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Myrtle Beach Real Estate

We Specialize in Myrtle Beach, SC Real Estate. Lots of options are waiting for you in Myrtle Beach, South Carolina and choosing the right realtors can help you in finding the perfect area and the right home for you and your family and make your dream a reality!  Let us help you in making one of the biggest, if not the biggest, decisions in your life.   

We were both born and raised along the Grand Strand and know the entire Horry County, so no matter what style of home you are looking for or what area you prefer, we can help you!  Please give us a call and let us help you make your dream a reality!  843-222-8566.

Eddie & Julie Boyd - The Boyd Team - Realtors

Myrtle Beach Real Estate - BRG - Beach Realty Group

           

June 3, 2023

10 Things You Should Keep an Eye Out for While Shopping for a Home

There’s nothing like buying a home. From the tours and open houses to the paperwork on the back end, there are so many pieces that go into the homebuying equation and it is easy to miss a step. With so many things going on, it is incredibly easy to miss a step or overlook a glaring red flag.

While your mind thinks about mortgage documents, school districts, and budgeting, it is easy to overlook the details of a home itself. There are some things that look great in pictures, but in reality, are far from it. This post will highlight the 10 things you should keep an eye out for while shopping for a home.

 

1.     Cracks in the Foundation

 

The foundation is often considered the most important part of a home. It is what bears all the weight of the house, and it alone keeps all of the walls, doors, floors, and ceilings square and in line with each other. A cracked or damaged foundation can mean a sloping or lopsided house.

The big problem with a cracked foundation is that it can be very costly and difficult to repair. Foundational repairs can cost thousands of dollars and are major undertakings.

As a prospective homebuyer, the last thing you want to do is buy a home that will immediately need thousands of dollars of work. But on top of that, homes with foundational damage usually also have irreparable structural damage, as the house loses its shape and squareness as the foundation beneath it cracks.

Finding cracks in the foundation can be very difficult if the house doesn’t have a basement, or if the basement is finished. In these cases, only a structural engineer can reliably tell whether or not the foundation is sound. However, if there is an unfinished basement with a concrete slab floor, you can usually tell pretty easily whether or not the foundation is healthy.

 

Free Shutters Architecture photo and picture

 

2.     Odors and Other Scents

 

Nobody wants to live in a home that emits a foul odor. Foul odors can be incredibly difficult to get rid of, and their causes are often hard to identify. If you want into a home filled with bad smells, you’ll likely feel like walking right back out the door.

While this is true, there are other things to be looking out for. If the windows are open but it is cold or rainy outside, this is likely a sign that the owner is trying to air the house out. Similarly, if there are artificial air fresheners strewn throughout the house, there is a good chance that the owner is trying to cover something up. In either of these cases, it is important to ask why.

 

3.     Fresh Paint on Just a Few Walls

While fresh paint may be a great thing, fresh paint only on select walls may tell an entirely different story. When people repaint their homes, they usually do all of the walls, or at least all of the walls in a given room. If you see that one or two walls in a room are freshly painted, but the others aren’t, it is important to ask why.

Often, walls are repainted to cover up structural or water damage that may have occurred. All damage is important to know about as a prospective homebuyer, and identifying differences in paint color is a great way to figure out what the seller might be hiding.

 

Free House Structure photo and picture

 

4.     Bugs and Other Pest Damage

 

Bugs and pests are everywhere, and most homes will have to deal with them at some point. However, if there are outward signs that a home has had a pest problem, or if there are clearly pests currently living in the home, these may be red flags.

Pest infestations can cause deep-rooted damage in a home, and much of it is invisible to the naked eye. When you see outward signs of an infestation, that likely means it was so bad that the damage couldn’t even be hidden. Most pests live beneath the floorboards and in the walls, and the damage is usually invisible. If you’re seeing bite marks on the walls, droppings, or other kinds of insect damage, beware.

 

5.     Off-Limits Areas

 

When you buy a house, the entire thing becomes your property. Therefore, when you are touring a house, you should have the right to see the entire thing! If a seller labels certain rooms as off-limits, it is important to ask why and to make sure that you see them before agreeing to any terms. While they might label rooms as off-limits simply because they are currently filled with the owner’s things or equipment, you should still make sure that they are in good condition before you agree to purchase a home.

If the owner doesn’t want you to see certain spaces, like the attic, basement, or cellar, this is probably a red flag. You never want to discover the house’s dirty secrets after you buy it!

 

6.     Amateur-Level Repairs or Renovations

 

Homeowners often look to save money by doing repairs on their own. This can really be a cost-effective way to repair or renovate! However, when amateurs do work, it is usually noticeable and can deteriorate the value of a home.

If you are touring a home and see gaps in the molding, unlevel cabinets, or poorly installed flooring, it is important to ask the seller why these things are occurring. If the floors were a DIY project, for example, you will likely have to replace them at some point on your own. This can get costly, especially if the previous owners had a real tendency to do things themselves.

 

7.     Mold and Mildew

 

Mold and mildew can be dangerous and hard to maintain. Mold is especially dangerous for immunocompromised people and children, and it can be very hard to get a handle on. If you see mold, or if you smell mold, you should absolutely ask about it.

Mold isn’t the worst problem in the world, but it is a serious one. While the presence of mold is a danger, it also means that there is likely water damage, a leak, or another air moisture problem within the house. These are all things you want to fix to make sure the problem is truly resolved.

 

8.     Doors that Don’t Close Properly

 

You should take note of the way the doors in a house close. If you have difficulty closing doors, or if they look a little crooked compared to the door frame, this is a sign that the house has shifted. All houses shift over time as they set into the ground around them, but foundational damage can cause the house to really sit lopsided. If there are doors that won’t close, or if the doors appear to close but do not latch shut, there may be a foundational issue that you should look into.

 

9.     Overall Negative Impression of the Neighborhood

 

When you buy a house, you’re buying its neighborhood and community, too. You want to make sure that the place you live is truly pleasant, and is truly somewhere you want to spend a lot of your time. If your impression of the neighborhood is bad, that probably means the neighborhood is bad. While it is never great to judge a book by its cover, curb appeal and the vibes of a neighborhood generally tell the story pretty well. If you are skeptical of a neighborhood based on its appearance, there’s a good chance that your gut feeling is accurate.

 Free House Home photo and picture

10.  Long Time on Market

 

Houses tend to sell pretty quickly in most market conditions. As long as the economy isn’t experiencing a strong buyer’s market, a house shouldn’t sit for sale for 6+ months. If a house has been for sale for over half a year and the price keeps getting reduced, there is likely more to the story. While the slashes in price may be advantageous to some buyers, this usually indicates that there is a bigger piece of the puzzle that is keeping buyers from buying the home. This is absolutely something to ask about when touring it.

 

Thanks for reading our post on the 10 things you should keep an eye out for while shopping for a home. We hope that this post is helpful for you as you navigate the home buying process. There is no such thing as a bad question or even too many questions. It is better to know the truth before you close on a house than to find out afterward that the foundation is cracked!

