Navigating the Home Buying Process with a Buyers Agent

In today’s post-COVID housing market, purchasing a home has become increasingly complex. First, gone are the days of simply browsing a few houses and sealing the deal. Second, with so much involved in acquiring a property, enlisting the expertise of a buyers agent is essential for a smoother experience.

Why You Should Consider Hiring a Buyers Agent

Transitioning into homeownership involves numerous steps, but a buyer’s agent can streamline the process in several ways.

Access to Desired Homes

While you may come across numerous listings that catch your eye, gaining access to all of them isn’t always straightforward. This is where a buyer’s agent in Myrtle Beach proves invaluable. First, working diligently on your behalf, they ensure you have access to every home that aligns with your preferences and requirements. Second, from arranging viewings to negotiating deals, their priority is to secure a property that suits your needs.

Navigating Tough Negotiations

Negotiating the terms of a home purchase can sometimes become challenging. Rather than dealing with the stress of these discussions yourself, a buyer’s agent handles all negotiations on your behalf. Whether the talks proceed smoothly or encounter obstacles, your agent remains your advocate, working tirelessly to reach favorable outcomes.

Streamlined Paperwork

The paperwork involved in buying a home can be overwhelming. While it’s possible to manage it independently, doing so can consume considerable time and effort. Moreover, by engaging a real estate agent in Myrtle Beach, you alleviate the burden of paperwork, allowing you to focus on other aspects of the buying process.

Access to Professional Networks

As you progress with negotiations, you’ll likely require the services of various professionals, such as home inspectors and roofing contractors. While you may not have connections with these experts, your buyer’s agent does. Additionally, they can connect you with reputable professionals who can assist you throughout the transaction.

Establishing Expectations with Your Buyers Agent

When engaging a buyer’s agent, it’s crucial to establish clear expectations from the outset. Ensure that you sign a written contract outlining the responsibilities of both parties, as well as details regarding communication and the overall process. This agreement serves as a roadmap, guiding you through each stage of the home buying journey.

If you’re seeking assistance with purchasing a home in Myrtle Beach, consider reaching out to Full Potential Real Estate, LLC. With their expertise and commitment to client satisfaction, they can help you navigate the complexities of the housing market with confidence.

As you embark on this exciting chapter of homeownership, let a trusted buyer’s agent guide you every step of the way. For personalized guidance and support in your home buying journey, contact Full Potential Real Estate, LLC.

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

Are You Buying A Home For The First Time?

Feeling a little overwhelmed is quite common when it comes to buying a home for the first time. You are not alone. Everyone on the market who is trying to acquire their dream home is facing some kind of problem. It is only normal to encounter some hurdles along the way. However, the process of buying a home is much harder without the help of a real estate agent. When you plan on buying your first home, be sure that you hire a real estate agent that knows the neighborhood like the back of their hand.

Tips For Buying A Home

For first-time homebuyers, here are some important tips to follow when buying a home in Myrtle Beach:

Start saving for the down payment

Buying a home will likely be your biggest financial undertaking. You’ll spend a great deal of money to buy a home. That’s why you should start early. What you need to do is save up as much as you can. The more you save, the better. It is important to make sure that your finances are all in check. As for savings, you need to have enough money for a down payment when needed.

Do your research on available mortgage options

You may or may not be eligible for mortgage programs. It will be in your best interest to do extensive research on the mortgage programs available. Typically, you will want to go for the lowest interest rates and an easy to follow payment plan.

Make a budget

Once you’ve gotten some of the details ironed out, you then need to make a budget. How much are you willing to spend? How much money can you put into buying a home without affecting your other financial responsibilities? Do the math and make sure everything adds up.

Check your credit

Moreover, your credit score will play a hue role when it comes to applying for a mortgage. Basically, lenders want to make sure that all of their clients can pay them back. Additionally, one of their biggest qualification is a good credit score. If you have a less than stellar credit score, you might want to focus on making it look better.

Improve your credit score

Additionally, boost your credit score by paying your bills on time, making sure all financial responsibilities are accounted for, and don’t borrow more than you can earn. Simply put, abstaining from making major purchases that you can’t afford will help improve your credit score.

