• Eydie McCombs

Welcome to Real Estate by Eydie!

Welcome to 2019, Real Estate is a great investment! If you are going to live in one place, you are going to pay someone's mortgage why not you own? Especially, if you are going to remain in that area. To be able to resell your house if bought at current market price without coming out of pocket, it will probably take about 7 years. This gives you time to pay the interest and principal down to cover selling cost such as commission, buyer closing cost, deed stamps, etc. through the home's equity. You can often buy a home with a credit score of 580 or above. Many programs such as USDA (the beef inspectors too) and VA allow buying with no money down. Often the Seller will help with closing cost. FHA can be an option with a 3.5% down payment or conventional with 3% down this all just depends on your eligibility and needs. When renting, the monthly payment is almost always higher than a mortgage payment for a comparable home. The issue is that people do not consider how much they have saved and bank the difference. For example when you buy and live in a house for 3 years and save $200.00 per month..you have saved $3600.00 in a year's time. Many Americans live paycheck to paycheck, then end up in a negative situation. Homeowners wishing to sell are often are doing maintenance or budgeting for repairs which can result in needing to spend money to make the home market ready. Going to a national chain for improvements cost extra but they have financing same as cash because the price is escalated. Finding a Realtor with contractors that will accept payment at closing or work out a payment plans can usually keep cost down. If this is your forever home ...go ahead and pick any finishes and blow all the money that you never need to see a return on. If you will be selling, select classic finishes at good price point for return and do not over improve for the area. Wood fence for example should not touch the ground unless you want it to be rotting in place about the time you sell. It should be pressure washed annually and restained about every 5 years. Yes, I am aware that almost no one does this. Sumter and Columbia are military town's which can come with challenges as most military clients buy with no money down. The VA funding fee of 3.2% can mean that your upside down in your loan unless you make a bit higher payment to pay off before you need to move again. Uncle Sam's relocation is non-existent so you need a Realtor that knows the life style and the numbers so you can enjoy the benefit of owning without getting caught in a negative situation. Although if you are a disabled veteran, the funding fee is waived. If you come to me in a negative situation of upside down equity, there are remedies such as renting or bring money to closing. However, renting is a draw back sometimes as renters tend to not take care of the property so paint and carpet need to be redone about every 4 years. A home warranty can also protect you from some repairs. The real key is to buy a house at below market price and work with a Realtor that is willing to find a seller to pay closing. I am the Realtor that will give you the advice that sets you up for a good resale when you buy. I have spoke to many Seller's that did not have the advice at the time of their home purchase and were unable to sell when they wished.


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