A First-Time Home Buyer’s Guide to Greenville, SC

If you’re considering buying a home for the first time, congratulations! It’s one of the most rewarding purchases you’ll ever make and comes with a huge list of benefits. At Dream Finders Homes, we make the process simple and want you to be confident in taking the leap into homeownership. 

When it’s your first time buying a house in South Carolina, you’re bound to have many questions and concerns, but we’re happy to offer our expertise and guidance. As one of the most experienced home builders in South Carolina, we’ve helped many first-time homebuyers find the right home. Let’s dive into some things you should know about how to buy a home in Greenville, SC.

Tips On How To Buy A Home in Greenville, SC

Buying a home is a great investment overall, and one of the things you want to look for when considering where to buy is market value. Areas where there’s a steady increase in population mean the value of the houses will go up, translating to a higher return on investment when you decide to sell. Greenville is one of these areas. 

Nestled in the foothills of the Blue Ridge Mountains, Greenville presents an enchanting opportunity for first-time homebuyers. It has big-city amenities and small-town charm. (Its walkable Main Street is lined with locally-owned boutiques, restaurants, businesses, and bars.) The job market is strong and expected to keep growing. A former textile hub, Greenville now has manufacturing jobs thanks to companies like GE and Michelin moving in. 

Greenville offer such a desirable atmosphere, too. Mild year-round temperatures, four seasons, lots of open green space, and a location near the mountains mean it’s easy to enjoy everything nature has to offer. There is a healthy mix of home types, catering to a diverse range of preferences and budgets. Residents benefit from South Carolina’s low tax rates—especially if they’re retired. With housing costs significantly below the national average and a cost of living below the national and state averages, it’s not hard to see why Greenville is so popular or why it was ranked on U.S. News & World Report’s 2023 list of the best places to live in the U.S.

Here are some tips when purchasing your first property:

1 | Know Your Budget 

One of the first things you’ll want to think about when buying a home in Greenville is your budget. Buying a home includes a lot of different costs aside from the price of the home itself. The down payment can be one of the biggest upfront costs, but there are also things like the appraisal, inspection, and insurance that will factor into your home. Many first-time homebuyers “window shop” and are disillusioned when it comes to what’s realistic for them. Understanding what your budget is and how much you can afford will set you off on the right foot – and help manage expectations. 

2 | Get Preapproved & Review Loan Types

Finding a lender and getting preapproved for a loan is one of the first steps to better determine your budget. You can start with a mortgage calculator to get an estimate of what you can afford with your income. However, it’s best to work with a lender who can gather information from you like tax returns, pay stubs, and other financial information to help find the best loan type for you. 

There are several types of loans available:

• Conventional - Good for those with high credit scores and a sizable down payment.
• FHA - Better for those with a lower credit score and not as much of a down payment.
• VA - Specialized to members of the US military, veterans, and their spouses. No down payment is required.
• Fixed-Rate Mortgage - Charges the same interest rate over the life of the loan. Better for those planning to stay in the home for many years as loan terms are often 15, 20, and 30 years.
• Adjustable-Rate Mortgage - Charges an interest rate that can vary over the life of the loan as the market changes. Better for those planning to stay in the home for less time and want a low monthly payment to start.

3 | Secure Financing/Review Assistance Programs

Securing the right financing is critical. South Carolina offers several assistance programs designed to help first-time homebuyers ease into homeownership:

• SC Housing First-Time Homebuyer Program: Provides down payment assistance and favorable mortgage rates.
• Palmetto Heroes Program: Offers special benefits for teachers, law enforcement, firefighters, nurses, and other community heroes.

For detailed information on these programs, consult with your lender/financial professional. 

4 | Don’t Forget Closing Costs

Something you will need to account for are upfront expenses such as closing costs. They are paid at the end of purchasing your home and cover things like attorney fees, appraisal fees, and title insurance. Closing costs can vary. They typically range between 2% to 5% of the loan amount, but can sometimes be passed in part to the seller during negotiations. Be sure to work with your lender as you may qualify for government-backed grants or loans that assist with closing costs. 

Browse Our Communities of New Construction Homes!

Now that you know a bit about buying a home in Greenville, it’s time to find the right community to call home. One of the premier home builders in SC, Dream Finders Homes builds the best new homes in the Greenville area. A new home community allows you to take advantage of a place specifically designed to cater to a range of lifestyles, wants, and needs. You can expect to live in a tight-knit, welcoming community atmosphere with tons of amenities and access to everyday conveniences. Our communities have something for everyone.

Macintosh | Duncan, SC

Now selling in the heart of Duncan, this community offers true comfort and contemporary living. Macintosh is an enticing option for young families, professionals, or retirees. It’s situated in a highly desirable, central location between Greenville and Spartanburg, just around the corner from downtown, shopping, and dining. Community amenities feature a pond with a lookout, a playground, and sidewalk-lined streets, all within the Spartanburg District 5 school zone. Homes start at $337,490

Morning Mist | Simpsonville, SC

Now Selling Phase 2! Located in charming Simpsonville, surrounded by rolling hills, natural wooded buffers, and a duck pond, Morning Mist has a unique country feel. Just a short drive from sought-after Simpsonville schools, shopping, dining, and entertainment options, it offers a serene retreat for families seeking their dream home in a vibrant area. There is an Olympic-size community pool with a barn-themed clubhouse. This is the final phase of Morning Mist. Homes start at $369,990.

Palmetto Crossing | Greenwood, SC 

Located on the shores of Lake Greenwood in the foothills of Upstate, Palmetto Crossing combines quaint lakefront living with a vibrant town center. Residents enjoy a private clubhouse, an 84-slip marina, and a boat ramp just steps away. There are endless opportunities for outdoor adventures, from boating and fishing to hiking along scenic trails. After a day on the water, enjoy dining at the Break on The Lake restaurant. Just an hour from downtown Greenville, Palmetto Crossing offers a lake retreat with unbeatable convenience. Homes start at $309,990. 

Parkers Landing | Simpsonville, SC 

Set in the popular, established community of Parkers Landing, we are offering the last five homes in this picturesque neighborhood, with upgraded features and our signature southern charm. The large, wooded homesites are nestled at the end of a cul de sac. The Mesa Soccer Complex is just minutes away and several golf courses are less than a 10-minute drive! Five Forks is just a few miles away; Downtown Greenville is 25 minutes away. Homes start at $588,350. 

The Settlement | Simpsonville, SC 

Nestled in the heart of Simpsonville, The Settlement offers the perfect blend of comfort, convenience, and charm. Only 20 minutes from downtown Greenville, this luxury community has its own playground, pool, pond, and parks, and is just minutes from downtown Simpsonville's seasonal Farmers Market, restaurants, and shopping. Residents enjoy easy access to the top-rated Simpsonville School District and recreational facilities. Homes start at $283,990. 

Connect with Dream Finders Homes: The Best Home Builders in South Carolina!

There’s a lot to learn when buying your first home. But our team is excited to help you navigate the process. Now that you’ve read our first time home buyer’s guide, take a moment to browse our homes for sale in Greenville, SC, and let us know if you have any questions.