If you’re ready to buy your first home in North Carolina, it’s important to save a down payment of 5% to 20%, depending on the type of home loan you plan to apply for when obtaining the financing. Increasing your credit score is also necessary to ensure you can obtain a lower interest rate and are less of a risk for the lender.
You’ll also need to consider how much house you can afford before shopping around. The house shouldn’t be more than 28% of your pre-tax income.
Mistakes to avoid when buying your first home
When you’re preparing to buy your first home, many people make the mistake of failing to get an inspection on the property. There may be cracks in the foundation or mold in the attic, which affects the value of the home and how much money you’ll need to invest in it. An inspection can give you more negotiating power if issues are uncovered.
It’s also important to avoid forgetting about the additional costs of homeownership to ensure you can afford a new home. Some of the costs associated with owning a house include homeowners association fees, utilities, property taxes, and homeowners insurance. You’ll also need to consider the cost of maintaining the property with repairs that are needed.
Who can you contact for legal assistance?
If you want assistance buying your first home, contact a real estate attorney to help you navigate the legal process. The legal professional can inform you of your rights as a buyer and can be present at the closing to help you avoid common mistakes and help you understand all the documents you sign. They can also assist with similar matters related to land use/zoning, civil litigation, and estate planning.