Winston-Salem is one of the best locations for property investment based on its economic environment and current market scenario. The property value of rental units in Winston Salem has increased by 18% over the last two years.
Whether you are a first-time homebuyer or you are buying a second home, you must consider factors such as a mortgage, property value, seller’s market, and a location that benefits you the most. Understanding the thorough process of buying a home before you jump in can aid in the decision-making.
The Process of Buying a House in Winston Salem
Here is a step-by-step guide to help you with the process of buying a house in Winston Salem.
- Plan Your Budget
Buying a home is not a cakewalk. It requires heavy research and sufficient capital for investment. Investors should plan for upfront costs as your expenses are not limited to mortgage payments only. Consider additional expenses like down payment, brokerage, due diligence fees, inspection service, and closing costs. Also, ensure you have a minimum required credit score, as it will help you get a mortgage quickly. Calculate your monthly mortgage based on your income and all the above-mentioned expenses.
- Choose a Good Location
Once you have decided on the budget, the next step is to find a suitable location. You can run a google search to find highly rated areas in the town. After shortlisting a few, visit those locations personally, find out the rental selling prices of homes and try to figure out whether they fit in your budget.
Choose a location that is in close proximity to public amenities such as restaurants, parks, and has good schools in the vicinity. Your prospective home should also meet your aesthetic expectations.
- Research Pricing and Market Trends
It takes time to find a home that suits your requirements. Consider key features and structural overview of the houses. Do your research online for pricing trends in popular neighborhoods, and study the growth of the real estate market in the areas you are considering. A good option to get in-depth insights into the local real estate market is to hire a professional property management company that can guide you about the current market scenario and trends.
- Inspect All Potential Properties Rigorously
Do not close a deal until you run a detailed inspection of your potential investment unit. You can hire a home inspector to inspect the house and check if there is any existing structural damage and whether it’s easily fixable.
- Finalize Your Property and Check All Paperwork
Based on your criteria for selecting a property, finalize the one that suits your needs the best. Have a professional real estate broker draw up the lease/purchase agreement, which includes all your stipulations, and complete the remaining paperwork. Make sure you consider and include all closing costs carefully. Ordinarily, closing costs should be around 2% to 5% of the overall price of your property.
- Hire A Professional Real Estate Broker
Hiring a professional real estate broker with years of experience can help you find and close an affordable deal, with due attention to all your requirements. Reach out to a local Winston Salem real estate broker to smoothen your search for investment rentals and the negotiation process.
The process of buying a home can be overwhelming, especially if you are a first-time buyer. Therefore, taking the help of a professional real estate firm is a good idea. Capstone Realty Consultants is one of the leading property management companies in Winston Salem. Our team of experts can take care of all your house-hunting needs. Contact us for any assistance regarding property purchase and management in Winston Salem.