can provide buyers with a wealth of valuable information.
Referrals are the main way to choose an agent, but the Internet can also be quite helpful, especially for those who are from out-of-state. Many agents have online profiles or individual web sites that will tell you a lot about them and the listings they offer.
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. If you bring the relevant information with you, the whole process usually only takes about an hour or less.
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, who is savvy about the market, and who can confidently discuss the buyer’s needs. The professional should also be able to choose which deal will give the buyer the best rate and more cash flow.
Some agents direct their clients to lenders that they have worked with before, but buyers should carefully choose their lenders because they provide the buyer with options for rates, fees, terms, and different loan products that best fit their needs. Plus, an experienced lender can provide advice about the how the market is doing and can tell you about different loan programs for which you may be eligible.
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 three bank statements.
Make sure to get an inspection from a licensed real estate inspector. This can help reveal a lot of hidden problems that will need to be fixed prior to the closing. Inspectors don’t always catch everything, but they can be very valuable if problems are found.
Appraisals are required for those who are getting money from the bank for the home. Surveys are also an important part of the process because knowing exactly how much land is involved will protect the buyer in case any questions arise in the future. Appraisals, inspections, and land surveys should be completed before any paperwork is signed.
Build Your Own
If you are in the market to find a builder and build a custom home, one sure way to keep surprises at bay is for consumers to learn as much as possible about the home building process beforehand. That way, the owner can play a more active role in the process because he or she will know what kinds of questions to ask. After all, you don’t want to be dissatisfied with the end product.
When it comes to questions about the actual home, it’s best to sit down and compile a list of your needs and wants. Then, when it’s time to meet with a contractor or architect, he or she will have a good idea of what you’re looking for in a home and can make some recommendations.
Owners should also have an idea about a location for the new home. Some things to keep in mind are commute times, traffic congestion, and proximity to major roads and shopping.
Other questions to keep in mind are will it be a single-story or two-story home, do you have a tentative floorplan in mind, and how will you customize your home?
Some popular choices for home customization are hardwoods, Corian countertops, and crown molding. Of course, it may cost a little more to upgrade your home, but choosing certain options can definitely create a unique feel.
“I would highly recommend interviewing the contractor, call references, and make sure they are available and have time in their schedule for you,” said one local builder.
Those who are interested in having a home built “should definitely get bids from several contractors,” he said. “Look at many of the projects that the contractors have done and make sure you note if the projects were done on time and on budget. You get what you pay for, so it’s important to really weigh the bids and the other information before choosing a contractor.”
Once you have a contractor in mind, look at their website for more information about their warranty programs. This may help you decide which builder is right for you. Contractors can really save you money, plus, they can suggest building materials that are durable.
While the scenic backdrop is one of the main reasons why people are looking to build in the region, it can also be a source of constraints, so make sure to do your homework.
For more on this story, click here to order our magazine.