Get pre-approved

Before you go house-hunting, you should be pre-approved for a mortgage. By doing so, you’ll ensure that you don’t have to go through the hassle of getting approved when you find a house you like. Remember, you can do your research or have a real estate agent in Myrtle Beach SC, help you out.

Hire a reliable real estate agent

So, if you are in the market for your dream home, you will need a real estate agent in Myrtle Beach that will help you along the way. And, Full Potential Real Estate, LLC is here to help you with everything from looking out listings to closing the deal.

If you choose to find a home and settle down in Myrtle Beach, hire Full Potential Real Estate, LLC. Call us now if you’re thinking of buying a home.

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

What You Need To Know About Realtor Commissions

There is a lot of talk in the news about realtor commissions. They LOVE what they do and they do it because they LOVE helping people but there is almost always a huge misconception on what they do and how they get paid. It’s not a secret so here ya go.

The average FULL TIME REALTOR’s earnings last year was $31,900 @ 40+ hours a week. (Notice I wrote full time 40+ hours not 0-20 hours a week) which is well below the living wage. As a REALTOR they do not get paid a hourly wage or salary and they only get paid if they sell a home and it closes. They can only get paid by broker to broker. As an agent you could work with someone days, weeks, months, or years with no guarantee of a sale ever.

Essentially they wake up each day unemployed going on Job Interviews and they deal with constant rejection. They dedicate time away from family, use our time, gas, pay for babysitters, miss dinner and weekends and rarely take vacations. They are on 24/7! You constantly need to be on, or you could miss an opportunity. Once they do close a home, half goes to the other persons agent from the remaining half.

They have lots of upfront expenses that must be paid out before they even get paid:

• Broker Splits and Fees
• Office rent and utilities
• MLS Fees
• NAR Fees
• Local Association Fees
• E&O Business Insurance
• Extended Auto Insurance
• Self-Employment Tax
• State Licensing Fees
• Advertising Fees
• Showing Service Fees
• Website Fees
• Assistant’s Salaries
• Showing partners
• Transaction coordinator
• Yard Signs
• Photographers
• Videographers
• Office Supplies
• Business Cards
• Property Flyers
• Electronic Lockboxes
• Continued RE Education
• Legal Fees
• Gas

Income taxes are not taken out so they have to put that aside around 25-30%.
Don’t forget health insurance if you don’t have a spouse who provides it.

As a listing agent they have lots of tasks far more than just selling a home.

