How Much House Can You Afford with the Current Interest Rates?

How are higher Interest Rates going to affect Home Price Affordability? Stay tuned to learn why you should be buying a home now.

Now, here’s the real question. What does a higher interest rate mean for your dream of a home purchase? I’m Brandi Cook of Aiken Homes Team of Meybohm Real Estate and I really love helping buyers realize their dream of homeownership.  

If you plan on getting a loan, higher interest rates will reduce the amount of home you can purchase and qualify for. This is true for homes in Aiken, SC, Augusta or Evans, Georgia, the east or west coast basically anywhere. Hi I’m Vikki Crossland of Aiken Homes Team of Meybohm.

Vikki and I want you to check out this great visual to show what we mean. It’s a hypothetical example based on estimated principal and interest payment only of $1500 per month.

Notice for every 1/4 % more of interest rate you lose about $10,000 in buying power in this example. Starting at $334,000 down to $296,000.00

Yes, the market might feel tough right now, but it’s still possible to secure a home in today’s market. The Best Time to Buy is NOW.

The KEY is to work with a real estate professional willing to dedicate time to you to navigate today’s market effectively as your buyer’s agent.

 We are the team with the experience to advise you in this high-stake real estate market.

To keep up with these valuable topics of what’s happening in the real estate market like our page https://www.facebook.com/AikenHomesTeam and subscribe to our YOU Tube channel at https://www.youtube.com/user/aikenhomesteam

It’s your HOME, your LIFESTYLE and WE are your real estate team.

Brandi Cook and Vikki Crossland

Meybohm Real Estate

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #interestrates #themoreyouknow #weeklyvideo #tipsandtrends #homeowners #sellers #buyers #realestate #realtors #southcarolina #georgia #aikenhomes #homesforsale #homeownership #buyingahome #buyersagents #listingagents #heretohelp #local #csra #aikensc #augustaga #yourhomeyourlifestyleyourteam

8 TIPS when Buying a HOME with Friends Aiken, SC’s Preferred Real Estate...

Buying a home with friends, ever considered that idea to get your foot on the first step of the HOMEOWNERSHIP ladder?  Stay tuned for some valuable tips.

Rents have been on the rise and homes prices are going up, some people are making the choice to partner with friends and buy a home together. This is a creative way for people who would not be able to afford a house to share expenses and achieve the dream of becoming homeowners. Pretty attractive idea vs. renting. The question is how do you know if buying property jointly is the right move for you?  

Here are few 8 tips to consider before buying with a friend.

Tip #1: A very important tip to remember is that this is a business transaction, so you and your friends will have to approach it that way. It’s just business. You and your friends need to have a very frank and open conversation about their future plans, finances and what to do if one of the owners want to sell. Ok I’ll say it if this type of conversation is uncomfortable or you are concerned about the effect they might have on your friendship, then buying a home with friends is probably not the right choice for you!

BTW…If you find real estate topics interesting go ahead hit the subscribe button below on our YouTube channel or like our page to keep up with all our future videos.

However, if you and your friends can come to terms, owning a home while sharing the burden of all the costs can help you build your savings while gaining equity in a home.

Tip #2:  Everyone should to be aware of everyone’s credit scores, income, savings and any other relevant assets. YOU must make sure that you and your friends are financially prepared to become homeowners.

Tip #3:  Decide how payments and costs will be split. You need to consider how much each person will contribute to the down payment and if that will affect how you and your friends divide the mortgage payments.

Tip #4:  Utility bills and repairs. How will those expenses be split?  Evenly or by percentage. It is so important that these details be worked out and understood by everyone involved before the home is purchased.

Tip #5: Decide on the type of house. Are you planning on buying a single-family home, multi-family home or condo, you all need to be together on this decision.  

Questions to discuss. Do you see yourself sharing a kitchen and bathroom, or are you looking to buy a place where you will each have your own private residence like a duplex? Will you have other roommates? All important things to discuss in advance.

Tip #5: Make a realistic “must-haves” list.  Bet you will learn a lot more about your friends on what is important. This way your REALTOR can seek the right property that will work for everyone.

Tip #6: Get everything in writing in a contract, including the financials, responsibility and if a friend wants to sell or be bought out.

Tip #7:  Have local attorney draw up an agreement, all parties should sign and retain a copy before you buy.  This will help you to avoid conflicts and surprises down the road. Buying a home is an important decision, and whether you are doing it on your own or with a friend. If you enter the arrangement educated and prepared, co-purchasing a home can be a great way to get your foot on the first step of the homeownership ladder.

Tip #8:  Use an experienced REALTOR with years of experience that will negotiate on your behalf and help you stay focused on the issues that are most important.

We are REALTORS that are knowledgeable, offer years of experience and want to be your go to team. Give us a call if you are considering buying or selling a property. 

It’s your HOME, your LIFESTYLE and WE are your REAL ESTATE team!

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How to Prevent Water Damage

Google water and you will find all the amazing qualities it has... but it can also cause not so amazing damage! Join Brandi and Vikki this week as they share 8 tips on how to help avoid an avoidable disaster!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #tipsandtrends #homeowners #sellers #buyers #themoreyouknow #avoiddamage #water #waterdamage #realestate #realtors #weeklyvideo #vikkiandbrandi #heretohelp #csra #listingagents #buyersagents #homeownership #yourhomeyourlifestyleyourteam

Same Home, New Year

 

2022 Real Estate Predictions for Aiken, SC

Wonder what the market is going to do in 2022? This week Vikki and Brandi are joined by a few other experts to predict how the real estate market will change or maybe stay the same... stay tuned to find out!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #realestate #predictions #2022 #vikkiandbrandi #weeklyvideo #themoreyouknow #heretohelp #realtipsandtrends #homeowners #sellers #buyers #realtors #realestatemarket #listingagents #buyersagents #whatscoming #yourhomeyourlifestyleyourteam

New Year Hacks for Your Home

Ready to start FRESH in the new year? Check out some hacks from Brandi and Vikki on just how to get there.

Stay up to date on tips and trends for homeowners, sellers and buyers by subscribing to our YouTube Page https://www.youtube.com/user/aikenhomesteam and following us on Social Media!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #weeklyvideo #tipsandtrends #homeowners #sellers #buyers #heretohelp #themoreyouknow #realestate #realtors #vikkiandbrandi #homehacks #startfresh #newyear #welcomehome #csra #goodtoknow #yourhomeyourlifestyleyourteam

8 Reasons to Ditch Your Landlord

Still renting? Been contemplating buying a home? Join Vikki and Brandi this week as they give you 8 reasons to ditch renting (and your landlord) and become a homeowner! Want to know more? We're here to help!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

803.645.3325 | 803.645.8008

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #aikensc #csra #themoreyouknow #vikkiandbrandi #weeklyvideo #tipsandtrends #homeowners #buyers #sellers #ditchyourlandlord #becomeahomeowner #homeownership #savemoney #investment #realestate #realtors #yourhomeyourlifestyleyourteam