 

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

 

Posted in BoydTeam Blog
May 27, 2023

Can You Have a Pool with a Well? [You'd Be Surprised]

Having a pool is the dream of many homeowners. Some folks plan on installing one right when they buy a house, and others include it in their long-term plan before moving in. One complication that many prospective homebuyers face is whether or not you can have a pool in the same yard as a well. 

There is a lot to unpack in this question. If you're considering putting a pool into a yard that also has a well, or if you're considering filling a pool with well water, this post will contain everything you need to know. Whether you are a prospective homebuyer or already own your home, the Boyd Team has you covered.

 

Free Swimming Pool Pool photo and picture

 

Complications of Building a Pool Near a Well

Wells utilize a complex structure of tunnels and pumps underground, and it is true that building an in-ground pool can put this system at risk. The gallons of water that fill a pool are extremely heavy, and it is important that a pool sits on firm, full ground. Any pool installation company that you work with will likely be able to find the right spot in your yard to put a pool.

While the actual soil of your yard can dictate where your pool should go, the local government also has a say. Many local governments impose restrictions on where pools can go, what types of pools can be installed, and more. While it is your own private property, many governments still have a say in what you put on it!

Regulations About Building a Pool Near a Well

Since building a pool near your well can put it at risk, most counties in the United States actually regulate the distance between your pool and your well. The minimum distance will vary greatly depending on the county. As a general rule of thumb, you can expect the county to say the pool needs to be at least ten or fifteen feet from the well, but often much further.

We wrote about this in our post about putting a pool near a septic tank, as county regulations tend to be very similar on both issues.

 

In-Ground Pools vs. Above-Ground Pools with a Well

Logistically, there is a bit of a difference between in-ground and above-ground pools when you have a well. Above-ground pools clearly need to abide by all local regulations, but at least they do not require much digging, if any. In-ground pools, meanwhile, require full excavation that can interfere with your well. 

Another huge difference is that in-ground pools are permanent, while above-ground pools can be moved. If there is a well-related local regulation that you are unaware of when you purchase your pool, it is a hard thing to remedy if your pool is dug into the ground.

 

Free Summer Swim photo and picture

 

Can You Have a Hot Tub with a Well?

Since you can have a pool with a well, you can absolutely have a hot tub with a well. As long as you follow the local regulations, having a hot tub is fairly low maintenance and causes little to no disruption to your well. Since hot tubs are much smaller than pools in most cases, you may even be able to fill one using your well without any issues.

While the amount of water may not be an issue, the quality of water might. Be sure to read the section on filling a pool with well water to learn about potential water quality issues that might arise by using well water to fill a pool or hot tub.

 

​Can You Fill a Pool with Well Water

If you have a well, it makes sense to want to use it to fill your pool. After all, it would be much cheaper than bringing in an external water source to do it with city water! Pool owners can absolutely use well water to fill up their pools, but there are a few major complications that should be considered.

 

Free Pool Cleaning Machine photo and picture

 

Pools Require a Lot of Water

The first major complication to think about is that pools require enormous amounts of water. Most backyard wells do not contain enough water to fill a large pool. If you install an average-sized pool in your backyard, you will likely need thousands of gallons of water to fill it. Thousands!

An average 12'x24'x4x pool requires over 8,000 gallons of water to fill. Depending on your well's water level, that is simply an impossible amount to use. This factor alone is a major reason why people with wells call third-party vendors to fill up their pools.

It is never a good idea to run your well dry. There is only so much water in your well, and running it dry means having very little water left to drink, bathe with, and cook with. You should check your well's water level before you try to fill your pool to make sure this doesn't happen, as running a well dry can also damage its pump and other structural components.

 

​Well Water Is High in Minerals (Not a Good Thing)

The biggest argument against using well water to fill your pool is water quality. Murky water is often a product of high metal content, which is one of the most common problems with well water. This cloudy water, or hard water as it can be called, is bad for your skin, body, and pool itself.

If you're considering using well water to fill your pool, it's a good idea to use test strips to test the water's calcium hardness. This is the easiest way to know whether or not your well water is suitable for a swimming pool and should always be the first step you take. A healthy swimming pool is one with clean, clear water, and this can't be the case when you use hard water supplies.

If you are adamant about using well water to fill your pool, you might want to look into a water treatment system. Water softeners work to reduce high amounts of minerals in your water supply. Water softeners are especially important for people with private wells, as most municipal water is already treated before it is funneled out to homes.

 

Using Your Well to Fill Your Pool Will Take a Long Time

We already mentioned the amount of water needed to fill a pool as a major barrier. However, another thing to consider is how long it takes to pump that much water, even if you have it! Unless your garden hose has an incredibly high flow rate, filling your pool will take hours or even days. Obviously, the size of your pool greatly impacts the amount of time it will take to fill, but if your hose has a low flow rate, this process could take an eternity.

 

Free Water Well Tiled Roof photo and picture

Your Well Pump May not be Strong Enough to Fill a Large Pool

Even if you have enough water in your well and enough time to wait, your well still might not be capable of filling an entire pool. Running your well's pump constantly for so many hours can cause a lot of damage to it. If the pump sustains damage, your well's flow rate will likely deteriorate rapidly, requiring a replacement. Some common signs that you have damaged your water pump are that your water pressure and water flow are diminished.

Overusing your well's pump is like trying to drive up a steep mountain in too old of a car. If you push it too hard, it can just stall out and die. This is why the strength of your pump is one of many important considerations that goes into the question of filling a pool with well water.

 

How Much Water Does a Pool Require?

To determine the amount of water a pool requires, you need to calculate the pool's volume. The volume formula for a rectangular pool is length x width x height. The volume formula for a circular pool is pi (3.14) x r-squared (the radius of the pool, squared) x the depth of the pool. 

Whatever number you calculate is the number of cubic feet of water you will need to fill your pool. Clearly, we don't measure water in cubic feet! To determine the number of gallons, take this number and multiply it by about 7.5. 

So, if your rectangular pool is 10' by 10' by 5' deep, you will need 500 cubic feet of water to fill it, which is about 3750 gallons. To make things simpler, you can simply use this online pool volume calculator

Posted in BoydTeam Blog
May 27, 2023

How to Prepare Your Finances for Homeownership

Keys next to a small model house

So, you've decided to embark on the exciting journey of homeownership. Buying a home is a major milestone but requires careful financial planning and preparation. Don’t worry; we'll guide you through the essential steps to prepare your finances for homeownership. From assessing your financial situation to saving for a down payment, improving your credit score, and seeking professional advice, we've got you covered. Let's dive in and get your finances in shape for homeownership!

Assess Your Financial Situation

If you are looking to dive into the world of homeownership, it's crucial to take a close look at your financial situation. Many of our clients from South Carolina need help to understand the correlation between income, expenses, and debt-to-income ratio. However, carefully assessing your personal finances will give you a solid foundation for the rest of your journey.

Firstly, evaluate your income and expenses. Take some time to determine your monthly income after taxes and calculate your fixed and variable expenses. Are there any areas where you can cut back to save more? Maybe it's time to say goodbye to that expensive daily latte or reevaluate your entertainment subscriptions.