1. Prepare Listing Presentation for Sellers
2. Research Sellers Property Tax Info
3. Research Comparable Sold Properties for Sellers
4. Determine Average Days on Market
5. Gather Info From Sellers About Their Home
6. Meet With Sellers at Their Home
7. Get To Know Their Home
8. Present Listing Presentation
9. Advise on Repairs and/or Upgrades
10. Provide Home Seller To-Do Checklist
11. Explain Current Market Conditions
12. Discuss Seller’s Goals
13. Share Your Value Proposition
14. Explain Benefits of Your Brokerage
15. Present Your Marketing Options
16. Explain Video Marketing Strategies
17. Demonstrate 3D Tour Marketing
18. Explain Buyer & Seller Agency Relationships
19. Describe the Buyer Pre-Screening Process
20. Create Internal File for Transaction
21. Get Listing Agreement & Disclosures Signed
22. Provide Sellers Disclosure Form to Sellers
23. Verify Interior Room Sizes
24. Obtain Current Mortgage Loan Info
25. Confirm Lot Size from County Tax Records
26. Investigate Any Unrecorded Property Easements
27. Establish Showing Instructions for Buyers
28. Agree on Showing Times with Sellers
29. Discuss Different Types of Buyer Financing
30. Explain Appraisal Process and Pitfalls
31. Verify Home Owners Association Fees
32. Obtain a Copy of HOA Bylaws
33. Gather Transferable Warranties
34. Determine Need for Lead-Based Paint Disclosure
35. Verify Security System Ownership
36. Discuss Video Recording Devices & Showings
37. Determine Property Inclusions & Exclusions
38. Agree on Repairs to Made Before Listing
39. Schedule Staging Consultation
40. Schedule House Cleaners
41. Install Electronic Lockbox & Yard Sign
42. Set-Up Photo/Video Shoot
43. Meet Photographer at Property
44. Prepare Home For Photographer
45. Schedule Drone & 3D Tour Shoot
46. Get Seller’s Approval of All Marketing Materials
47. Input Property Listing Into The MLS
48. Create Virtual Tour Page
49. Verify Listing Data on 3rd Party Websites
50. Have Listing Proofread
51. Create Property Flyer
52. Have Extra Keys Made for Lockbox
53. Set-Up Showing Services
54. Help Owners Coordinate Showings
55. Gather Feedback After Each Showing
56. Keep track of Showing Activity
57. Update MLS Listing as Needed
58. Schedule Weekly Update Calls with Seller
59. Prepare “Net Sheet” For All Offers
60. Present All Offers to Seller
61. Obtain Pre-Approval Letter from Buyer’s Agent
62. Examine & Verify Buyer’s Qualifications
63. Examine & Verify Buyer’s Lender
64. Negotiate All Offers
65. Once Under Contract, Send to Title Company
66. Check Buyer’s Agent Has Received Copies
67. Change Property Status in MLS
68. Deliver Copies of Contact/Addendum to Seller
69. Keep Track of Copies for Office File
70. Coordinate Inspections with Sellers
71. Explain Buyer’s Inspection Objections to Seller
72. Determine Seller’s Inspection Resolution
73. Get All Repair Agreements in Writing
74. Refer Trustworthy Contractors to Sellers
75. Meet Appraiser at the Property
76. Negotiate Any Unsatisfactory Appraisals
77. Confirm Clear-to-Close
78. Coordinate Closing Times & Location
79. Verify Title Company Has All Docs
80. Remind Sellers to Transfer Utilities
81. Make Sure All Parties Are Notified of Closing Time
82. Resolve Any Title Issues Before Closing
83. Receive and Carefully Review Closing Docs
84. Review Closing Figures With Seller
85. Confirm Repairs Have Been Made
86. Resolve Any Last Minute Issues
87. Attend Seller’s Closing
88. Pick Up Sign & Lock Box
89. Change Status in MLS to “Sold.”
90. Close Out Seller’s File With Brokerage

As a buyers agent they also have many tasks.

