Celebrating
...
Buying Before, During, and After
Purchasing a home is the largest financial, lifestyle, and social commitment that most of us will make in our lifetime. Typically, a first-time buyer is aware of the big top four when considering a home. Ensuring your credit score is optimized with a good rating for a favorable loan. The debt ratio is optimal when speaking with mortgage brokers and banks to get the best loan options. Saving 20% downpayment of the home price, but this one is more flexible with down payment percentages ranging from 0% to 20%. The pre-approval letter from the bank to know your home purchasing power.
Sweat Equity
Are you capable of tackling some tasks in an older home that does not require a contractor? If so, you might consider a home that needs wallpaper removal, trimming overgrown landscaping, or new fixtures. Easy projects that you can update that make the house less expensive than others in the neighborhood.
Down Payment Assistance
There is no rule that you must have a 20% down payment to purchase a home. You may qualify for down payment assistance, 0% down loans, or other funds like the Down Payment Toward Equality Act of 2021. You won't know until you ask about your Down Payment Options.
School District
Knowledge is power, and learning about your future home's school district is a piece of powerful knowledge. This information may not matter to you if you don't have children, but it's important for potential home buyers when you think about listing your home. Visit the property county's website for information about the school district for that location.
Land Survey
Your deed may say your home extends to a certain point, but if someone has built a wall or structure on your property, it would be good to know before purchasing the property. Knowing this information is a lifesaver and should not be taken for granted.
Renovations
The home is newly updated and looks impressive but are the updates permitted, completed by a professional contractor, or is it a DIY (do-it-yourself) by the non-professional homeowner. It essential to know whether an open concept is safe and that you don't fear a second-floor collapse in the middle of the night. Take time to get the home inspection for everyone's safety.
Zoning
A beautiful green beltway surrounds the home or neighborhood; however, this may not be the case. Your once beautiful forest zoning maybe for a strip mall or skate park. Check with the city and county about the area's zoning or any planned zoning.
Closing Cost
When buying a home, everyone mentions the top four but at the closing table, how are you handling the closing cost. These settlement costs can range from 2%-5% of the loan, and you can even ask the seller to pay 1%-2% of the closing cost in the offer.
HOA
Condos, townhouses, and new construction have them, and you need to be aware of what to expect with the Homeowner Association. An additional expense outside of the mortgage that homeowners pay monthly or yearly in most cases. Not paying the fee may result in lawsuits, liens, and even foreclosure. It's important to remember this expense and understand the CC&Rs of the HOA to comply with the community's practices.
Reserve Cash
Just because you have a certain amount to purchase a home, it may not be a wise financial decision to spend all your cash on the property. Use your reserve cash for the HOA you forgot is separate from the mortgage or cover a washing machine replacement cost. Life is full of surprises, so think of the reserve as protection against the unexpected.
Home Improvements
Your home is your castle, but even the king and queen performed improvements and maintenance on their keep. The expense of enhancements is a necessary evil because, without timely improvements, your home's value may suffer or the structure itself.
Landscaping
Cutting grass, trimming bushes, and putting out mulch are things I can do. As a new homeowner, you will need a lawnmower, hedge trimmer, wheelbarrow, and other accessories to keep your yard looking healthy. If this isn't your area of expertise, maybe it's time to invest in a lawn service provider. Your neighborhood Realtor can quickly provide you with a list of qualified lawn providers in the area for free.
The Neighbors
In the metro Atlanta area, the likelihood of having neighbors is a surety. Take a moment to introduce yourself to the neighbors, be courteous and abide by the unspoken community rules for a happy life. You are part of a community now, and this is part of your community equity.
Every homeowner was a first-time buyer at one time or another, and you won't know everything about buying and living in your property as soon as you close. It's a process where you will discover your strengths and weaknesses as a homeowner. These tips help guide you through one of the biggest adventures in your life, being a homeowner, a community member, and making memories in that home and community.
Agent Cate Real Estate Services is affiliated with Atlanta Communities
