7 things you should know before you start looking to buy a house
As Charlotte’s metro area continues to become a hot zone for people to move here and live, you might be starting to get an itch to research, buy, and invest in a home of your own. I know I am! I’ve rented in apartments and homes around the outskirts of Uptown Charlotte for years now, but now I have the itch of my own to get a permanent place in the Queen City.
But where do you begin?! I talked with local broker/realtor Briley Burris to get her take on the top seven things you need to know before you start browsing the Internet and/or streets of town finding that place to call home.
(1) Connect with a lender
Unless you have cash to buy a house, this is your first and MOST important step. You have to know if you are qualified to buy a home and how much you can afford. There are first time home-buyer programs as well as down payment assistance programs and 100 percent financing options.
“It is very important to be approved,” Burris said. “I won’t write an offer without this.”
(2) Buyer’s agents are paid by the seller
Buyer’s agents, another name for brokers, offer free representation for you as you negotiate prices/repairs, research the property and zoning ordinances, and provide lender connectors.
“In North and South Carolina when I represent you as your buyer’s agent, I’m paid at closing by the seller. Many buyers don’t realize this,” Burris said.
(3) You need an experienced buyer’s agent
Your buyer’s agent also needs to be experienced in the local real estate market. He or she can help you avoid wasting the time, money and patience in finding that home in Charlotte. Seeing houses after houses, these agents with more real estate years under their belt will notice more red flags and advise you if real estate investors will buy or pass on a house based on how much return on investment they’ll receive.
“This spring, I’ve seen so many houses go under contract the day they go on the market. You need to be ready to go as soon as the house goes on the market so that someone doesn’t snatch it away,” Burris said.
(4) You’re not going to find your house on Zillow
Agents are now manually updating Zillow.com. Since Charlotte’s market is HOT right now, a home can be under contract in under 24 hours once it hits the market! However, few of these agents are updating Zillow when it goes under contract.
“I see people waste tons of time on houses that aren’t even available. This is why it’s important to find an agent that is in the network with houses coming on the market and have the ability to communicate with other agents in our area,” Burris said.
Agents can set you up in your own custom portal to the MLS (Multiple Listing System) where you can see which homes are active and available. Any house in the Charlotte market will come on this list and it’s held to a standard across the board.
(5) You’ll know it’s the right house for you in 90 seconds
As you walk in the front door of a house you’re looking at, Burris said you’ll know it’s the home for you in just a minute and a half.
“It does take a lot of preparation to get to this point,” she said.
(6) A great inspector is a must
An inspector that knows what he or she is doing will discover any problems with the home you might not be aware of. From the plumbing leaking and electrical problems to the home even having a structural issue, you don’t want to find any big problems to repair after you purchase your house.
“North Carolina is a ‘Buyer Beware’ state, meaning it is your responsibility as a buyer to do your due diligence and know everything possible about what you are buying… the seller is under no obligation based on our NC Purchase contract to make any repairs. Properties are sold ‘As-Is’ unless negotiated otherwise. That is part of my job, to be sure a buyer is aware of everything they need to know in order to make an educated decision,” Burris said.
(7) Buying a house can be a fun process
For most people, buying a house is the biggest investment they’ll make in their lifetime. It’s serious business and needs to be taken seriously.
“But like many things in life, it should be fun,” Burris said.
So with these tips under my belt, I’m ready now to find the house or townhome of my dreams around Charlotte…anyone want to help contribute to my down payment?
Briley Burris of 5 Points Realty with NC-SC: 704-604-8721, Briley@BrileyBurris.com
Photos: CharlotteFive, Briley Burris
This story was originally published August 18, 2016 at 10:00 PM with the headline "7 things you should know before you start looking to buy a house."