1. Schedule Time To Meet Buyers
2. Prepare Buyers Guide & Presentation
3. Meet Buyers and Discuss Their Goals
4. Explain Buyer & Seller Agency Relationships
5. Discuss Different Types of Financing Options
6. Help Buyers Find a Mortgage Lender
7. Obtain Pre-Approval Letter from Their Lender
8. Explain What You Do For Buyers As A Realtor
9. Provide Overview of Current Market Conditions
10. Explain Your Company’s Value to Buyers
11. Discuss Earnest Money Deposits
12. Explain Home Inspection Process
13. Educate Buyers About Local Neighborhoods
14. Discuss Foreclosures & Short Sales
15. Gather Needs & Wants Of Their Next Home
16. Explain School Districts Effect on Home Values
17. Explain Recording Devices During Showings
18. Learn All Buyer Goals
19. Create Internal File for Buyers Records
20. Send Buyers Homes Within Their Criteria
21. Start Showing Buyers Home That They Request
22. Schedule & Organize All Showings
23. Gather Showing Instructions for Each Listing
24. Send Showing Schedule to Buyers
25. Show Up Early and Prepare First Showing
26. Look For Possible Repair Issues While Showing
27. Gather Buyer Feedback After Each Showing
28. Update Buyers When New Homes Hit the Market
29. Share Knowledge & Insight About Homes
30. Guide Buyers Through Their Emotional Journey
31. Listen & Learn From Buyers At Each Showing
32. Keep Records of All Showings
33. Update Listing Agents with Buyer’s Feedback
34. Discuss Home Owner’s Associations
35. Estimate Expected Utility Usage Costs
36. Confirm Water Source and Status
37. Discuss Transferable Warranties
38. Explain Property Appraisal Process
39. Discuss Multiple Offer Situations
40. Create Practice Offer To Help Buyers Prepare
41. Provide Updated Housing Market Data to Buyers
42. Inform Buyers of Their Showing Activity Weekly
43. Update Buyers On Any Price Drops
44. Discuss MLS Data With Buyers At Showings
45. Find the Right Home for Buyers
46. Determine Property Inclusions & Exclusions
47. Prepare Sales Contract When Buyers are Ready
48. Educate Buyer’s On Sales Contract Options
49. Determine Need for Lead-Based Paint Disclosure
50. Explain Home Warranty Options
51. Update Buyer’s Pre-Approval Letter
52. Discuss Loan Objection Deadlines
53. Choose a Closing Date
54. Verify Listing Data Is Correct
55. Review Comps With Buyers To Determine Value
56. Prepare & Submit Buyer’s Offer to Listing Agent
57. Negotiate Buyers Offer With Listing Agent
58. Execute A Sales Contract & Disclosures
59. Once Under Contract, Send to Title Company
60. Coordinate Earnest Money Drop Off
61. Deliver Copies to Mortgage Lender
62. Obtain Copy of Sellers Disclosure for Buyers
63. Deliver Copies of Contract/Addendum to Buyers
64. Obtain A Copy of HOA Bylaws
65. Keep Track of Copies for Office File
66. Coordinate Inspections with Buyers
67. Meet Inspector At The Property
68. Review Home Inspection with Buyers
69. Negotiate Inspection Objections
70. Get All Agreed Upon Repair Items in Writing
71. Verify any Existing Lease Agreements
72. Check In With Lender To Verify Loan Status
73. Check on the Appraisal Date
74. Negotiate Any Unsatisfactory Appraisals
75. Coordinate Closing Times & Location
76. Make Sure All Documents Are Fully Signed
77. Verify Title Company Has Everything Needed
78. Remind Buyers to Schedule Utilities
79. Make Sure All Parties Are Notified of Closing Time
80. Solve Any Title Problems Before Closing
81. Receive and Review Closing Documents
82. Review Closing Figures With Buyers
83. Confirm Repairs Have Been Made By Sellers
84. Perform Final Walk-Through with Buyers
85. Resolve Any Last Minute Issues
86. Get CDA Signed By Brokerage
87. Attend Closing with Buyers
88. Provide Home Warranty Paperwork
89. Give Keys and Accessories to Buyers
90. Close Out Buyer’s File Brokerage

Whew…exhausting isn’t it!?!

You don’t need to buy or sell a home to support your agent’s real estate business – here are just a few simple ways to show your support!⁣ By sharing one of their listings, sending a friend or family member their way, letting them connect you with real estate agents outside their area for a broker to broker referral, or leaving them a positive comment or review, this helps them feel seen and supported – (thanks to you)!

Call Full Potential Real Estate, LLC now if you’re looking for a reliable real estate agent. We can help whether you’re buying or selling a home.

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

What Should Your Real Estate Agent Do For You?

The housing market is an ever-changing one. And, the rules on buying and selling a home don’t stay for very long. As the pandemic hits the country, more homeowners have been hesitant to put their property on the market. As supply wanes, it sends ripples to the farthest corners of the housing industry. That’s why, when you plan on buying or selling a home, you should not hesitate to hire a real estate agent.

With the current market trends, you need all the help that you can get. But what can a Myrtle Beach real estate agent do for you? What are they really supposed to do for their clients? We’re going to shed some light on the responsibilities of a real estate agent. Real estate agents and what they do for clients:

For sellers:

Set a fair value

A good real estate agent in Myrtle Beach, SC will always be on your side. Additionally, they have your best interests in mind. With that said, the listing agent will do their best to make sure that the house gets fair pricing. This gives the homeowner a better asking price for the property. The real estate agent will also want to make sure that the house is valued properly since their cut is at stake.

Provide marketing strategies

Moreover, market trends change a lot in a relatively short amount of time. Basically, you can’t predict what’s going to happen since any economic changes could have an impact on the housing industry. However, the real estate agent will help you overcome certain obstacles involved in selling a home.

Set up an open house

If you are looking to lower the time your property spends on the market, you should try out an open house. It’s not the hardest thing to do but also not the easiest for the busy homeowner. However, a real estate agent like Full Potential Real Estate, LLC can help you set up an open house. This will provide enough foot traffic that might possibly lead to a faster sale.