Next, review your debt-to-income ratio. Lenders pay close attention to this ratio when determining your mortgage eligibility. Calculate your debt-to-income ratio by dividing your monthly debt payments by your gross income. Compare this ratio to lenders' requirements to ensure you're in a good position. If necessary, explore strategies to lower your debt-to-income ratio, such as paying off high-interest debts or increasing your income.

a note reminder to pay a debt to prepare your finances for homeownership
Your debt-to-income ratio can affect your ability to obtain a loan.

Saving for a down payment is one of the biggest financial challenges when preparing for homeownership. You can start by setting a realistic down payment goal. While it's true that a 20% down payment is ideal, it's not always necessary. Understand the typical down payment requirements and determine the percentage of the home's value you aim to put down. Calculate the actual dollar amount needed based on your target home price.

Now, create a savings plan. Set up dedicated savings account for your down payment and determine a realistic timeline to reach your savings goal. Additionally, explore down payment assistance programs. Research local and national programs that offer down payment assistance. These programs can provide grants or loans that can significantly ease the burden of saving for a down payment.

Improve Your Credit Score

Your credit score plays a vital role in the mortgage approval process. A good credit score can lead to better loan terms and lower interest rates. So, it's time to roll up your sleeves and give your credit score a boost.

·         Start by obtaining a credit report from each of the three major credit bureaus. Review your credit report thoroughly for any errors or discrepancies. If you spot inaccuracies, dispute them with the credit bureaus and follow up to ensure they're resolved.

·         Paying your bills on time is crucial for improving your credit score. Set up reminders or automatic payments to avoid missing payments and prioritize paying off any outstanding debts or collections. Consistently making on-time payments will positively impact your credit score over time.

·         Reducing your overall debt is another essential step. Develop a debt repayment plan and focus on tackling high-interest debts first. Consider debt consolidation or refinancing options if they align with your financial goals. And remember, avoid taking on new debt while preparing for homeownership. It's all about showing lenders that you're a responsible borrower.

Money next to calculator and laptop
Calculate your credit score to assess your options going forward.

Budget Effectively

Now that you're on the path to homeownership, it's time to master the art of budgeting. A well-planned budget will help you manage your expenses and ensure you're financially prepared for the responsibilities of owning a home. Begin tracking your spending. Utilize budgeting apps or tools to monitor your expenses and gain a clear understanding of where your money is going. Categorize your spending to identify areas where you can potentially save. Are there any subscriptions or services you no longer need? Can you find more cost-effective alternatives for certain expenses?

Next, create a realistic homeownership budget. Estimate your monthly mortgage payments, property taxes, insurance, and utilities. Don't forget to include home maintenance and repair costs in your budget, as these expenses can arise unexpectedly. Consider potential increases in expenses when transitioning from renting to owning, such as higher utility bills or additional maintenance responsibilities. Also, the relocation experts from Mod Movers suggest that you look into temporary storage solutions. Having a place to store your excess possessions can help you organize your transition from renting to homeownership.

Shop for the Best Mortgage Option

When it comes to obtaining a mortgage, it's essential to shop around and find the best option for your specific needs. Research different mortgage types to gain a better understanding of your options. Whether it's a fixed-rate, adjustable-rate, FHA, or VA loan, each type has its advantages and disadvantages. Take the time to compare and weigh the pros and cons to determine which type suits your needs best.

Once you're familiar with the mortgage types, it's time to get pre-approved. Gather the necessary documents, such as proof of income, tax returns, and bank statements. Approach multiple lenders to get pre-approved for a mortgage and compare their offers, including interest rates, terms, and closing costs. This will give you a clear picture of what you can afford and help you make an informed decision.

Calculate Affordability

While getting pre-approved for a mortgage is an important step, it's equally crucial to calculate your affordability. Don't rely on the maximum loan amount you're approved for; consider your financial comfort level.

Use online mortgage calculators to estimate monthly mortgage payments based on different loan amounts and interest rates. But remember, homeownership comes with additional costs. Take into account property taxes, insurance, and potential HOA fees. This holistic approach will give you a more accurate picture of the total expenses you'll incur as a homeowner. Ask yourself some hard questions regarding homeownership and choose a comfortable range that allows you to meet your other financial obligations and maintain a decent quality of life.

Build an Emergency Fund

As a homeowner, unexpected expenses are bound to arise. Therefore, one of the best ways to prepare your finances for homeownership is to build an emergency fund. Additional funds can provide a safety net and help you avoid dipping into your down payment savings or going into debt when the unexpected happens. Establish a separate savings account specifically for your emergency fund. This separation will prevent you from accidentally dipping into it for other expenses. Contribute regularly to your emergency fund, even if it means starting with small amounts. Consistency is key, and prioritizing saving for emergencies will pay off in the long run.


Seek professional help from financial advisors and real estate agents.

Seek Professional Advice on How to Prepare Your Finances for Homeownership

Navigating the complexities of homeownership and financial planning can be overwhelming. That's why it's wise to seek professional advice from experts who can guide you through the process. Consider consulting with a financial advisor who specializes in homeownership planning. A financial advisor can help you assess your financial situation, provide personalized advice tailored to your goals, and assist in creating a comprehensive financial plan. They have the expertise and knowledge to optimize your financial resources and ensure you're on the right track.

Engaging a real estate agent is another valuable step. Make sure you choose a reputable agent who understands your needs and preferences and knows the local area. Communicate your financial goals and constraints to your agent so they can help you find suitable properties within your budget. A good agent will guide you through the home-buying process, negotiate on your behalf, and provide valuable insights to help you make informed decisions.

Preparing to Move into a New Home

When preparing to move into a new home, you will undoubtedly want to make a long-distance move cheaper. Thankfully, there are several steps you can take to save money on your move. Start by decluttering and getting rid of any items you no longer need or use. This reduces the amount of stuff you have to move and saves you from paying for unnecessary packing supplies and transportation costs. Consider reaching out to friends and family for help with packing and moving instead of hiring expensive professional movers. Additionally, shop around for the best deals on moving supplies such as boxes, tape, and packing materials. By being strategic and resourceful, you can significantly save money on your move and allocate those funds towards settling into your new home.

Conclusion

Remember, the road to homeownership requires discipline, patience, and careful financial planning. Stay focused on your goals, make smart financial choices, and proactively manage your finances. With the right preparation and a solid financial foundation, you'll be ready to embrace the joys and responsibilities of homeownership. So, take the first step and prepare your finances for homeownership. Start today, and soon enough, you'll be unlocking the door to a place you can truly call your own.

Posted in BoydTeam Blog
May 20, 2023

What Is the Breakeven Point of Buying a House?

 

 A house is usually the most expensive purchase that any person makes. To many buyers, purchasing a home is a permanent decision, and the plan is to live in the house for decades to come. For others, purchasing a house is a financial decision made for the short term, with the understanding that it may be sold a few years down the line.

If you plan to buy a house and live in it for a decade or more, the breakeven point is likely of little importance to you. However, if you are looking into buying a house as a short-term or medium-term investment, the breakeven point is one of the most crucial things to consider before buying a home.

This post is meant for those people who are looking at buying a home with the understanding that they will probably sell it in less than 10 years. It contains everything you need to know about the typical breakeven point of a home purchase, including how to estimate it on your own.

