Whenever you’re buying a house at any price, it’s important to get the most value for your money. Fortunately, just about every city has some affordable options if you know where to look and where to avoid. That’s where your local discount real estate broker comes in. Their unmatched knowledge and expertise are invaluable when it comes time to purchase your next home.
In North Augusta, the median list price of homes is $334,900. That means if you’ve got a half a million dollars to spend, there are a ton of fantastic choices available to you. In addition to being able to find a great home, you’ll be purchasing in one of the more sought-after neighborhoods.
We all know that each prospective homebuyer’s situation is different. From the size of the home to the benefits of the area, everyone’s needs and wants are unique. Knowing how much house you can get for $500k in North Augusta, and where, can help your decision.
How much half a million dollars will get you in North Augusta
In North Augusta, $500,000 is going to get you a lot. Will it get you a 10 acre piece of property and an 8k square foot mansion? No, it probably won’t. What it will be able to offer you is a lovely, spacious home on a great piece of property in a highly desirable area. You can be absolutely certain of that.
As far as your monthly mortgage payment is concerned, there are some different components in determining that. The biggest factor that’s going to play a part is how much you have, or are willing, to put down. With any home in any area, the smaller the amount of the down payment the higher the monthly mortgage payment will be. If you’re in a position to put down a larger amount of money, then you’ll have a reduced mortgage cost.
Features of $500,000 homes in North Augusta
So, what are the features you can expect to get for $500k in North Augusta? Well, that’s going to vary. The questions you’ll need to answer for yourself are what you’re looking for in your new home.
How large of a house would you like to live in? Are you going to want a big backyard, or would you prefer something smaller and more manageable? What sort of amenities would you find in your perfect home? Is the school district you’re in a concern for you and your family?
Once you’ve figured out what you want out of a house, it narrows down your options to help make your decision a whole lot easier. Whatever your needs are, rest assured that North Augusta has a home that meets them.
What a $500k home in North Augusta will cost you
Let’s say you’re planning on going with a standard 30-year fixed mortgage, and you’re putting 20% down. With an interest rate of 6.49%, you’d be paying $3,157 monthly in principal and interest. Of course, this is just an example. You may have a higher or lower interest rate, or you may be putting more or less down. Keep in mind, if you are putting less than 20% down, you’ll be looking at paying private mortgage insurance (PMI) well. These figures also don’t include homeowners insurance, or property tax.
In Aiken County, where North Augusta is located, the average property tax rate is 0.47%. This is lower than the South Carolina average, and less than half of the national average. For a home assessed at $500,000 this would mean you’d pay $2,350 annually in property taxes. Again, this is an estimate. Tax rates change, and as your home appreciates, it’ll be assessed at a higher price. The difference in what you pay your first year of ownership versus the following years could be significant.
North Augusta neighborhoods to choose from
As we mentioned earlier, $500,000 can absolutely get you into some of the best neighborhoods in North Augusta. Here are just a few of them:
- Rainbow Falls
- Morgana
- Town Center
The Bottom Line
There’s no doubt that purchasing real estate is one of the best investments you can make. Chances are, that house you buy now will continue to appreciate more and more as time goes on. Also, simply by making your mortgage payments every month, you’ll be building additional equity!
Whether you want to buy an existing home, or build the house of your dreams, the opportunity is there in North Augusta, SC. Whatever it is you decide, just make sure it’s a home that suits your needs, and makes you and your family happy! Always remember, the feeling you get from owning your perfect home is priceless.