For buyers:

Provide insight on market trends

Again, market trends don’t stay the same for long. During the pandemic, things got tough for homebuyers. Therefore, it will be in your best interest to hire a buyers agent. An informed buyer always gets the best deals. Basically, buying a home involves knowledge about current trends, buying techniques, and a little bit of luck.

Assist with inspections

When you buy a home, there will be a lot of inspections. So, these are basically done to ensure that the property is valued correctly and that there are no hidden issues that could undermine its value. And, your buyer’s agent can help you out with this.

Helping with negotiations

When it comes to buying a home in Myrtle Beach, buyers will be faced with a lot of negotiations. Luckily, your buyer’s agent can do this on your behalf.

Call Full Potential Real Estate, LLC now and let our professional real estate agent help you buy or sell a home. 

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

Essential Steps to Take After Buying A Home

Congratulations on becoming a homeowner! Now, the excitement of buying a home can sometimes overshadow the practical steps needed to settle into your new abode. So, here’s a comprehensive guide to help you navigate the transition smoothly. And, this will help you start enjoying your new home to the fullest.

Tips After Buying A Home

Inspect and Prioritize

First of all, begin by reviewing your inspection report. Then, identify any necessary repairs and prioritize tasks based on urgency. After that, focus on safety and functionality. Once done, you can move on to cosmetic improvements. Additionally, consider setting aside funds for unexpected expenses.

Ensure Safety

For starters, put safety first by changing locks, resetting security codes, and installing or upgrading home security systems. Then, test and replace smoke and carbon monoxide detectors as needed. Next, assemble basic emergency supplies for peace of mind.

Connect Utilities

Then, arrange for essential utilities such as internet, gas, water, and electricity to be connected before moving in. Also, ensure there are no outstanding debts from previous owners that could affect your bills.

Update Address After Buying A Home

Furthermore, notify USPS, creditors, and your employer of your new address. This ensures seamless mail delivery and avoids missing important correspondence or payments.

Deep Clean

After that, when you’ve completed your Myrtle Beach home buying process, you must give your new house a thorough cleaning, inside and out. Doing so, you’ll get to create a fresh start. Also, don’t forget to pay attention to exterior areas like gutters and yard spaces for a complete refresh.

Unpack and Settle In

While moving can be stressful, unpacking and organizing your belongings promptly will help you feel more at home sooner. So, take it one room at a time. Doing so, you’ll get to avoid being overwhelmed, and make daily life more manageable.

Familiarize Yourself with Your Property

Then, take time to explore your new home and learn how everything works. Also, understand the layout and features, from circuit breakers to attic access. This will increase your comfort and confidence.

Meet Your Neighbors

Introduce yourself to your new neighbors and build connections within your community. They can offer valuable insights and recommendations, making you feel more at home in your neighborhood.

Manage Your Mortgage

Stay informed about your mortgage terms, payment due dates, and payment methods to avoid surprises. Consider enrolling in autopay for added convenience and peace of mind.

Celebrate Your Accomplishment

Take a moment to celebrate this significant milestone in your life. Whether with a housewarming party or a quiet dinner, acknowledge your achievement and the beginning of a new chapter after buying a home in Myrtle Beach.

Start Your Dream Home Journey Today

Your new home holds the promise of countless memories and experiences ahead. By following these essential steps, you’ll be well on your way to creating a comfortable and welcoming space that truly feels like home.

Enjoy the journey of homeownership and all the joys it brings! Call Full Potential Real Estate, LLC if you’re thinking of buying a home. 

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

Understanding The Basics: Real Estate Agents, Brokers, Realtors

Are you considering selling your home or in the market for a new one? When it comes to real estate transactions, you’ll inevitably encounter terms like “real estate agents,” “broker,” and “realtor.” But what do these terms really mean, and how do they differ?

Real Estate Agents: Your Basic Guide

Breaking Down the Basics

Let’s start with the basics: a real estate agent in Myrtle Beach. A real estate agent is a an experienced, licensed, and certified professional who helps individuals in buying, selling, or renting properties. However, becoming a real estate agent involves more than just understanding the industry. Candidates must undergo pre-license training and pass examinations to earn their license.

