Sold On Charleston

Jan. 18, 2022

Should You Put 20% Down on Your New Home?

If you are thinking of purchasing a new home in today’s Charleston, SC market, you are probably wondering if a 20% down payment is really necessary. Although there are other options & programs available to put down less than 20%, it is prudent to understand the benefits at hand if you choose the former. Here are some reasons why putting 20% down may be the smarter option if you have the available funds to do so:

 

You Will Experience Greater Purchasing Power

In today’s competitive real estate market, many buyers are chasing after the same home, & sellers are ecstatic to see offers come in with larger down payments. This provides a level of confidence that other interested buyers may not be able to provide, & in most cases, the stronger offer is the one to most likely be approved. Therefore, your dream house is more likely to become yours in the midst of a bidding war. Also, if you are a current home seller yourself, & are looking to upgrade to a larger or more expensive home, you are able to take the equity you earn from the sale of your current house to put 20% down on your new home.

 

You Will Avoid PMIs

PMIs (Private Mortgage Insurance) policies are added to your cost if you are unable to provide a 20% down payment. This is an added monthly fee attached to your mortgage payment & exists in the event that you are unable to pay your mortgage in the future. Once you have built equity of 20% or more, you can ask for this fee to be removed from your monthly payment. But wouldn’t you rather save that money now?

 

You Will Have Lower Interest Rates

When a 20% down payment is offered, this will show the lender that you are more financially stable & that you will not potentially become a risk in the future. In these scenarios, accompanied by a good credit score, as well, the lender is more likely (& willing) to offer you a lower interest rate on your mortgage.

 

You Will Pay Less for Your Home Over Time

The larger your down payment, the smaller your loan amount will be as you will only be paying interest on the 80% of the loan remaining. This means lower monthly mortgage payments, lower mortgage rates, & less interest paid over the long haul.

 

Are You Ready to Explore Your Options with Team Lail-Chambers?

If you are looking to buy a home, call our team today to learn the benefits of 20% down versus a smaller down payment. The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston, SC & the Lowcountry. We are happy to help you decide on the best neighborhood for you & your family, as well as the most cost-effective! We work hard to match you with a home you will truly love, so contact us today. We are ready & waiting to help you find the perfect Charleston home!

 

Posted in Home Owners
Jan. 11, 2022

Can You Purchase a House Without a Large Down Payment?

Saving for a down payment on a home can feel intimidating, especially if you are a first-time homebuyer. If a traditional 20% down payment sounds out of grasp for you, you will be happy to know that some mortgage lenders will allow you to put down as little as 3.5% of the desired home’s purchase price. However, putting down less will mean that you will need to borrow more & in return, you will receive higher monthly mortgage payments. So, how do you decide if putting less or more is best for you? 

 

Understand the Process

Providing a down payment of less than 20% will result in higher monthly payments because you will need to purchase customized mortgage insurance to secure the loan. Private mortgage insurance typically costs nearly 1%-2% of the loan, depending on your credit score. The premium does not elapse until 20% or more of the home equity is paid off. However, if you put down less than 10%, there is a higher chance that you will continue to pay this premium for the duration of your loan. There is also an annual fee, as well. So, for those who are already tight on cash, this can be more stressful. If you cannot afford to put down 10%, you may want to consider pausing your home search to allow yourself more time to save up.

 

Break Down the Costs

If you can afford a house with a lower down payment, there are other expenses to consider too. In addition to mortgage payments, you will also need to pay for homeowners insurance, property taxes, & maintenance fees &/or HOA (Home Owner Association) fees. As a rule of thumb, you will not want the total of these payments to exceed 35% of your pre-tax income.

 

Check All of Your Options

There are many mortgage plans available that can help you purchase a home without a 20% down payment. One of the most well-known programs is provided by the Federal Housing Administration (FHA). This loan, extremely popular with first-time homebuyers, allows the buyer to put down as little as 3.5%. You will need a credit score of 580 or higher to qualify, & you can even apply if you have experienced foreclosure or bankruptcy in the past. Other lenders also offer mortgages with 3% down payments. So, it is essential that you check your options, the ratings, & what will work best for you & your monthly income.

 

Are You Ready to Explore Your Options with Team Lail-Chambers?

