Ready. Set. Homeownership.

Buying your first house is daunting and there’s lots of conflicting information out there about loans, closings, and real estate agents. I purchased my home in Peachtree Hills in 2016, and I can tell you first hand that homeownership comes with lots of benefits. However, before you begin looking for your house, it’s important to get your ducks in a row.

Here are some tips to help:

  1. RUN A CREDIT REPORT -

    I bet you didn’t know this but you can run a free credit report once per year without impacting your credit score! Yeah, it’s true. Head over to annualcreditreport.com to get started. It’s definitely worthwhile to see where you stand before you start searching for your dream home. The more time that has passed from any potential credit mishaps, the less likely lenders will put a flag on your loan application.

  2. DETERMINE YOUR BUDGET

    In addition to your credit report, lenders will consider your income, savings account, and other assets to determine your maximum loan amount. Before you pick a price range, you should look at your monthly budget and expenses to figure out how much you can afford each month in mortgage, homeowners insurance, and property tax payments.

    Before committing to a particular down payment, it’s important to remember your closing costs. According to bankrate.com, Georgia is among the top 5 most expensive states for closing costs. Avoid surprises and headaches down the road by estimating your total down payment plus closing costs (check out this blog post with more information about calculating closing costs).

  3. CREATE A “MUST-HAVES” AND “NICE-TO-HAVES” LIST

    Now that you know your credit score and your budget, we can get to the fun stuff! I recommend putting together 2 lists - a list of “must-haves” and “nice-to-haves” of features and amenities in your perfect home. Here are some questions to ask yourself to help come up with your list:

    1. How many bedrooms and bathrooms do you need?

    2. How many living spaces do you need?

    3. Do you want a garage?

    4. Are there certain exterior finishes that you really want? (i.e. brick versus siding)

    5. Do you want a garage?

    6. Do you need a fenced in yard?

    7. What type(s) of flooring are you most interested in?

    8. Do you want modern kitchen and appliances?

    9. What would be your ideal floorplan (i.e two stories, one story, open floorplan)?

    10. How about a formal dining room or living room?

    11. Do you need neighborhoods within certain elementary, middle, or high school districts?

  4. PICK A REAL ESTATE AGENT

    Now that you’re well on your way, it’s time to consult a real estate agent. With your budget and desired list of “must-haves” your agent should be able to make recommendations around neighborhoods that suit your needs and will begin scheduling appointments. Congratulations! You’re on your way to homeownership

Whether you’re thinking about buying a home in the Atlanta real estate market or moving to town and looking for a rental, I’m happy to help! Get in touch today because it’s never too early to begin the discussion.

HOME BUYING, FIRST-TIME BUYERSOlivia Sekerak