First Time Home Buyer Guide for Wilmington, NC
Buying your first home is a huge milestone, and you want to be sure you’re well prepared to take the leap into home ownership! And buying in Wilmington, NC is a great way to build equity quickly while being in the heart of one of the fastest growing cities on the east coast.
If you’re looking to start your search, but don’t know where to begin, here are some tips I like to give all first-time home buyers in the Port City.
1. Understand Your Mortgage Options
Contrary to popular belief, you don’t need to have an arm and a leg saved to buy a home! In the Wilmington market, conventional, FHA, & VA loans are all widely accepted; it just depends on your needs. There are also special first-time home buyer programs that may offer assistance for qualifying buyers. Check out some local programs here, or allow me to connect you with lenders who can share more about your options!
2. Prepare For Closing Costs
Your down payment isn’t the only out-of-pocket expense when it comes to buying your home. Closing costs can be anywhere between 2% and 5% of your home price, so it’s important to factor this into your budget. While dependent on the heat of the market, some buyers may be able to get seller assistance with closing costs as part of their contract. This is also why having an experienced agent on your side is an important part of the process, as we can help facilitate these negotiations.
3. Check Out The FEMA Flood Maps
If you’re not from the area, it’s important to understand local flood zones. If you’re looking to buy in a flood zone, there may be other things (like flood insurance) to consider (...see next bullet point). Your real estate agent should be a local expert and can assist you in this step of your home search!
4. Budget For Flood Insurance
This is an expense you don’t often need to worry about with mainland homes. If you’re looking at a neighborhood in a flood zone, flood insurance is crucial to protecting your home and is often a requirement in coastal areas like Wilmington. This will be billed on top of your mortgage, taxes, and home owner’s insurance, so be sure to factor this in when deciding your monthly budget.
5. Research Local Neighborhoods
From HOAs, to walkable beach access, to proximity to downtown…each neighborhood offers different perks that might or might not align with your lifestyle. If you want to learn more about some of the most desirable Wilmington neighborhoods, check out my highlights on Middle Sound Loop and Riverlights!
6. It’s Never Too Early To Start Looking!
Like the saying goes, “The first best time to buy is yesterday. The second best time is today!” Wilmington is rapidly expanding and because of its popularity, median home prices are continuing to rise by over 14% YoY. Getting into a home now ensures you’re building equity alongside historically reliable and rapid growth.
7. Find A Reliable Realtor Who Has Your Best Interests At Heart
Your realtor should be your partner in the home buying process, with the ultimate goal to put you in YOUR home…not just any home. As a Wilmington resident for over 10 years with a deep love and appreciation for where I live, helping first-time buyers find their dream home is one of the greatest honors of my life! If you’re looking for a realtor to stand in your corner and help you find the right home for you, let’s talk.
