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4 Money Tips for Home Buyers in the Triangle

FFR Website PhotoAs rental prices for homes and apartments in North Carolina continue to increase, many people in the Triangle are opting to buy their first home. For new buyers, the costs associated with purchasing a home may seem financially surprising; after all it is a big commitment. Our team at Flat Fee Realty will provide the expert assistance needed, and share all the costs and considerations to make new home ownership a wonderful and exciting experience.

Our real estate professionals at Flat Fee Realty know that first-time homebuyers in Raleigh, Cary, Apex, and the Triangle will need help with creating a successful game plan.

From the experts at Flat Fee Realty, follow these important money tips when preparing to purchase a home in the Triangle market.

  • Consider every expense: The initial costs when purchasing a home are sure to surprise the new buyer. Down payments, inspections, appraisal fees, and closing costs are expected as part of every purchase. The bigger picture includes loan interest, property taxes, maintenance, renovations, as well as homeowner’s and mortgage insurance. It can add up. Be prepared to budget accordingly to ensure financial success.
  • Shop for a local mortgage professional: Be diligent during this process. Mortgage lenders will often have competitive rates, so take time when researching all the options. This decision can greatly impact homeowners and budgets. For example, a $200,000 30-year mortgage at 5% will cost $386,511.57 overall, while the same value for a 15-year mortgage will cost $284,685.71.
  • Bundle home and auto insurance: Many insurance agencies offer discounts for home and auto packages. Shopping around and getting multiple quotes is worth the time and it will save money.
  • Study the Triangle market: Researching housing market trends in the Triangle area will equip home buyers with average rates for listings and selling prices. This knowledge will also empower buyers to successfully negotiate with sellers and agents if a listing price appears steep in the current market.

Flat Fee Realty understands all of the financial implications associated with buying and selling a home in the Triangle market. Let our friendly and knowledgeable real estate agents make the process less stressful and more rewarding – give us a call today to get started!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

The Future of Real Estate!

Flat Fee Realty

919 342 5230

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Contact Us

Terry@FlatFeeNC.com

3 Surprises That Can Happen at Closing

house with dollars- stuart miles- freedigitalphotos.netFor new and first-time home buyers, there can be many surprises when it comes to the buying process and closing. There is always a volume of legal paperwork, home inspections, and multiple agents that need to be consulted; often the chance for unexpected problems and challenges can create stress and even delay. However, many issues that come up can be easily handled if Triangle home buyers are properly informed and prepared.

Our seasoned real estate experts at Flat Fee Realty in the Triangle offer three surprises that can be encountered at closing:  

  • Banks might not finance the entire purchase price: Banks generally require a home appraisal prior to closing to ensure that the loan is secured by property of equal (or greater) value. Occasionally, the appraisal may come back lower than the listing price, and banks may only agree to a mortgage for the appraisal value, leaving home buyers to come up with the difference. Since so many financial variables are included with home buying, such as down payments, insurance, and other closing costs, this may pose a problem for buyers who have planned for the original purchase price. If this occurs, buyers are encouraged to obtain a second opinion on the appraisal, as well as discuss additional options with the mortgage provider.
  • High risk insurance challenges: Previous claims on the home place it in the high risk category. All lenders require insurance before agreeing to a loan, so if the home is considered difficult to insure, closing may be delayed. Buyers in this situation can reconsider their purchase as well.
  • Sellers backing out: Sellers can and sometimes do change their mind before closing. Perhaps they received a better offer, or they don’t want to make necessary repairs or modifications that have been requested. Flat Fee Realty will provide excellent counsel if this occurs, and help recover any monies lost by the buyer.

Although closing on a home may present some hurdles, Flat Fee Realty is always on the buyer’s side. Contact us at Flat Fee Realty to get the best experience when buying a home in the Triangle!

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This post on selling and buying a home in the Triangle is brought to you by the team at Flat Fee Realty and is intended for informational purposes only.

The Future of Real Estate!

Flat Fee Realty

919 342 5230

Find and like us on Facebook!

Contact Us

Terry@FlatFeeNC.com
Photo: Stuart Miles, Free Digital Photos