If you are ready to begin your home buying process, now may be the time to explore your best options. The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston, SC & the Lowcountry. We are happy to help you decide on the best neighborhood for you & your family, as well as the most cost-effective! We work hard to match you with a home you will truly love, so contact us today. We are ready & waiting to help you find the perfect Charleston home!

 

Posted in Home Owners
Jan. 6, 2022

8 Reasons You Should Hire a Real Estate Agent

Whenever it comes to selling your house, with so much information readily available online on how to do it yourself, a lot of people question, "why should I hire a real estate agent?" They wonder if they could sell their home on their own through marketing online, or on internet websites designed to help FSBO (for sale by owner) situations. And, though some are successful in taking this route, many others struggle. So, here are some reasons why you should consider hiring a professional real estate agent over the stress of trying to sell on your own.

1. Experience Required

It’s a tough task to learn how to sell your house on your own. You can attempt to do it alone thinking you will save money, however, agents can create more exposure for your property, help you negotiate a better deal, dedicate more time to your sale & prevent your emotions from sabotaging it. An agent brings a level of professionalism to a complex transaction. Thus, in the end, generating more income & a more pleasant experience for you. 

2. Many Realtors Will Not Show a "For Sale By Owner" Home

In an FSBO deal, the buyer’s agent knows there won’t be a certified or trained colleague on the other end of the transaction. Even if a client insists on seeing your home, the agent may discourage their buyers from making an offer, citing the hassles & risks of trying to close the deal without a professional representing the seller. It’s also awkward for the buyers to have the seller present, rather than the seller’s agent when they’re touring the home.

3. Naming Your Price

Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help guide clients to make smart choices for themselves. Even if you have sales experience, you don’t have specialized experience negotiating a home sale. The buyer’s agent will, so they are more likely to succeed in the negotiation, meaning less money in your pocket.

4. Neighborhood Knowledge

 

Agents either possess profound knowledge of your neighborhood or they know where & how to find their information. They can identify comparable sales & hand these facts to you, in addition to pointing you in the direction where you can find more details on schools, crime & demographics.

 

5. Weeding Out Unqualified Buyers

 

An agent can find out whether someone who wants to view your house is really a qualified buyer or just a dreamer. It’s a lot of work & a major interruption every time you have to put your life on hold, make your house look perfect, & show your home. You want to limit those hassles to the showings most likely to result in a sale. 

 

6. Real Estate Is a Full-Time Job

 

Can you rush home from work every time someone wants to see your home? Can you excuse yourself from a meeting every time your phone rings with a potential buyer? At the end of a long workday, do you have the energy to take advantage of every possible opportunity to market your home? 

 

7. Handling Volumes of Paperwork

 

Today's purchase agreements run 10 pages or more whenever closing on a house, & most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands. However, in most states, lawyers handle the disclosures, thank goodness!

 

8. Answer Questions After Closing

 

Even the smoothest transactions that close without complications can come back to haunt. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist even after the closing. 

 

Are You Ready to Explore Your Options With Team Lail-Chambers?

Negotiate a better deal, dedicate more time to your sale, & prevent your emotions from sabotaging it with Team Lail-Chambers! Bob Chambers & Pheobe Lail-Chambers are well-acquainted with Charleston & the Lowcountry, & are happy to help you decide on the best selling processes for you & your family. Contact us today! We are ready & waiting to help you find (& sell) your perfect Charleston, SC home!

 

Posted in Home Owners
Jan. 3, 2022

Is Retirement Changing What You Need in a Home?

The past two years have brought many of us significant life changes. For some, it meant entering retirement earlier than expected, as the pandemic caused nearly 2 million workers to depart their careers ahead of the time originally planned for. If you have recently retired, your home may no longer fit your new lifestyle, but the good news is, you have presumably incremented much equity on your current home that you can apply to your new home! Plus, in today’s seller’s market, there is a great opportunity for you to receive the most value for your current house. So, what other things should you consider as your needs evolve during this time?

Do You Have Loved Ones You Would Like to Live Closer To?

The number one reason for most retirees to relocate is the opportunity to be closer to loved ones, friends &/or relatives - because staying in close contact with the people who mean most to you can feel very satisfying. While giving up your long-term home can be difficult, being near & available to your loved ones is very important to many. So if you have found yourself farther away than you would like to be, retirement & the equity you’ve built in your home may benefit you in more ways than one!

Could You Use the Extra Cash?