 

What Is a Breakeven Point in Real Estate?

The breakeven point is the moment in time when selling your home would become profitable for you. When you buy a home, there is a lot more money involved than just the sale price. Closing costs, moving costs, and furnishing costs all can add tens of thousands of dollars to the sale price, and they are all things you are responsible for as a home buyer.

If none of these things existed, all you would need to do to turn a profit is sell your house for more than you bought it for. However, to truly make money on a house, you need to consider all of these other elements. Houses usually appreciate in value over time, and the breakeven point is the point in time when your house has appreciated enough in value to offset the money you’ve put into it.

 

Free Living Room Sofa photo and picture

 

How Do You Calculate the Breakeven Point on a House?

To calculate the breakeven point on a house, you need to consider the costs associated with purchasing and owning the house and compare them to all of the potential or earned gains. To do this, you should consider each of the following elements:

 

1. The total cost of purchasing the house, including the sale price, closing costs, and any other expenses related to the sale, like moving costs

2. The ongoing costs of owning the house, including monthly mortgage payments, property taxes, maintenance and upkeep costs, homeowners insurance, and utilities

3. Any gains you experience from owning the house, including rental income and any appreciation in its value

 

Once you have considered each of these elements, you should divide the total purchase and ownership costs by the total gains. This will equal the number of years it would take to recoup your investment, which is your breakeven point. This calculation method is very general, but it can be used to estimate the breakeven point of any house.

 

What Affects the Average Breakeven Point on a House?

The average breakeven point on a house varies broadly depending on many factors. These factors may include location, property size and type, the average interest rate, the state of the housing market, and the financial conditions of the mortgage. On top of these, many other factors influence each individual case, like the dynamics of the neighborhood, the quality of local school districts, and more.

Every homeowner’s experience is different. Some homeowners luck out and are able to turn a profit on their house within just a couple of years. Other homeowners are doomed to never make a gain on their home.

At the end of the day, you shouldn’t pick a home solely in the hopes of making a gain. You should purchase a home because it is a suitable place for you to live, and everything else should come later.

 

Free House Garage photo and picture

 

What Is the Average Breakeven Point on a House Purchase?

Due to all the factors impacting the house prices at both the moment of purchase and the moment of sale, it is impossible to calculate an actual average breakeven point. Each homeowner experiences different things while owning a home, and all of these can greatly impact the home’s appreciation or the costs required to maintain it. Natural disasters, large maintenance projects, and accidents can all drive up the expenses of owning a home, and these cases all extend the breakeven point further into the future.

Similarly, changing personal preferences can push the breakeven point further into the future, too. Replacing the carpet and cabinets more frequently than necessary adds thousands of dollars to the homeownership costs, which can make the breakeven point occur several years later.

With that being said, there are a few common estimation methods out there that can be used to loosely guess your breakeven point. One common rule of thumb is to expect it to take around 5 to 7 years to break even on a house. This is often when enough equity is accrued to recoup the money you have sunk into the house. This idea considers factors such as property appreciation, mortgage payments, tax benefits, and maintenance expenses.

 

Free Doors Indoors photo and picture

Ways to Breakeven Sooner on a House

There is very little within your control that can make the breakeven point of a house come sooner. Most of the conditions that dictate whether or not you will make money on your home are external, and have to do with the market, the local neighborhood, and the economy. While there is only a little bit that can be controlled, there are a few things you can do to make your breakeven point as soon as possible.

Firstly, shop around for the best possible mortgage before you purchase the home. Low interest rates are important if you plan on living in a house for the duration of its mortgage, but low closing costs may be a higher priority if you plan on moving out within a few years.

Secondly, make high-quality, infrequent renovations. Renovations cost a lot of money, which extends your breakeven point further into the future. If you renovate with low-quality materials, you will have to renovate more often and you will also probably sell your house for less. Renovating infrequently but with high-quality materials preserves the value of your house while also reducing the amount of money you put into it.

Thirdly, keep tabs on the market and your home’s value. A large part of making a gain on your house is selling it at the right time. Market conditions change all the time, and one of the best ways to break even sooner is to sell your house when its value peaks.

 

Thanks for reading our post on determining the breakeven point of a home. Every homeowner’s circumstances are different, which means every homeowner’s breakeven point is different. However, 5 to 7 years is often a good estimate for the average homeowner.

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

 

Written by Greg

Posted in BoydTeam Blog
May 18, 2023

Dos and Don'ts of Making a Lowball Offer on a House

Beige bungalow house

Are you in the market for a new home? Are you looking to snag a great deal? Making a lowball offer on a house can be a strategic move to save money. However, it's important to navigate this process carefully to ensure success. In this article, we'll explore the dos and don'ts of making a lowball offer and provide valuable insights and advice to assist you in making well-informed choices.

Dos of Making a Lowball Offer on a House

When it comes to making a lowball offer, following a strategic set of dos can greatly enhance your chances of securing a favorable deal:

Research the market

Before submitting your offer, it is crucial to invest time and effort in conducting thorough research on the local real estate market. Begin by delving into current property values. Explore recent comparable sales and analyze the factors influencing the seller's willingness to negotiate. By arming yourself with this knowledge, you can make a compelling offer that aligns with the market conditions and strengthens your negotiating position.

Furthermore, when making an offer on a house you would want to move in, it's important to consider the financial aspects of the moving process. Take into account the potential costs and logistics associated with relocating. From hiring professional movers to organizing transportation and packing supplies, these expenses can add up. The experts from Homegrown Moving and Storage advise that this helped their clients to ensure their offers stayed reasonable and feasible within the overall budget.

Have a clear rationale

If you want to strengthen your lowball offer, you should delve into the specific issues or drawbacks associated with the property you are interested in. You can identify areas needing attention or improvement by conducting a thorough inspection or working with a qualified professional. These could range from outdated features that require modernization to structural concerns that demand remediation. Furthermore, consider the property's time on the market as a potential leverage point.

When sellers keep their property on the market for an extended period, their motivation to negotiate and consider lower offers tends to increase. Moreover, take advantage of market conditions that favor buyers, such as a buyer's market with ample inventory and limited demand. Similarly, if the seller is under pressure to sell due to personal circumstances or financial constraints, you may find more room for negotiation.

Be respectful in negotiations

Approaching negotiations with respect and professionalism is crucial as it establishes a foundation of trust and cooperation between both parties. When presenting your lowball offer, ensure that it is thoughtfully structured. Provide a detailed breakdown of the factors influencing your proposed price, including market research, property condition, and any factors that impact house value. Throughout the negotiation process, maintain open lines of communication, fostering a courteous and transparent dialogue that allows for exploring possibilities and potential compromises.

Keep emotions in check

While the home-buying process is undoubtedly an exciting and emotional journey, it's important to maintain objectivity when making a lowball offer. By separating your emotions from the negotiation process, you can approach the situation with a clear and rational mindset, allowing you to make strategic decisions based on facts and market analysis.

Prepare yourself mentally for the possibility of rejection or counteroffers. These are normal parts of the negotiation process. Try not to become overly attached to any specific property. This level-headed approach will enable you to navigate the negotiations effectively and make decisions that align with your goals.

