What to Know Before Buying a Home in Charleston, SC

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Understanding the Charleston, SC Housing Landscape

Strongly considering a home purchase in Charleston? Awesome! You selected an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Charleston housing market.

Charleston's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Ongoing economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Charleston area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Charleston and its neighboring areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a house in Charleston, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Charleston will help you see how the northern part differs from the southern part, what the communities are like, and where to find Charleston's coolest attractions.

You're ready to buy a house in Charleston, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in South Carolina or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Charleston.

First, estimate how much house you can afford. This will help determine the price range for your Charleston house hunt. Next, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Charleston averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Charleston, SC

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Charleston, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Charleston. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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