Regardless of how much you budgeted, planned & saved, many Americans still do not have enough money put to the side for a stress-free retirement. Selling your current home could provide you with a more comfortable lifestyle, especially in today’s current market. 

Will Your Current Home Age With You?

Age pattern studies have shown that younger generations are looking to upsize whenever it comes to their homes while the older generation is looking to downsize. But, downsizing doesn’t mean that you have to purchase a house without the features you are wanting or need. For example, your existing home may have features that create mobility challenges in the future such as stairs. This among other things will most likely put you in the position to need renovations later on down the road. So, downsizing to a new home that is built with aging-in-place considerations in mind can offer a cost-effective trade-off instead.

Do You Have New Home Goals?

Selling your house & moving into a condo can mean saying goodbye to other stress factors such as landscaping & maintenance work! This will allow you more time to enjoy the activities you do find enriching, as well as having features such as a pool, spa, gym, & community gatherings! Plus, the mortgage rates on a condo typically lean less expensive than one on a house so you can also boost your retirement savings, too!

Are You Ready to Explore Your Options With Team Lail-Chambers?

If you have recently retired & your needs are changing, you’re not alone & now may be the time to explore your options. The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry, & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston, SC home!

Posted in Home Owners
Dec. 28, 2021

Why You Should Move to Charleston, SC this Winter

Are you thinking about moving to the south this Winter? If you have ever lived in an area that receives a lot of snow, you might have a regular dread of wintertime. Yes, snowfall on Christmas Eve or Day can be very magical, but the long, freezing cold days with very little sunlight can become extremely cumbersome. It is enough to make anyone yearn for a vacation or an entirely new place to live. So if this sounds like you & you are considering a new location to begin a new journey, you should consider Charleston, SC. Charleston in the Winter isn’t like most other places. There is a lot to love, & you can escape from the dark & miserable days of colder months. But, if you need more convincing on why you should move now, rather than later, we’ve got that covered!

 

Why You Should Move to Charleston, SC This Winter

 

Cheaper Moving Costs!

With nearly 70 percent of all moves taking place between Memorial Day & Labor Day, moving company rates tend to be at their highest during this time frame. Moving during the Winter months is considerably cheaper than moving during these warmer months. With kids in school, & Winter weather deterring others from moving, there will be less demand for moving companies & therefore, less expensive moving rates for you!

 

Higher Temperatures, Higher Stress!

Hot & humid weather conditions are another reason why moving during the Spring & Summer is not ideal for everyone. The heat tends to put our bodies under more stress in addition to the strenuous activity that comes with moving. Whether you are doing the heavy lifting yourself or supervising professional movers to handle your belongings, it's important to take extra precautions to ensure your relocation goes as smoothly as possible.

 

Time to Get Acquainted!

Forget your ideas about staying inside all winter long — Charleston in the winter is still very warm! While it’s true that the temperatures don’t hit the highs of the sweltering summer days, most days it’s nice enough to wear shorts outside. Barring the occasional winter storm, of course. You can shop outside on King Street, head for a day on the beach to walk around & enjoy the nearby restaurants, or visit one of Charleston’s many historic sites. Just about everything you can do in the Summer & Spring, you can do here. So why not use the Winter months to become familiar with your new city before the Spring & Summer?!

 

Call Team Lail-Chambers for Great Service in the Winter or Summer!

If you’re looking to move to Charleston, SC & want more help & advice, contact Team Lail-Chambers today. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, are some of the most professional agents you’ll encounter, & will give you the easiest home-buying experience imaginable. We can help you determine your top priorities & find a place that accommodates both your tastes & your budget. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!

 

Posted in Home Owners
Dec. 17, 2021

Tips for Making the Best Offer on Your Dream House!

If you are looking to purchase your first home, or a new home, in the Charleston, South Carolina area, you may have noticed that as quickly as houses are listed, they are just as quickly taken off the market. So what do you do when you come across the home of your dreams & you don’t want to sleep on it? In today’s market, standing out as a buyer is very crucial & you will want to take every advantage you can to assure your offer is accepted by the home sellers. So here are some of our best tips on what to do whenever it’s time to make an offer.

Hire a Trusted Realtor

Agents are born negotiators, & a qualified real estate agent will be able to get information from the seller’s agent to help during the negotiation process. They are aware of the prices for comparable properties that sold recently & their experience helps them gauge what price a home is likely to sell for. Best of all, when it comes to negotiating, they’ll stick to the numbers in your comfort zone & keep a leveled head in what can be an intimidating rollercoaster ride for many homebuyers.