Couple standing by the door of their house

Before making a lowball offer on a house, research the market properly.

Don'ts of Making a Lowball Offer on a House

When it comes to making a lowball offer on a house, there are certain pitfalls to avoid to ensure a successful negotiation process:

Don't disregard property condition

When making a lowball offer, it's crucial to consider the property's current condition. Carefully evaluate any necessary repairs or renovations and adjust your offer accordingly. That ensures that your offer aligns with the property's actual value rather than being solely driven by the desire to save money. Considering the property's condition, you present a well-rounded offer reflecting its true worth. That will enhance the likelihood of a successful negotiation. Striking a balance between addressing necessary repairs and offering a fair market value allows for a more comprehensive and compelling lowball offer.

Don't make an insultingly low offer

We know that buying a new home does not come with small costs. While it may seem tempting to make a very low offer to save some money, it's essential to consider alternative approaches. Making an excessively low offer can undermine negotiations and insult the seller. Instead, focus on finding a way to save money on a long-distance move without jeopardizing the transaction. What is important to do is to strike a balance. While you explore cost-saving measures to make the process affordable, ensure that your offer reflects a reasonable and fair assessment of the property's worth. That will allow a more productive and respectful negotiation process.

Don't forget to back up your offer

Support your proposed price with evidence and a clear explanation of your reasoning. Provide information on recent sales, market trends, or property issues that justify your lower offer. That will demonstrate your seriousness and help the seller understand your position.

Don't burn bridges

Maintaining a positive and professional attitude is vital in any negotiation, including when making an offer on a house. Regardless of the outcome of your initial offer, it is essential to maintain a respectful approach. You can leave a lasting impression by continuing to engage respectfully with the seller or their agent. This way, you demonstrate your professionalism and keep the door open for potential future opportunities. Remember, building positive relationships in the real estate market can pay dividends.

Person holding silver key to a sold house.

Maintaining a respectful approach throughout the negotiation process is essential.

 

Final Thoughts

Making a lowball offer on a house is an art that requires careful consideration and strategy. By following the dos and don'ts outlined in this article, you can better negotiate and potentially secure a favorable deal. Remember to research the market, have a clear rationale, be respectful, and keep your emotions in check. Avoid insultingly low offers, consider the property's condition, back up your offer with evidence, and maintain positive relationships throughout the process. By applying these principles, you'll increase your chances of success and find a new home that meets your needs while also being mindful of your budget.

Posted in BoydTeam Blog
May 13, 2023

5 Clever Ways to Save for a Down Payment

Houses are incredibly expensive, and prices tend to go upwards. The sticker price of a house is daunting to almost any homebuyer. Luckily, there is no need to pay the entire price up front!

 

While you likely will not need to save hundreds of thousands of dollars before you buy a home, you will still need to do a fair bit of saving. The typical down payment is 20%, meaning most people need to save tens of thousands of dollars before they can buy a home. This is further complicated by the need to pay closing costs when the sale is finalized, which can be thousands more dollars.

 

Saving this much money is never easy, but there are strategies you can use to make it much more accessible. This post will highlight our 5 favorite strategies for putting extra money away to save for a down payment.

 

Free Money Coin photo and picture

 

1.     Set a Detailed Budget and Follow Through on It

 

This piece of advice may sound simple, and that is because it is! Setting a budget is a no-brainer when trying to save for a down payment. However, the unfortunate reality is that far too few Americans track their expenses against a detailed budget.

When you set a detailed budget, it is easy to identify areas where you can cut your spending. For example, after a couple of months of tracking expenses, you might see that you spend hundreds more than you thought eating out and grabbing coffee. Once you identify these areas of potential savings, you can easily implement an action plan to reduce your spending.

There are several categories on which people often spend much more money than they think. They include coffee, dining, takeout, gas, subscriptions, and impulse purchases at the grocery store, among other things.

 

2.     Check Your Credit Card and Bank Statements for Unnecessary Recurring Charges

 

This is the best way to optimize your spending because it comes at no sacrifice to you. While you probably have subscriptions you want to keep, there are likely ones that you have but don’t have any use for. These subscriptions can cost anywhere from a couple of dollars per month to hundreds of dollars per month. All of these savings go straight to your pocket, and you don’t even miss out on any services that you use!

Another idea is to evaluate what subscriptions you have and determine whether or not you can condense any of them into just one. A great example of this is streaming services, as it has become common to subscribe to all of Netflix, Hulu, Disney Plus, Peacock, HBO, and Apple TV+ all at the same time. These subscriptions can cost you as much as $150 per month, and you probably aren’t using them all to their full potential.

If you fall into this category, you might want to see which services you use the most and cancel the others. Or, if you are interested in particular shows on particular services, it might be best to cancel all subscriptions but one while you watch a given show, and then switch providers once you finish that show.

 

3.     Download the Acorn App

 

Sometimes saving money on your own can be challenging. Luckily, there are several tools to help you save even when it can be difficult! The Acorn app automatically rounds up all of your purchases to the nearest dollar to help you save a few cents here and there throughout your daily life.

While this may sound daunting, the app’s functioning is actually very simple. If you spend $5.50 grabbing a coffee, the app automatically rounds your purchase up to $6. This extra 50¢ is a small amount, but it adds up over time. If you struggle with setting extra money aside, the Acorn app might be the perfect option for you.

This app can easily amount to tens or hundreds of extra dollars saved per month. This money is passively saved and can help you to better structure your budget in your day-to-day life.

 

Free Bank Notes Dollar photo and picture

 

4.     Open a High-Yield Savings Account

 

The dawn of technology has brought a new type of bank account: the high-yield savings account. This type of savings account offers interest rates far above traditional savings account interest rates, and they are usually very easy to open.

As brick-and-mortar bank branches have become less common, several banks have doubled down on their digital operations. Since digital operations are much cheaper to run, these banks are able to save much more money. These savings are passed on to account holders in the form of reduced fees and higher interest rates, which means much more money in your pocket as a normal account holder.

One of the biggest issues to address when saving for a down payment is risk. Traditional investment accounts involve a degree of risk, as there is always a chance that they will decrease in value. High-yield savings accounts only ever go up in value, which is a huge advantage when trying to save for a down payment.

These accounts offer much higher interest rates than traditional savings accounts. Opening an account is often free, and this is a very safe way to put money aside before buying a house.  Most high-yield savings accounts are insured by the FDIC for up to $250,000.

 

5.     Seek Ways to Earn Extra Money

 

While finding ways to save money that you already have is always a great idea, there are many ways to seek out extra income, too. Extra income is much easier to come by than many people think. Whether it is mowing lawns or teaching a skill, most people are capable of making some extra cash on the side.

Finding ways to make extra income is a great way to save for a down payment. This money usually exists above your normal budget, which means it can all be saved. These extra savings exists outside of your normal monthly obligations, which can greatly impact the money you have to put towards a down payment.

 

Free Money Cash photo and picture

 

Thanks for reading our post about ways to save for a down payment. Saving for a down payment can be intimidating, but the steps outlined in this post can help you to get a head start. Tens of thousands of dollars can be difficult to come by, but with enough time, any amount of savings is possible.

