For first-time homebuyers, especially between the ages of 22 to 30, purchasing your first home in the Charleston, SC area can feel intimidating & overwhelming. There are questions such as, what can I afford? What is a good interest rate? Is my credit good enough? Do I have enough to put down? How much should I put down? Due to all of these questions & uncertainty, many first-time homebuyers give up on their search for a home, or worse, they decide home buying isn’t realistic for them at this time & they continue to toss their money down the drain with monthly rentals. So, if you are interested in purchasing a house for yourself but you are not sure where to start, here are a few key concepts about homeownership that you should understand before you begin your home buying journey!
Making a Down Payment
Saving for a down payment is sometimes viewed as one of the largest obstacles for a first-time home buyer, especially for someone who is just getting started in their career. Most people believe that you must offer 10-20% in order to be approved for purchasing a house, however, that is not necessarily true. According to the National Association of Realtors (NAR), the medium down payment for homes purchased between 2019 & 2020 was only 6% for buyers between the ages of 22 to 30 years old.
You Can Afford More Than You Think
Many first-time homebuyers believe that they cannot afford a home that would suit their needs so they continue to rent instead, causing them to miss out on the long-term benefits of owning a home. The value of homeownership is underestimated & things such as interests paid over a 20 to 30 year mortgage length, how much a home’s value appreciates over each year, & more! These things are major game-changers that could take a buyer from renting to owning.
Homes Will Become Less Affordable the Longer You Wait
Last, with mortgage rates starting to increase along with home prices beginning to surge, putting off buying a home now could cost you much more later on, as we expect that rates will continue to rise throughout the next few years. So, there is no time like the present to gift yourself with your first home!
Call Team Lail-Chambers to Find Your First Home in Charleston, SC!
If you are feeling overwhelmed by the prospect of starting your first home search, be sure to give a call to Team Lail-Chambers. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, has the Lowcountry knowledge to fit you with the home of your dreams — whether in Hanahan or anywhere else in Charleston! We work with you to find a home that fits your budget, taste & lifestyle. We can’t wait to help you. Don’t delay, give us a call today!