Charlotte is growing RAPIDLY, but there aren’t a ton of homes on the market… Good ones are getting snatched up within HOURS of listing, so it’s hard to find something you like for the right price. As a result, more and more people are building the home of their dreams! If you find the right builder/contractor it may not be as expensive as you think. Here are five reasons to go this route:
- Everything you want, nothing you don’t. The most obvious reason to build a custom home is because you can tailor the home to fit your exact desires. It is always difficult to find the perfect fit, and chances are even more slim when inventory is as low as it is today.
- You’re looking at some great tax breaks.You can actually deduct interest, points and property taxes paid while the home is being built!
- Create a modern and functional floor plan. Everyone has different needs when it comes to their home. For example, fewer people are utilizing dining rooms- but a master down might be really nice. Maybe you entertain a lot and you want to give your great room or outdoor living space some extra attention. When you create your own floor plan you can specify those exact needs!
- Energy efficiency is key. Older homes weren’t built with the technology and information that we have available to use today. You can create a home that is energy efficient and lower all your monthly bills for years to come.
- New homes are low maintenance. When you build a new home, all the materials and appliances are new so you’ll have warranties on everything! There is nothing worse than moving into a home only to discover the HVAC needs to be replaced. Additionally, builders will adhere to all the latest safety codes.
The Sarah Moore team has worked with several builders in and around Charlotte. Closing costs are deducted from the seller’s side of the sale, so having an agent represent you while you are building a home WON’T COST YOU A PENNY! We will fight to make sure you are always getting the best deal. Call The Sarah Moore Team today! 704.706.4160
If you are looking to buy a home in the near future, the first thing you will need is pre-approval from a lender! If you don’t already have a lender, your realtor can definitely give you a few recommendations for excellent lenders in the area. Once you’ve discussed the questions below with your lender they will be able to find your current credit score AND let you know exactly how much house you can afford.
- What is your annual income?
Go ahead and add together your salary, commissions, bonuses and investments you earn per year. Maybe grab a copy of last year’s tax return to use as a reference.
- How much debt are you in?
Tally up your credit cards, car loans, student loans and other monthly payments. This will help you and the lender determine your debt-to-income ratio. You don’t want a house to take up more than 25% of your monthly income… otherwise you may end up upside-down on the loan. If your debt ratio is HIGH, you may want a lower mortgage.
- What are you worth?
Lenders will want to see documentation for anything you own (cars, investment properties, etc.). Be ready to explain any large deposits or withdrawals made recently as well.
- How much do you want to put down?
Decide what amount (if any) you will put down on the house. As a homeowner, you will need a little cash set aside for unforeseen emergencies so don’t use everything you have for the down payment! If family members plan to help, the lender will probably want a letter from them.
If you are a first time home buyer, you have yet to experience the true joy of working with a local lender. Work with an agent to find someone you both feel very comfortable with, because it really can make all the difference in the world. Here is a little snapshot of the process:
1. Apply for the loan. Your loan will be sent to the processing department. During processing your home appraisal, homeowners insurance, verifications of income, assets, and mortgage or rental history will be ordered.
2. After processing, your loan will be reviewed by an underwriter for full loan approval. The underwriter will review your credit, assets, income and property documents. The underwriter may request additional documentation.
*DO NOT MAKE ANY MAJOR PURCHASES DURING THIS TIME!!
3. Your loan documents will be ordered and sent to the escrow company’s office.
4. The escrow company’s office will schedule an appointment for you to sign your loan documents, and your loan will be funded!
5.The escrow company will record your new mortgage with your county…. and you have officially completed your New Home Purchase!
If you need some great lender recommendations, give Sarah a call today! 704.706.4160
Looking for a change? Consider Matthews, NC.
Matthews has been named one of the Most Exciting Suburbs in the U.S., one of the Top Ten Suburban Cities in America; one of the Top Ten Places to Retire in N.C., and one of the Top Ten Best Cities in N.C. Not to mention the BEAUTIFUL HOMES and TREE-LINED streets. There is plenty of shopping, lots of restaurants, and just a short drive to Charlotte.
Call Tracy for more info: 704.877.9700
Thinking of buying a house in and around Charlotte, North Carolina? If so, 2015 could be the year to make your move!
- Mortgage rates are expected to remain below 5% for much of the year.
- Home prices are expected to continue rising for the foreseeable future.
- Charlotte’s economy and job market are both improving steadily.
- The average price for a home is between 150-250K.
These are positive factors for potential home buyers and homeowners alike!
Contact Wanda- 704.564.3778 or Sarah 704.706.4160 for more information!