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

Posted in BoydTeam Blog
May 6, 2023

How Much of a Down Payment Should You Make on a House?

As we say time and time again, a house is likely the most expensive thing you will ever purchase. Very few things cost hundreds of thousands of dollars! When looking into purchasing a home, figuring out how much to spend on the down payment is often one of the biggest concerns that homebuyers have.

While conventional wisdom might recommend one thing, there are actually pros and cons to putting down much more or much less money, depending on the situation. This post will help you to figure out how much of a down payment you should make on your home.

Note that we are not financial experts, and the points in this post are just general advice. We are not liable for any financial decisions that you make, and we recommend speaking to a certified financial expert before buying a home.

 

Garlic, Cactus, Window, Green, House

 

 

How Much Is the Average Down Payment?

Generally speaking, the average down payment is 20%. This is the amount that the majority of homeowners choose to put down on their house. While your down payment doesn’t need to be exactly 20%, it is definitely the industry standard and is used as the benchmark.

Just because it is the norm doesn’t mean that it is the only option! There are many loan options that allow for down payments that are significantly less or more than 20%.

 

Reasons to Put Down 20% on a House

One of the main reasons to put 20% down on a house is to avoid private mortgage insurance. In most cases, if you put less than 20% down on a home, you will need to pay private mortgage insurance each month in addition to your monthly payment. This can cost anywhere from fifty to several hundred dollars each month, and continues until you reach 20% equity in your house.

Another reason to put down 20% is to get the best interest rate possible. Many mortgage lenders provide favorable interest rates to buyers who can put down a full 20%. The best possible rate is usually offered to buyers who put down 20% or more, which can mean a difference of tens of thousands of dollars by the time the loan is paid off.

 

Down Payments Smaller than 20%

Not everyone has access to the cash required to make a 20% down payment. After all, houses are very expensive, and getting your hands on $50,000 to $100,000 of cash can be very difficult! Mortgage lenders understand this, and there are many pathways to put down less than 20%.

 

Can You Put Down Less than 20% on a House?

In almost all cases, you can absolutely put down less than 20% on a house. 10% and 15% down payments are very common, and certain types of loans allow for down payments as low as 3.5%.

While lower down payment are possible, they may not be available to everyone. When you put less money down on a house, the eligibility criteria tend to be stricter. If you have a good credit history and a relatively low debt to income ratio, you may be able to find a lender willing to let you make a small down payment.

 

Reasons to Put Down Less than 20% on a House

The main reason to put down less than 20% on a house is because you don’t have 20%! Stretching your budget too far is never a good idea, and even if you have access to the full 20%, it might be wise to keep some of that in your savings. Many buyers underestimate closing costs, and spreading your finances too thin can cause major problems down the line.

Another popular reason to put down less than 10% is if you don’t see yourself living in the home for the long term. Making a larger down payment cuts down the total amount of interest you’d pay over the course of the loan, but this is less impactful if you only plan to live in the home a few years. If you plan on moving out after a few years, it might be wise to consider putting just 10% down and using the savings to offset the higher monthly payment you’ll be left with.

 

Bedroom, Interior Design, House, Home

Down Payments Larger than 20%

While most buyers are happy to put down 20% or less, some buyers with excess cash consider putting down more. This is much less common than putting down 20% or less, but it does happen and can lead to several potential benefits.

 

Can You Put Down More than 20% on a House?

You can absolutely put down more than 20% on a house. After all, you are buying the house! Just like you can add extra to your monthly payment, you can add extra to your down payment.

There is theoretically no limit to how much of a down payment you can make. Some buyers even buy their houses in cash, which is essentially a 100% down payment. Whatever you choose to do, it is just important that you do not stretch yourself too far financially.

 

Reasons to Put Down More than 20% on a House

There are two major reasons to put down more than 20% on a house. The first of these is to access lower monthly payments.

Your monthly payment is calculated based on how much of a loan you need, not how much the house costs. By putting more money down on the house, you reduce the total amount of money you need as a loan. Naturally, this decreases your monthly payment.

Your payment can decrease by the tens, hundreds, or even thousands depending on the house price and down payment amount. These savings can make your monthly payment much more affordable, which is especially favorable in the long run.

The second reason to put down more than 20% on a house is to reduce the total amount of interest paid throughout the life of the loan. While your interest rate probably won’t get much better than if you only put down 20%, the total interest paid on the loan will decrease. By putting more money down and reducing the size of the loan, you can save tens of thousands of dollars of interest throughout the course of the loan.

 

San Francisco, California, Houses

 

So, What Is the Best Amount to Put Down on a House?

The best amount to put down on a house depends entirely on the situation. For some people, the best option is to buy a house in cash, essentially utilizing a 100% down payment. For others, putting down just 5% might be the best option.

Generally speaking, the best idea is to speak to a financial professional who can assess your individual situation and help you to make the most informed decision possible with regards to your own situation. While the industry standard is 20%, there are countless reasons that putting more or less down can be wise, and the right answer varies for everyone.

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

 

Posted in BoydTeam Blog
May 2, 2023

Unexpected Expenses to Consider When Buying a Waterfront Home

 Panoramic photo of buildings near the river.

When contemplating buying a waterfront home, it's crucial to be mindful of the unanticipated expenses accompanying owning a property near the water. Although the picturesque views and serene ambiance may be alluring, weighing the pros and cons before making a significant investment is essential. One of the crucial considerations is the unexpected expenses associated with owning a waterfront property. In this article, we will delve into the various unexpected expenses to consider when purchasing a waterfront home so that you can make an informed decision and fully enjoy the benefits of waterfront living without any unwelcome surprises.

When you are well-informed, surprises will rarely happen to you

When purchasing a waterfront home, it's vital to acknowledge and understand the unanticipated expenses that accompany owning a property near the water. The attractiveness of waterfront living can be alluring, but it's critical to pay attention to the potential costs: flood insurance, regular maintenance, elevated energy bills, boat maintenance, and docking fees. Also, homeowner association (HOA) fees and property taxes are unexpected expenses. They can catch you off guard, so you need to be adequately informed. Being aware of these expenses when buying a waterfront home is crucial. Avoid surprises and make an informed decision and consider all factors. By doing so, you can enjoy your waterfront home to the fullest without financial stress.

Couple sitting on the bench discussing buying a waterfront home

Recognizing the unexpected costs of owning a waterfront home is crucial.

The Perils of Waterfront Living: Understanding Flood Risks

Living near the water can be an idyllic experience, but it also comes with certain risks. Flooding is one of the most significant. Waterfront homes are highly susceptible to flooding due to their proximity to the water, which can result in devastating consequences. Floods can cause significant structural damage to your property. That can lead to costly repairs and even render the home uninhabitable. It can also risk your and your family’s safety and affect your personal belongings, causing emotional distress.

How to manage flood risks?

Thankfully, you can take steps to prevent flooding and minimize the risks. One of the best things you can do is to invest in flood insurance. Flood insurance can cover the cost of repairing any flood damage to your home, providing financial security in the event of flooding. Additionally, regular maintenance, such as clearing gutters and drains, can prevent water buildup and reduce the risk of flooding. Consider elevating your home or installing flood-resistant materials and devices like foundation vents. These preventive measures can help safeguard your home against flooding, providing peace of mind and minimizing the risk of potential consequences.

