Welcome part 1 of 6 in this home buying series. Over the next couple of issue - you will receive a breakdown of the home buying process. Whether you are a first time homebuyer or a seasoned investor, there might be some information for you! Our local spotlight, the Festival In The Park in Charlotte, celebrating its 60th year from September 20th-22nd, is a free event offering music, art, and food.

Home Buying Series - Part 1

Figure out your own finances first. While it might sound like an odd place to start when buying a house - your future self will thank you! One of the worst things that can happen during the home buying process is that you find a house that you fall in love with then realize the numbers do not work. There are great Realtors and Mortgage Loan Officers out there, but there are also some that do not care about your numbers, but rather where their next commission check is going to come from. So they may not be the best people to ‘tell’ you what you can afford. You need to figure that out for yourself first. Use a tool like this on Nerd Wallet to provide basic information and get a general price idea from it.

Unless you are moving out of your parents house for the first time, you are likely already paying some type of rent or mortgage. That is your baseline for figuring out your numbers. What are you currently paying in rent, and do you feel like you are over stretched for your expenses? Home ownership is more than just a mortgage payment - truly the breakdown is a rental payment is the most you will ever pay. But a mortgage payment is the least you will ever pay. The easiest comparison is if your AC stops working in a rental - call the apartment maintenance. If it stops working at your house - that cost is now yours to deal with. So if expenses feel fine on your rental, don’t forget to factor in that you could be spending up to 20% or more any given month.

The second part of part one is preparing for a down payment, closing costs, and moving costs. Generally most loan products (your mortgage) will require a down payment - anywhere from 3%-20%. At this stage in the process, don’t stress too much on which percentage you need to get to because that will really be determined by the house and the loan product you go with. For this phase it is just really getting in the mindset of saving money to be ready. It is a lot easier to start saving money now and planning, than to wake up one day thinking you are ready to move only to find out you need thousands of dollars. In all you might be in this step for a few weeks, or a few years, the timeline is fully dependent on your own needs and abilities.

Local Spotlight - Festival In The Park

If you have been in Charlotte for over a year, you have likely heard of the Festival In The Park. If you are new to the city - now you have. Festival In The Park is gearing up for its 60th year!

Festival In The Park takes place in Freedom Park in the Dilworth area Sept 20th-22nd. Best of all its a free event. But the biggest headache is parking can be a nightmare. The best option is usually to park nearby and walk, Uber, or to ride a scooter. Hopefully the weather holds off for this year because it is a great time to get out and appreciate the city. It is a melting pot of people, experiences and food that should be on your bucket list if you have not experienced it yet!

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