Getting our first home was so exciting. All we could think about was, the Bigger the Better. When we first decided to buy a home, We were living in a two bedroom apartment. At that time, we only had
WHAT TO AVOID BEFORE YOU BUY
Even with the help of a trusted real estate professional, it’s easy to fall into some common traps when you’re buying a home. Here are some of the most common regrets from home buyers—make sure to consider them before you make similar decisions.
*Using all of your savings *
It can be tempting to throw all the cash you have into your down payment so that you can have a lower monthly payment. But keep in mind that there are several other costs on the horizon—closing costs, inspection, and more. There will also be surprise repairs, taxes, and home maintenance. It’s a good idea to keep some cash in reserve for hidden or unexpected costs.
Borrowing the full amount offered
Banks will often offer a bigger loan than you can comfortably afford. You may be able to pay the mortgage, but it’ll really tighten your budget. A good rule of thumb is to only take 80% of what’s offered. That’ll give you a lot more flexibility in the long term.
Assuming you’ll like the neighbors
Your neighborhood is part of the package when you buy a home, so it’s important to learn about your next door neighbors. Make an effort to do a little homework on the neighbors, and their history with pets, home maintenance, and general behavior. You don’t want to be stuck living next to someone who is rude or inconsiderate.
Thinking short term with your loan
An ARM with low introductory rate and mortgage payment can be attractive. It’s easy to think “I’ll be making more money when the rate gets adjusted.” But life can throw you some surprises, and there’s great security in knowing that your payment will be consistent for 15 or 30 years. If possible, go for the fixed-rate mortgage.
Acworth | Alpharetta | Atlanta | Austell | Avondale Estates | Ball Ground | Berkeley Lake | Big Canoe | Braselton | Brookhaven | Buckhead | Buford | Canton | Carrollton | Cartersville | Cave Spring | Cedartown | Chamblee | Chattahoochee Hills | Clarkston | Cleveland | College Park | Commerce | Conley | Conyers | Covington | Cumming | Dacula | Dahlonega | Dallas | Dawsonville | Decatur | Doraville | Douglasville | Duluth | Dunwoody | East Point | Ellenwood | Fairburn | Fayetteville | Flowery Branch | Forest Park | Gainesville | Grayson | Hampton | Hapeville | Hiram | Jasper | Johns Creek | Jonesboro | Kennesaw | Lawrenceville | Lilburn | Lithia Springs | Lithonia | Locust Grove | Loganville | Mableton | Marietta | Mcdonough | Milton | Newnan | Peachtree City | Peachtree Corners | Powder Springs | Riverdale | Rockmart | Rome | Roswell | Sandy Springs | Savannah | Smyrna | Snellville | Social Circle | Statham | Stockbridge | Stone Mountain | Sugar Hill | Suwanee | Talking Rock | Tucker | Union City | Villa Rica | Waleska | White | Winder | Woodstock | Zebulon
Hi, I'm John Thomas, and I am a full-time/full-service Realtor® at eXp Realty in Atlanta Georgia. I was born in Chicago, grew up in Elmhurst. I attended York High School and Loras College. I have a B....
Latest Blog Posts
You got an amazing deal on your home, in part because the master bathroom was kind of really outdated. The wallpaper says it all — and that pink toilet, oh boy. You are so ready to do