Buying a new home is often a big leap in life, especially if you are a first-time buyer. The choice you make is a clear indication of your personal tastes and preferences. It can be difficult decision as your choice affects not only your stay in Myrtle Beach but also that of your family.
Nonetheless, Myrtle Beach offers some of the best prime properties in South Carolina. Certainly, living close to the Atlantic Ocean, not to mention the Grand Strand, is a big attraction to many aspiring homeowners. However, as much as it might be exciting to buy a new home in Myrtle Beach, first-time buyers often overlook a few factors, which are very important. Here are the most important factors that you should consider when looking for Myrtle Beach new homes for sale.
The Scrutiny of Half-Finished Properties
It is healthy to hold some level of skepticism on half-built subdivisions, even when you are offered a good deal. Since nothing is guaranteed, there is some possibility that you may be buying into a project that may never get to its completion – or it may take a significantly long time to be completed. The worst scenario in some cases is that you may be stuck with an unsellable piece of property in the middle of an uncompleted development. As such, it is prudent to ask the project holders about the number of units sold and those under contract. You may reconsider being the first buyer and choose to buy at a later stage when at least half or more of the units have been sold, just to feel safe.
Insisting on a Completion Clause
It is important to know the completion date and determine whether it will coincide with your needs and timelines. In the unfortunate instance that the project schedule changes, it is safe to get a cancellation clause that may also permit a refund, if the construction company does not complete the home within the specified period.
Conducting a Careful Review of the Neighborhood
During the purchase of a preconstruction home, it is possible to select your preferred location. However, it may not be possible to visualize the completed community and surroundings in your mind. It is wise to consider how close your neighbors will be or whether their house will be blocking your view. Keeping all this in mind and considering the whole neighborhood, can give you a clear picture of what to expect regarding your home’s eventual position.
Planning for an Inspection
It is important to get an expert to review the construction process. You could do this by hiring an outside contractor or an inspector who can identify problems while the house is under construction. The little amount of money that you pay to such an expert may save you from headaches in the future.
Ensuring that you get Good Faith Estimates
New homebuyers can know that they are getting the best financing deal when they go to the extent of obtaining a good faith estimate. Good faith estimates are mandated under the Truth in Lending Act by the Federal government. This statute holds that the mortgage lenders should offer homebuyers a good faith estimate for a period of three days after the presentation of the loan. This good faith estimate will show you the breakdown of the loan into its various costs, and the annual percentage rate (APR) will also be shown. The APR is important because it will show you the cost of the loan, and this information can help you in shopping for finances by comparing different lenders with the aim of getting the best lender who offers the cheapest rates. Such information also provides you negotiation leverage for funds.
As you go out looking for new homes for sale in Myrtle Beach, never forget to consider these five important factors. If you feel uncertain or lack the proper knowledge in this area, reach out for Coldwell Banker Chicora Advantage. Their professional help will offer you a great advantage in finding an ideal new home for sale.