Get Pre-Approved

In today’s market, there are currently more buyers than sellers, which is causing a limited amount of inventory of homes to show, therefore making the market extremely competitive. On average, most sellers are receiving 5 offers within days of their homes being put up for sale. The result of this? Bidding wars! A bidding war occurs when potential home buyers compete to win the house they are both interested in. This can sometimes push the final price of the house up to tens of thousands of dollars more than what was originally being asked for by the homeowner. Being pre-approved will give you the advantage if you find yourself in this scenario, & in today’s market, it will likely help you win the bidding war because it shows the seller that you are financially capable to afford your said offer.

Be Considerate of the Seller’s Needs

When considering putting in an offer, you will want to keep both your best interest & the interest of the seller in mind. This is why it is very important to have a trusted real estate agent by your side. They will help you evaluate the contract contingencies (conditions the seller must meet for the purchase of the house to be finalized), & help guide you through requests that can be disregarded to help the seller out, such as replacing window screens or repainting (because you can do that on your own). But of course, the ones you won’t want to give up are contingencies such as a professional home inspection & termite inspection.

Be Prepared to Move Quickly With Team Lail-Chambers Today!

As of recently, most houses are selling within a couple of days, & this pace of sales is the major contributing factor as to why the housing market is so competitive today. So, whenever you find your dream home, moving quickly is key & you will want to submit your best offer as soon as possible. Reach out to Team Lail-Chambers today & determine if now is the time for you to buy! The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston home!

 

Posted in Home Owners
Dec. 5, 2021

What Can You Do To Prepare for Homeownership?

Is it time to buy a home of your own? While buying a house isn’t right for everyone, there are many benefits to homeownership such as cost savings, privacy & remodeling to create your dream space! So, if you are ready to buy in Charleston, SC, or the surrounding area, now may be the best time to do so! According to recent statistics, rental prices have increased by over 8% within the last year & will continue to rise as the months go by. This is causing monthly rents to be higher than a monthly mortgage payment. So when you weigh your options of whether to rent or to buy, here are a few things you should consider!

 

Start Saving

Even if it’s only a small amount each month, set aside what you can into a dedicated savings account. This will be a great starting point whenever it comes time for the down payment on your dream house! Rising rent costs may make it appear to be impossible to buy a house in the future, but the truth is, you can with the right mindset & plan!

 

Understand Your Finances & Your Credit Score

Another recommendation we always make is to take a look at your overall finances & credit score. Do you have any debt that can be paid off or that would prevent you from purchasing your dream house? If so, you will want to take care of these things first! The average credit score of first-time homebuyers is around 715. If your credit score is below that average, don’t panic! This is an average score, meaning that some people are able to become homeowners with a lower score. But regardless, you will still want to improve your credit as much as possible in order to land the house you are truly wanting, not one you will have to settle with.

 

Talk to a Realtor®

It’s always important to talk to someone who understands the current market & the steps needed to become a first-time homebuyer. A trusted Realtor® can help make sense of the home buying process, as well as explain how to become pre-approved. So don’t write off the idea of owning a home just because you believe you don’t earn enough money, have enough funds, or because you have a slightly lower credit score. A trusted Realtor® can show you your available options, or provide assistance on how to get you to where you want to be!

 

Buy Your First House With Team Lail-Chambers!

If you’re planning to be a homeowner one day in Charleston, SC, the best thing you can do is start preparing now. Call Team Lail-Chambers today & determine if now is the time for you to buy! The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston home!

 

Posted in Home Owners
Dec. 5, 2021

Want to Feel Like a Charleston Local? Here Are Some Fun Facts You Should Know!

Let’s be honest, moving to a new area isn’t always an easy thing to do. The hours of packing, the deadlines, & having to close the deal on a new residence becomes a to-do list that seems never-ending. There’s also the adjustment period. Every new area has its quirks & unspoken rules. Over time, you learn to “speak the language,” & settle comfortably into your new surroundings. You plant some roots but getting there isn’t always easy. That’s why we want to tell you some fun facts about Charleston, SC that will have you feeling like a local in no time!

 

Why is There a Huge Pineapple Fountain Downtown?