Real Estate Broker: Taking it a Step Further

Elevating the Expertise

Moving up the hierarchy after the real estate agents, we have real estate brokers. First, brokers are akin to master’s degree holders in the real estate realm. Then, they’ve surpassed the qualifications of a standard agent by passing additional state-mandated exams. With enhanced training and knowledge, brokers are equipped to handle more complex transactions.

Realtors: Upholding Ethical Standards

Then, there’s the realtor. To attain this title, real estate agents must become a member of the National Association of Realtors and adhere to its strict code of ethics and standards. Essentially, all realtors are agents, but not all agents are realtors.

Navigating Transactions: Listing vs. Buyer’s Agents

In the realm of transactions, you’ll encounter two primary types of agents: listing agents and buyer’s agents. Listing agents assist sellers throughout the selling process, from pricing the property to negotiating with potential buyers. Conversely, buyer’s agents in Myrtle Beach work exclusively with buyers, guiding them through the home-buying journey.

Finding Your Perfect Match: Choosing the Right Professional

However, some agents wear both hats, serving as both listing and buyer’s agents. If you opt for a buyer’s agent, ensure that you sign a contract specifying their exclusive representation until the transaction concludes.

Full Potential Real Estate, LLC: Your Trusted Partner

Now that we’ve clarified the roles, how do you find the right professional for your needs? Finding a reliable real estate agent can be overwhelming, but fret not! Full Potential Real Estate, LLC is here to ease your worries.

Take the First Step

Whether you’re buying or selling a home, Full Potential Real Estate, LLC has your back. With a stellar reputation in the industry, you can trust us to navigate the complexities of real estate transactions with ease.

So, if you’re in need of a trustworthy real estate agents, look no further! Contact Full Potential Real Estate, LLC today at (843) 492-4537 and let us help you turn your real estate dreams into reality.

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook

Real Estate Agent: Stay On Budget When Buying A Home

Buying a home can be overwhelming. So, it’s essential to hire a real estate agent. There are tons of things to consider:

• the location
• your preferences
• your budget.

When it comes to the financial aspect of purchasing a home, you need to be extra careful.

It’s easy to find a house that you might like, and it could cost you little to nothing. However, paying for inspections, negotiating with the seller, and closing involves real money.

Additionally, it’s quite easy to break the bank in the process if you unknowingly put yourself in a tight spot. If you’re doing it all alone, the odds will be stacked against you. On the other hand, if you hire a real estate agent in Myrtle Beach, you might just be able to pull off that home purchase with money to spare.

Here are some tips your real estate agent would likely give you:

Add up all of your monthly income.

You can’t keep track of your earnings unless you put everything on the table and add it all up. For instance, you and your spouse are earning several paychecks each month. Then, you can add them to the equation. In doing so, you’ll get a clear idea of your total monthly income. This will be helpful in calculating what you can and cannot afford. It’s a simple task, but your Myrtle Beach real estate agent recommends doing so.

List all of your monthly expenses.

The cost of living will be different in every area. The cost of food, fuel, utilities, and other factors need to be taken into account. You need to be very specific about your monthly spending. You can’t afford to skip or miss out on a few important items that take away a huge chunk from your earnings. Everything needs to be accounted for. The cost of buying a home will be significant, which means you need to be mindful of all your expenditures.

Calculate how much it would cost to own a home.

Buying a home is never easy. Actually, it will be one of the biggest undertakings that will test your financial capacity. For the average household, housing payments should not exceed 25% of what is earned per month.

Any higher, and it will be a balancing act between payments and getting all essentials in check. You can seek advice from experts like Full Potential Real Estate, LLC regarding the best mortgage terms that won’t hurt your bank.

Give your budget a little bit of leeway.

Later on, you’ll have some unexpected or calculated costs. Having a baby, for instance, will cost a lot of money. This is why, it is recommended to give your budget some room to grow for the events that life gives you in the future. Of course, it includes being financially stable for home acquisition.

Make some adjustments.

If your monthly expenses outweigh your income, you might want to take a more conservative mortgage payment plan. Also, you will need to tone down spending in other areas to compensate for the income and expense disparity.

If you need help with buying a home, Full Potential Real Estate, LLC is here for you. Call our real estate agent at (843) 492-4537.

Like our Facebook page for more information about buying or selling homes.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com/

We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook