Things to know before you buy!

1. Get a Realtor. Buying a home is the single largest purchase most of us will ever make, and it can be a complicated and intimidating process. A real estate agent has years of experience & training, and she can help guide you through the process, lead you to informed decisions, and look out for your best interests. As a buyer, an agent costs you nothing, but not having one can cost you quite a bit. Beware of contacting the listing agent on a house you are interested in – that agent will gladly show you the property but is, by law, always representing the seller and their best interest, NOT yours.
2. Get pre-qualified. Your first step after finding a real estate agent you trust is to speak with a loan officer and get pre-qualified for a mortgage. This is where the excellent credit you have been building will come into play. The lender will tell you what type of loans you qualify for and how much house you can afford so that you and your agent know what price range to be looking in. Be aware that you will often qualify for more house than you can actually reasonably afford, which is why it is important to have a good budget in place so you know what size monthly payment you are comfortable with.
3. There is no perfect house. Make a list of the things you want in a house and then prioritize them. No house is going to have every single item you want, so you need to decide what the true Must Haves are that you will not compromise on. Often this list changes as you start to actually go out and look at houses, and a good Realtor will help you define & focus your list as you go.
4. Be realistic. While we all may want a 4 bedroom, 3 bath home in Virginia Highlands with a full finished basement and big yard, chances are that is out of the price range of a first-time buyer. Most people own their first home for 3-5 years, so this first home doesn’t need to necessarily meet your long-term goals of being able to have all the potential future kids & grandkids home for the holidays, or including a custom, state-of-the-art home theater room in the basement.
5. Keep an open mind. There are probably dozens (if not hundreds) of neighborhoods in the Atlanta area that you don’t even know exist but which may meet your needs perfectly. And although you may have always dreamt of that cute little bungalow, you may find that the nice ranch down the street actually fits your criteria even better.
6. Take your time, but act quickly once you make a decision. This is the largest purchase you have ever made. Take the time to look at all the options & carefully consider every point. But once you have found something that fits your needs & that you like, time is of the essence. There is nothing as disappointing as having your dream house go under contract to someone else while you took a few more days to think it over. If your agent tells you this is the best option on the market for what you are looking for, believe them.
7. Location, Location, Location! This is a cliché because it is true. The one variable you cannot change in a home once you buy it is the location. Everything else can be altered. An outdated kitchen should not be a deal breaker, but being situated on a busy 4-lane road probably should. Nothing affects the value of a property more than its location, so consider this carefully and look to your real estate agent to provide guidance on this as it pertains to both your quality of life and your future investment.
8. What’s here today may not be available tomorrow. Oftentimes people wait to buy in order to save up more money towards a down payment (or for a myriad of other reasons), but by the time they feel ready, the houses they were looking at are now out of their price range due to increased property values. You certainly don’t want to rush into anything, but you also don’t want to miss a good opportunity. Talk through any fears or concerns you have with your Realtor…a good one will let you know if it is better to move forward now or wait it out. Every situation is different.
9. Speaking of down payments, you don’t necessarily have to have one! When our parents bought their homes, they were required to put down a 20% down payment. This is no longer true and in many cases you would not have to put any money down at all, which is why it is smarter to use that money to pay down bad debt rather than save for a down payment. However, keep in mind that the larger a down payment you choose to make, the greater amount of equity you have from the outset.