Maintenance tasks related to waterfront homes

Waterfront homes are exposed to saltwater, moisture, and other environmental factors that can cause significant damage if improperly maintained. Here are some essential maintenance tasks to keep in mind when owning a waterfront property:

       Regular cleaning of gutters, downspouts, and drains

       Cleaning and maintenance of decks, railings, and other wooden structures

       Routine cleaning and maintenance of windows, doors, and other exterior components

       Inspection and repair of roofs, chimneys, and other vulnerable areas

       Inspection and maintenance of the HVAC system

Photo of a house near the beach at sunset.

Being informed before buying a waterfront house prevents unpleasant cost surprises.

Saltwater can cause significant damage to waterfront homes, leading to rust and corrosion. Saltwater also promotes the growth of algae and other organisms, leading to unsightly stains and unpleasant odors. As a result, it's crucial to invest in high-quality materials and perform regular maintenance to minimize the effects of saltwater exposure.

In summary, owning a waterfront property requires regular maintenance to protect against saltwater exposure and moisture. By performing these essential maintenance tasks, you can prolong the life of your waterfront home and prevent costly repairs down the line.

What you need to know about waterfront property taxes

When buying a waterfront property, understanding how the location can affect property taxes is essential. Waterfront homes are often located in high-end neighborhoods, meaning the property taxes can be significantly higher than homes in other areas. High property taxes can add up quickly and become a potential cost when buying a waterfront home. When you're considering financing your new house on the water, also think about your relocation expenses. According to experts, planning your moving budget is also an essential factor to include in your calculations.

Photo of paper dollar money with taxes sign.

Buying a waterfront home can cost more due to the high property taxes of a sophisticated location.

The amount of property taxes you'll pay on your waterfront property will depend on various factors, including the home's size and location, the property's value, and local tax rates. Additionally, waterfront properties often require additional maintenance and upkeep due to their exposure to the elements, which can also impact property taxes.

High property taxes can be a significant financial burden for homeowners, so it's important to consider these potential costs when considering a waterfront property purchase. Doing so lets you make an informed decision and ensure you’re prepared for all the costs of owning a waterfront home.

All you need to consider when buying a waterfront home

Buying a waterfront home is a dream for many, but knowing the unexpected expenses of owning a waterfront property is crucial. Some costs include flood insurance, regular maintenance, increased energy bills, boat maintenance, and docking fees. Flood insurance is a must-have to protect your investment. Living near water can put your home at a higher risk of flooding. Regular maintenance is also essential to prevent water damage and erosion. But other environmental factors can also cause significant damage to your home. With so much exposure to the elements, you'll also need to factor in increased energy bills for heating and cooling your home. Finally, if you plan to own a boat, you'll need to consider the cost of maintenance and docking fees.

Budgeting accordingly before purchasing is crucial to avoid financial strain and unexpected costs. When buying a waterfront home, it's important to factor in these additional expenses. Create a budget that accounts for all associated costs.

Posted in BoydTeam Blog
April 29, 2023

Everything to Know about Homeowners Insurance When Buying a Home

Home insurance is required in order to buy a house. Just like you need car insurance before you can drive a car, you need home insurance before you can live in a house. While there are hundreds of companies and agencies that offer home insurance, knowing where to look can save you hundreds to thousands of dollars per year.

 

Why Do You Need Homeowners Insurance?

 

While it may seem like a burden, insurance is actually a good thing. Most people hate that they have to pay extra money each month on top of their mortgage. However, many people don’t realize how much of a benefit homeowners insurance really is!

Homeowners insurance is mandatory in most situations, and for good reason. The point of insurance is to protect you from major losses and catastrophes. While paying $50 or so per month might feel like a lot of money, it feels much more manageable when you submit a claim for $20,000 of damages caused by a hurricane!

Your house is usually the most valuable thing that you own. Naturally, you should want to protect it. A good homeowners insurance policy is the best way to make sure that your home is truly protected against accidents and incidents that can otherwise cost you thousands of dollars.

There is no state that legally mandates that you have homeowners insurance, but pretty much every mortgage lender requires it before they hand over the keys to your home. If you are able to buy your home in cash, you might be able to get away with not buying homeowners insurance, even if that is a bad idea. However, if you need a mortgage, you probably need homeowners insurance, too.

 

House, Architecture, Front Yard, Garage

What Does Homeowners Insurance Cover?

Homeowners insurance typically covers accidental damages to your home. This can be from weather, vandalism, accidents, and more. A typical homeowners insurance policy covers damages from theft or vandalism, fire and smoke, theft or vandalism, extreme weather events (like lightning, blizzards, wind and hail), and incidental damages like cars or trees crashing into your home.

Your homeowners insurance covers most of the important parts of your home. Generally, you can expect your policy to cover your heating and cooling systems, kitchen and laundry room appliances, furniture, and clothing and other possessions. Other structures on your property, like sheds, decks, fences, and grills is also usually included. This does vary by policy, though, and is something that you should double-check on your policy documents or insurance quote.

How Much Does Homeowners Insurance Cost?

 

Homeowners Insurance costs vary greatly based on many factors. The age and size of your home, its value, its geographic location, and its construction materials all factor largely into your insurance price. Insurance prices are called premiums, and the average homeowners insurance premium in the United States is somewhere between $1,000 and $2,000 per year.

Naturally, if you have a more expensive home, live in a state that is more prone to natural disasters, or own a home that is a hundred years old, your insurance will likely cost more. New homes tend to cost less to insure, as there is less of a chance that they will need major repairs or have major accidents.

 

Which Company Is Best for Homeowners Insurance?

 

There are hundreds of insurance companies and insurance agencies that sell homeowners insurance, and it is natural to wonder which one is the best. While you might hear great stories from friend and family about one company or another, the truth is that most insurance companies are actually the same.

Insurance is a pretty standard product, much like orange juice. It is hard for one insurance company to be better than another. In reality, you should just choose the company that offers you the cheapest price, as long as the coverage options are all the same.

For example, you may get a quote from one company that offer $300,000 of coverage and a quote from another company that only offers $200,000 of coverage. If your house is worth $300,000, you obviously don’t want to pick the quote that underinsures your house!

However, if both quotes offer identical coverages, and one is cheaper than the other, it is almost always a good idea to go with the cheaper quote – even if you don’t recognize the company’s name.

 

Home, Interiors, Kitchen

 

How Long Does Homeowners Insurance Last?

 

Homeowners insurance policies almost always last one year. The regulations may vary by state, but the vast majority of home insurance policies are for 12 months.

This is different from car insurance, which generally lasts 6 months. Still, it is almost always a good idea to get your car insurance and homeowners insurance through the same company, as bundling home and auto policies tends to save hundreds of dollars per year!

 

Can You Wait Until After Closing to Get Homeowners Insurance?

 

If you are getting a mortgage, you almost always need homeowners insurance before closing. Almost every mortgage lender requires a homeowners insurance policy document before they will hand over the keys to your home. If you don’t have proof of homeowners insurance, they likely will not fund the purchase of your home. Typically, your loan advisor will let you know when you should start shopping for homeowners insurance.