If you have ever visited Charleston, SC, or have seen pictures, you may have noticed a very large pineapple fountain located at the entrance of Charleston Waterfront Park. This fountain was built in 1990, the Spring after our city was hit by Hurricane Hugo. Back in the day, American soldiers & sailors would place a pineapple outside of their door to show that they had returned safely, or their wives would hang one from the door. But more so, in the South, the pineapple has always represented a sign of hospitality. This must-see fountain is a symbol of Charleston’s friendliness & welcoming arms to locals, visitors & new residents alike!

 

What is the Angel Oak Tree?

This infamous tree can be found in Johns Island just outside of Charleston, SC. The Angel Oak is estimated to be more than 400-500 years old & stands over 65 feet tall with a circumference of 25 feet. The Angel Oak is thought to be one of the oldest trees & living things east of the Mississippi River. It has survived earthquakes, hurricanes, & floods so it is safe to assume that this beauty is here to stay!

 

Where Are You Most Likely to See Bill Murray?

At a Charleston RiverDogs baseball game! Watching the Charleston RiverDogs at The Joe Riley Stadium isn’t just an experience, it’s what the Charleston, SC locals look forward to each Spring & Summer season! This is not your average ball game, as the Charleston RiverDogs always put on a remarkable performance, on & off the field each year. When you go, you can expect great food, cold beer, nightly specials, live music & fun for all ages. If you’re lucky, you may even spot Bill Murray in the crowd as he is the co-owner & “director of fun” for the team!

 

Why Are Farmers Markets So Popular in Charleston?

Founded in 1988 & produced by the City of Charleston Cultural Affairs, the Charleston Farmers Market is the go-to spot for market lovers! The market not only has a great reputation among area residents but it has also been voted “Best Outdoor Event” & “Best Attraction” in Charleston, SC for multiple years! It is the most well-known market that runs every Saturday from 8am to 1pm in Marion Square, right in the heart of downtown Charleston. This market lasts from April until November & offers food, art & an unforgettable experience!

 

Which Museum is the Oldest?

Founded in 1773, The Charleston Museum, also known as America's First Museum, has been discovering, preserving, & sharing unique artifacts for centuries! Furniture, silver, quilts, costumes, ceramics, nineteenth-century firearms, paleontology collections, rocks, minerals, & old photographs are just a few things that you will find at this Charleston, SC gem!

 

Turn to Team Lail-Chambers to Help Find the Perfect Charleston Home 

When you're ready to buy your first home, you want to make sure you have the right team to make the process easy & stress-free. That's why you should make the call to Team Lail-Chambers. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, are some of the most professional agents you’ll encounter & will give you the easiest home-buying experience imaginable. We can help you determine your top priorities & find a place that accommodates both your tastes & your budget. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!

 

Nov. 17, 2021

Don’t Miss This Winter’s Charleston's Holiday Farmers Market!

There are plenty of reasons to move to Charleston, SC. The warmer Winter seasons, the gorgeous scenery & historical sights, easy access to multiple beaches, as well as charming local shops & fine dining. But there is another great feature about the area as well: the Winter’s Farmers Market, or more known as The Charleston’s Holiday Market. There are many local Farmers Markets in the Lowcountry! When you move to Charleston, SC you can experience them whenever you want! Here are some of the best ones to visit this holiday season!

The Charleston Holiday Market

Charleston's Annual Holiday Market is widely known as the Lowcountry's Complete Holiday Experience & has everything there to make the holidays bright! Located at Marion Square in downtown Charleston, this exciting holiday extravaganza kicks off the season with specialty gift stores, fashion jewelry, clothing, gourmet foods, decorations & ideas, home accessories & décor, food & wine sampling, arts & crafts, & of course, Santa! Holiday Market offers participating vendors the opportunity to sell to tens of thousands of customers all eager to shop! The customers come early & return often leaving with bags & bags of goodies. Shop with many of your favorite CFM Vendors, while also enjoying holiday vendors that are here for December to increase the holiday cheer! Free visits with Santa & Mrs. Claus, holiday decorations, & parking vouchers for 2 hours of free parking in Downtown Charleston, SC! Join all the fun on Saturdays and Sundays, the month of December, from 9am-3pm.

