Avoid These Common Mistakes When Buying Your First Home in Atlanta

If you’re ready to buy your first home, you’ll find plenty of wonderful opportunities in Atlanta. Shopping for a home is exciting, but you need to keep in mind that you’re entering one of the biggest transactions you’ll make in life. While checking out real estate for sale in Atlanta, it’s wise to be cautious and watch out for common mistakes that could turn your home buying journey into a nightmare.

Here are some of these mistakes:

1. Not getting pre-approval

Pre-approval has become an important part of the home buying process as most home sellers will only show their property to buyers with pre-approval. Pre-approval is proof that you have serious intent and are financially capable to buy a home.

Pre-approval can also cut the time you spend in searching for the right home. You can use the amount you’re pre-approved for in setting your budget and narrow your search only to homes that fall within this budget.

2. Not looking into hidden costs

Keep in mind that the cost of homeownership is more than just your monthly loan amortizations. You have to spend on utilities, furnishings, maintenance, and property taxes as well. You also need to check if the home you’re interested in comes with a homeowners’ association fee. Additionally, there are closing costs to think about, including inspection and appraisal fees, insurance costs, and broker’s fees.

Research into these details and make a realistic estimate of all your expenses. Then look into your financial situation and assess if you’re truly ready to become a homeowner.

3. Overlooking resale value

You will most likely want to sell your home in the future, perhaps to move to a bigger one or because of a job transfer, or for many other possible reasons. When it comes time to sell, you’d want to get a good price for the property and even make some profit from it. You’ll get a better chance if you choose a home with universal appeal. Consider the features that most homebuyers are looking for, such as a good location and a timeless style. A home with quirky architecture may be to your taste now, but it can be more difficult to sell in the future.

4. Making emotional decisions

It’s easy to get carried away by the excitement of finding your dream home, but don’t lose sight of your long term plans and your budget. Ideally, you should still have enough to save after your monthly amortizations and household expenses. You might also want to set aside a certain amount to do the things you love. And if you plan to move to a bigger home as your family grows, it’s probably best to start with a more modest home that’s a good match to your finances.

Need help in finding the perfect first home? Get in touch with us here or call us today at (404) 348-2373 or email [email protected].