Category Archives: Buying a Home

New Construction or Resale Home?

NewHouse

NewHouse

As you begin your home search in Myrtle Beach you will have to make a decision between buying a new construction home or resale. This article will take a look at the pros and cons of each, so that you can narrow down which preference will work best for you and your family.

Myrtle Beach Resale Home

Pros

  • Location – Older, established neighborhoods are often very popular because they are located in the heart of a thriving area of the city. In addition, most of the oceanfront and beach access properties have already been built, which means that it can be very difficult to purchase a lot or new construction home in these areas.
  • Established Landscaping – One of the biggest things that set older homes apart from a new neighborhood is the landscaping. It takes years for trees and plantings to grow into a beautiful and lush garden. An older home is perfect for homeowners who are looking for larger trees and mature flowerbeds and shrubs, while a new home is often a blank slate that requires years of work and patience before the landscaping is right.

Cons

  • More Maintenance/Repairs – When you move into a home that is ten or more years old you can expect that you will need to make many repairs and replacements over the next few years. A couple of examples are appliances that wear out and roof shingles that need replacing. Truly older homes might have an entire mechanical system that needs to be replaced, like new electrical wiring or HVAC equipment.
  • Not energy Efficient – Older homes will never be as energy efficient as a modern home since many of the advances made in the last several years in insulation, low-E windows, energy star appliances, and mechanical systems were not available when the home was first built. Some of these items can be added over time as things need replacing, but many would require a significant remodel to be included into the home.

New Construction in Myrtle Beach

Pros

  • Location – New construction homes around Myrtle Beach are often designed within a master planned community that features many more amenities than an older neighborhood.
  • Warranties – Your new home will come with warranties on the products and installation that last between 2 to over 10 years depending on the item. This gives you assurance that you home will not cost you hundreds to thousands of dollars in repairs after your purchase.
  • Modern Upgrades – Granite countertops, stainless appliances, and home theater wiring are a few of the modern features that new homes offer. Many of these items aren’t available in older homes and would require significant remodeling.
  • Energy Efficient Design – Tight home construction, energy star appliances, and advanced mechanical systems can be found in most new homes today. This will allow you to keep your utility bills low, while enjoying a more comfortable home.

Cons

  • Little To No Landscaping – New construction will often come with a pretty basic landscaping package that does little for those who really love established trees and bushes. Instead, it will take some planning, hard work, and time to get your yard to look good.
  • These are just a few of the pros and cons associated with buying a new construction home versus a resale home in Myrtle Beach. Deciding on the home features that are a priority to you will help dramatically in your home search.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Thinking of Buying a House? 10 Steps to Home Ownership

Myrtle Beach Homes, Myrtle Beach Homes for Sale, Myrtle Beach Oceanfront Real Estate, Myrtle Beach Waterfront Real Estate

Thinking of Buying a House?

Home ownership has long been part of the American Dream and one of the best investments that most people will make in their lifetime. Whether you are new to the home buying process or someone who has bought and sold many times before, the road to home ownership requires planning and attention to detail. The following 10 steps to owning a home will give you a guided path that will help make your new home purchase go smoothly.

1. Understand Your Budget – Before you delve into all of the listings of beautiful homes that could be yours, it is important to start with a realistic look at your finances, so that you understand how large of a down payment you can make and what type of monthly payments you can afford.

2. Get a Realtor – Your Realtor will be the best source of information on the current housing market in your area, as well as real estate laws, negotiation techniques, and the different trades and companies who you will need to work with before the home becomes your very own.

3. Loan Pre-Approval – Speaking with a mortgage broker or your banks loan officer will help you understand your pre-approval limits, financing range, and probable interest rates. This is just the first step of the mortgage process, but these numbers combined with the budget numbers from the beginning will give you a solid idea of what home prices you can work within as you search for your new home.

4. Home Search – Now that you have the necessary numbers, it’s time to go take a look at the homes in your price range. Research the neighborhoods and school systems, as well as the proximity to important places like work and shopping. This is where your Realtor will really prove their value and help make sure that you find a home that meets all of your needs.

5. Full Loan Approval – After you have been pre-approved and found a mortgage broker who you would like to work on your loan, it is vital to gather all of the important paperwork and submit the loan application. Once your application has gone through underwriting and you have received full approval for getting a loan, you will be able to lock your interest rate and assure the home seller that your offer to purchase can be financed.

6. Make an Offer – When you have found that perfect home in your price range, you are ready to make an offer to purchase and put a home under contract. Here again your Realtor will be tremendously helpful as they make sure that proper wording is put into the purchase offer to allow for inspections and possible repairs, and guide you through the negotiation process until you reach the price and conditions that satisfies both buyer and seller.

7. Home Inspection – Inspecting your future home is essential so that you are assured there will be no expensive repairs that are required shortly after purchasing the home. If repairs are needed to the roof or homes mechanical systems, the well written offer mentioned above will help define whether the price is reduced or the seller completes the repairs before closing.

8. Insurance – Home owners insurance and title insurance are important parts of the buying process. If you do not know of a local company to work with, your Realtor will have a few recommendations. Aside from being required by the mortgage company, insuring your home and making sure it has a clean title will help prevent any future troubles with the property and your legal ownership.

9. Solve Last Minute Problems – As smooth as we would like the home buying process to be, there are many people involved in each step of the purchase, which means that some problems will arise. For example, mortgage underwriters will need some last minute paperwork, or the inspection will reveal a major repair that requires further price negotiation. Problems and hiccups are the normal. This is again where your Realtors knowledge and expertise will help guide you over the last few hurdles.

10. Closing – Finally you have reached the end of the process, signed the ownership papers, and received the keys to your new home. All the hard work and planning has paid off and now you are the proud owner of your very own home. It’s time to unpack and celebrate.

These are the 10 steps to home ownership that every buyer will need to go through before having the keys of their new home handed to them. By working with knowledgeable professionals and following a solid plan, home ownership can be right around the corner for you.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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