 

Thanks for reading our post all about homeowners insurance. While homeowners insurance costs some extra cash each month, it has the potential to protect you from hundreds of thousands of dollars of losses. If you don’t have homeowners insurance and your house burns down, you literally lose everything. If you have homeowners insurance, you are usually protected from extreme losses like this. $50-100 per month might seem steep, but it feels like nothing once you file your first claim.

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

 

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

 

Posted in BoydTeam Blog
April 22, 2023

Should You Buy a House with Mice Infestations? [Both Past and Present]

 Mice are pesky little critters. They eat through the walls, burrow through ceilings, and leave droppings everywhere they go. Mice multiply rapidly, and seeing one mouse scurrying around likely means that there are more in the cracks waiting to sneak out for a bite to eat.

As a prospective homebuyer, this can be alarming. If you see signs that mice are present in the home, you may be inclined to turn and run. This post will break down everything to know about mice in a home, including whether or not you should still consider buying it or you should look elsewhere.

 

trees beside white house

 

Signs that a House Has a Mouse Problem

Mice do not like to be seen. They tend to hide throughout the day and do most of their scavenging at night. Because of this, you probably won’t actually see a mouse while you tour a house that you are considering buying!

 

The Presence of Mouse Droppings

While the mice will hide, there are two main signs that might alert you that there are little critters living in the home. The first of these is the presence of mouse droppings, which look like little brown grains of rice.

Mouse droppings can be anywhere, but they tend to be the most visible against light backgrounds. Often, the best places to see mouse droppings are bed sheets, trash cans, countertops, and dressers.

Seeing mouse droppings doesn’t guarantee that the house currently has a mouse problem. Mouse dropping sometimes don’t decompose and can stay in place for years. However, seeing these little droppings is a sure sign that there have been mice in the house at some point.

 

The Sound of Scurrying

The other telltale sign of mice is the sound of scurrying, either in the walls or in the ceiling. Mice burrow frequently, and they tend to run around their nests throughout the day. While they may not show their faces during the daytime, they know that they’re generally safe inside the walls!

When mice scurry in the walls, the sound is pretty unmistakable. This is because there are very few other sounds that can come from inside the walls or ceiling! If you hear this sound, you know that there are currently mice living in the home.

 

Do Mice Destroy a Home?

Mice burrow through walls, siding, ceilings, and more. Naturally, this burrowing leaves a bit of damage. While holes in the wall are annoying, they are usually out of sight and hidden in dark, obscure corners.

The greater threat that mice pose is that they might bite through wires. If mice burrow near any wires and accidentally bite through one, they can cause much deeper problems.

An electrician would need to figure out exactly which wires were ruined, then locate where the damage is. This can be very difficult to do, as wires are usually tucked behind walls. As a result, you can expect to pay a pretty penny if a mouse chews through your wires.

Other than these two issues, mice don’t cause much damage to a home. They are pesky, and damage is damage, but they aren’t going to cause your house to crumble over or your foundation to split in two.

 

a rat sitting on a piece of wood

 

Are Mice Dangerous?

Mice are very timid creatures, and they aren’t likely to ever be aggressive toward humans. However, their meek nature doesn’t mean that they are completely harmless. Mice are known for carrying an array of diseases, many of which are dangerous for adults and extremely dangerous for children.

These diseases are spread in many different ways, but there are two ways that pose the most risk: urine and feces. When mice urinate, they tend to spray in a few different directions. When they leave droppings, they leave a lot of them.

All of this excrement may carry diseases make humans very sick. For this reason, cleaning frequently while dealing with a mouse problem is essential.

 

How to Get Rid of Mice

There are several proven ways to get rid of mice, but the best approach is normally to work with a professional. This is because you might be able to get rid of existing mice on your own, but you likely can’t prevent future mice from coming without the help of a professional.

Mice are able to fit through cracks that are only a quarter-inch wide. This is essentially the width of a pencil. A professional exterminator can find and plug all of these gaps, sealing the entire house off from future mice problems.

Once a professional seals the exterior of the house, there are several kinds of traps you can lay indoors to end your mouse problem once and for all.

 

Catch and Release Traps

These traps are the most humane option, and are very commonly used. Essentially, these traps function like cages that trap the mice and enable you to release them alive somewhere in the distance. They are just as effective as other kinds of traps, pose no threat to humans, and save the lives of the mice. If you opt to use these traps, be sure to release the mice into a field that is miles away from the nearest house, otherwise you will just be spreading your mouse problem to someone else’s property.

 

Snap Traps

Of the traps that kill, many experts claim that snap traps are the most humane. These are the old-school mouse traps that can be seen in Tom and Jerry and other popular cartoons. They function by luring a mouse onto the platform and then snapping rapidly on top of the mouse, which usually kills it almost instantly.

The fact that the mouse tends to die pretty immediately is what makes them the most humane type of lethal trap. Other traps either make the mouse starve or make it very sick. The drawback to these traps is that they pose a threat to humans, as the trap can easily break a toe or finger if accidentally triggered. This is especially dangerous for small children.

 

Mouse Trap, Cheese, Device, Trap, Mouse

 

Sticky Traps

Sticky traps, or glue traps, are the least humane type of mouse trap on the market. While that is true, they do tend to be the most effective. Glue traps are extremely sticky, and they grab a mouse’s feet and lever let go. This keeps the mouse locked in place unable to get back to its nest. Typically, the mouse will be stuck on this trap until it dies, unless a homeowner finds it and gives it a more humane death.

These are extremely inhumane, and they are also dangerous for humans. If they are strong enough to keep a mouse in place, they are strong enough to seriously stick to your hands and feet, too.

 

Poison

One of the most effective ways to take care of mice is by using poison traps. These traps welcome mice in and feed them poisoned food that eventually kills them minutes or hours later. These traps are effective because they can handle multiple mice, while most other traps can only trap or kill one. While poison isn’t very humane, it is definitely better than the glue traps! The biggest downside to this kind of trap is that is causes the mice to die minutes later, wherever they are. This can lead to dead mice within your walls, or worse, dead mice scattered randomly on your floor.

 

Should I Buy a House if it Has Mice?

Mice are one of the most common pests in a home. In fact, the majority of homes will have mice by some point after enough time goes by! Mice are experts at burrowing, and they tend to find a way inside after enough years go by.

If the house you are looking at buying has mice, you shouldn’t immediately walk away. There is a good chance that many of the other homes you are considering either have mice or have had them in the past, too. If anything, knowing about the mouse problem is just important to help you make an action plan and negotiate accordingly.

 

Cute, Rodent, Mouse, Small, Animal

 

Thanks for reading our post on whether or not you should buy a house with a mouse problem. Despite what you may have believed, mice really don’t need to be a dealbreaker in the homebuying process. As long as you are willing to take a few steps to irradicate them from the home, they shouldn’t be too much of an issue. Dealing with mice can sometimes require some lifestyle changes, but ultimately mice should not be the one thing standing between you and your dream house.

 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

 

 

 

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, and Professionalism You Can Count On!

 

 

Posted in BoydTeam Blog