The Annual Holiday Market & Craft Show

Just a quick drive over the Arthur Ravenel Bridge, you will find the Annual Holiday Market & Craft show in Mount Pleasant, SC! This event will be happening on Saturday, December 11th, from 11am-4pm. Come see the wonderful variety of holiday ornaments, pottery, artwork, photography, & more. This Farmers Market also provides goodies such as traditional southern cuisine, locally grown produce, baked goods, warm drinks & homemade jams. But that’s not all! Did we mention the live entertainment & children’s activities? Bring your little ones to enjoy face paintings, balloon animals, & a visit from Santa Claus! Complete all your holiday shopping in one stop!

The Homegrown Holiday Bazaar

The 8th annual Homegrown Holiday Bazaar will be held Saturday, December 4, 2021 from 10:00am-3:00pm at 2662 Mullet Hall Road at the Johns Island County Park. There will be over 100 local vendors at this event to help spread the holiday cheer! There will also be hayrides, pony rides, & visits from Santa in Santa Land! In Santa Land, your children can play seasonal themed games, make crafts, decorate their own cookies or ornaments, & there will even be bounce houses & hula hooping. It is not an event that you will want to miss!

Team Lail-Chambers Knows All the Freshest Spots in Town!

When you’re looking to buy a newly harvested home in Charleston, SC, make a call to Team Lail-Chambers. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, are some of the most professional agents you’ll encounter, & will give you the easiest home-buying experience imaginable. We can help you determine your top priorities & find a place that accommodates both your tastes & your budget. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!

 

Nov. 1, 2021

Is It Time to Sell Your House and Buy a New One?

Is it time for you to invest in a new house? If you have been living in your current household for the past five to ten years, you are not alone. Most homeowners purchase their homes with the mindset that they will build long-lasting memories there, as well as build tenure. But sometimes life has different plans for us, & our needs can rapidly change. Some people need to upgrade due to growing families, others may want a larger house because they are financially better off than they were a few years ago, & some may want to cash out on their existing equity & purchase a new home elsewhere. Whatever your reason, if your needs have changed, it may be time to re-evaluate your current living situation & see what options are available to you! Here are some reasons others have chosen to sell their home & purchase a new property:

 

Needing More Space

Most first-time homebuyers purchase what is known as their “starter home.” A starter home is generally a smaller property that a buyer only intends to live in for a few years. There's no set number of bedrooms or square footage. A starter could be a studio loft, or it could have one or two bedrooms. It might be 500 square feet or 1,800 square feet. But typically, you will know you are buying a starter house when you can picture yourself outgrowing it over time. 

 

Starting a New Job or Now Working Remotely

Many workers have recently found themselves working remotely indefinitely, or now only having to drive into the office a few times a week or month. Due to this, many people are leaving their apartments & condos in the city & finding new homes in the suburbs to save on the cost of living. Others are being offered new jobs in general, & are being asked to relocate. If either is the case for you, you may need more space or a new space!

 

Empty Nest Syndrome

When the children are all grown & the number of people living under your roof changes, many choose to downsize to a smaller home as they no longer need all the extra space.

 

Falling in Love

Choosing to move in with your partner is typically a significant stage in a relationship & is another reason people tend to sell their homes & purchase a new one. On the other hand, break-ups can also result in moving, as one person’s income may not be able to support the price of the home or one individual may need to buy the other out.

 

Expenses Have Changed

A change of income or a need to save money means many choose to relocate to an area where the cost of living matches their current expenses. Some people may find themselves needing to downgrade, while others may find that they can now afford something bigger, or in a newer area that they couldn’t before.

 

The Area Has Changed

Since originally moving into your current home, the neighborhood might have run down for economic, social, or physical reasons. This might mean that you choose to relocate to an area where you feel much happier & more comfortable in your surroundings.

 

Financial Benefits

One of the biggest benefits of homeownership is the equity your home builds over time. That equity, plus today’s low mortgage rates, can fuel a major upgrade when you sell your home & purchase a new one. Or, if you’re looking to downsize, your equity can help provide a larger down payment & lower your monthly payments over the life of your next loan.

 

Are You Ready to Explore Your Options With Team Lail-Chambers?

If you’ve been in your home for 5-10 years or more, now might be the time to explore your options. The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston & the Lowcountry, & are happy to help you decide on the best neighborhood for you & your family. We work hard to match you with a home you'll love. Contact us today! We are ready & waiting to help you find your perfect Charleston, SC home!

 

Posted in Home Sellers