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The Pros and Cons of Buying a Property

Owning a house is a goal shared by many people. If you’re planning to move into your dream home soon, there are a few things you’ll have to consider. One such decision is whether buying a property is the best course of action for you.

While buying or renting is a suitable option, finding a house through your real estate agent presents some unique benefits, though doing so also comes with a few drawbacks. Here’s an overview of the pros and cons of buying a residential property.

Pro: Builds Home Equity

Investing in your own home equity that increases over time is the perfect way to boost your property’s value. This approach is preferable to paying rent money every month, and it allows you to earn a profit if you decide to sell your house after a set time. Should you fall into debt and require financial support, it’s also possible to cash out and refinance a percentage of your equity to help you get back on your feet.

Con: High Upfront Costs

Back then, buying a property entailed an expensive 20% initial deposit. Though, changes in recent years now allow mortgage down payments for as low as 3%. While this rate seems like a good deal, the caveat is that you’ll have to pay higher mortgage insurance payments and a higher monthly interest rate

Pro: Improves Credit

Regularly paying your mortgage allows you to build your credit score. Delivering your payments on time will show that you’re financially responsible, leading to a consistent boost in your credit score. Keep in mind, though, that after taking out your mortgage, taking a large loan is not an advisable move for the next six months or further.

Con: Property Taxes and Other Fees

Monthly fees are a recurring variable in a homeowner’s life. If you decide that buying a property is for you, below are some of the fees that you’ll have to pay regularly:

  • Property Taxes
  • Homeowners Insurance
  • Private Mortgage Insurance
  • Homeowners Association (HOA) Fees
  • Utility Costs

Pro: Long-term Life Stability

Studies show that individuals who’ve bought their property instead of renting are less likely to move within any given year. Homeowners also integrate well with their community and enjoy stronger social connections and better civic engagement.

Cons: Need for Maintenance and Repair

Even if you find an impressive home through the real estate market, your property may still need a few repairs. Be prepared and set aside an extra budget, preferably 1% to 3% of your house’s purchase price, for the maintenance of your structure.

Get Comprehensive Advice from a Trusted Real Estate Company

Give Moss Realty a call if you need professional assistance buying a property. Our team has over 20 years of experience serving Gaston and nearby counties, so we can help you with any real estate service you need. You can also visit our office to learn about what we do firsthand.

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Home Buying Timeline for First-Time Buyers

family first time home buyers

If this marks your first time looking for a home, check out this home buying timeline to make the process easier. You can also ask a reputable agent or use real estate tools and resources to learn more.

Looking for a Real Estate Agent (1 to 2 Weeks)

Hiring the first expert you encounter leads to a fast transaction, but there’s no guarantee that you’ll end up with a reputable pro. Be sure to do an extensive search, create a shortlist of candidates, and interview each one thoroughly before making your decision.

Getting Mortgage Pre-Approval (1 to 2 Weeks)

To get the best option for your mortgage loan, take time in your search not only for an exceptional lender but also for different mortgage types. Once you’ve found the right company, the pre-approval process typically takes one to five days.

Viewing Open Houses (1 Week to 4 Months)

Your agent can arrange house viewings to give yourself a comprehensive look at the properties you like. Depending on where you live, your offer can get accepted on the same day you make it. In other markets, you’ll have to wait months for a suitable home, and even then, you’ll have to hope that your offer doesn’t get outbid.

Making an Offer and Negotiating (3 to 5 Days)

If a house finally feels right, you and your agent can make an offer for the real estate. You’ll have to wait whether the seller accepts or declines your offer. The owner can also negotiate with a counteroffer, so it’s up to you whether you’ll agree to a compromise, pitch another rate, or walk off.

Getting Loan Approval (1 to 2 Months)

With a pre-approved mortgage, you’ll have to present all essential documents to your lender, so they can approve your loan. On average, this house closing process can take up to 50 days.

Waiting for Appraisal (1 to 2 Weeks)

An appraiser will help you accurately determine the market value of your chosen property. Their report often comes after three days, though scheduling their services takes about a week. The appraisal results will show whether the asking price is fair for you or if you’ll need to renegotiate.

Performing a Home Inspection (1 to 3 Weeks)

To ensure that the house you’re eyeing doesn’t have any hidden issues, enlist the services of a licensed home inspector. These professionals often take ten days to conduct a thorough check.

Closing on Your House (1 Day)

The final part of the home buying timeline requires you to do a few more things before locking in your property. Once you deliver your down payment and closing costs and sign several documents, you’re finally free to call yourself a homeowner.

Find Your Next Home With Moss Realty

Contact Moss Realty if you need help securing a property. Our team has a reputable track record with over 20 years of experience serving North Carolina, so working with us ensures you’re in capable hands.

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Some say the generation is entitled; some say they’re lazy. They’re also known to be tech-savvy, educated individuals. Who are they? They’re millennials and they’re a force to be reckoned with when it comes to the world today. As far as real estate goes, many millennials are considering whether or not it is their time to buy a home. Like every home buyer, members of the millennial generation should consider a few important things before taking the plunge into home ownership.

Here are five things millennial buyers should ask before they buy a home:

1. Do I have a steady income?

Obviously, it would be impossible to make a monthly mortgage payment without a regular income. Truthfully, you probably wouldn’t even be approved for a mortgage without one. So, if you don’t yet have much of a job history, it may not be your time to buy a home. While you’re working to build up your resume, you also can build up other parts of your financial picture, so that you’re fully prepared to apply for a mortgage when the time is right.

2. Is my credit score good enough?

Your credit score is another big part of your financial picture when it comes to buying a home. In college, you likely were offered every opportunity for credit available. Accepting one or two credit card offers and using the cards responsibly may have helped to establish your credit history. However, if you accepted every offer that you were given and accrued high balances on each card, you could be in some trouble when it comes to buying a home. Get familiar with your credit score if you think you’re ready to buy.

3. Have I saved enough money?

For some mortgages, buyers need to save 20% of a home’s price. Some down payments are less, but many buyers still need to bring a considerable down payment to the table before they can purchase a home. Of course, the down payment is not the only money that a person needs to bring forward during the home-buying process. There also are inspections, appraisals and titles, just to name a few of the fees associated with the closing process. If a millennial buyer is ready to make a home purchase, they will need to have a significant amount of money saved.

4. Am I ready to be settled?

Many millennials are at the beginning of their careers. So, it is important to ask whether or not they feel ready to settle down and stay in one place for a long-term period. No, you don’t have to stay in a home forever, but it may not be a wise decision to buy a home that you plan to leave after a year or two. If you are the type of person who likes to pick up and move to a new place on a whim, home ownership may not be right for you just yet.

5. What kind of home do I want?

If your job history, finances and credit are in order, you’ve got to ask yourself what style of home is right for you. Here’s where you need to think short-and-long-term. Right now, a high-rise studio apartment in the city may seem like an ideal location for a single millennial buyer. However, if you’re that buyer and you can see yourself with a spouse or family in a few years, renting that perfect pad may be a better option. In the not-so-far-away future, you may be thinking more of a single-family home in the suburbs! Make sure you look at the bigger picture before picking the home that’s right for you.

If you’re a millennial buyer who has considered these five questions, you may be ready to buy a home! Contact a friendly, professional Moss Realty real estate agent to start searching for homes today!

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