Being a first-time homebuyer in Georgia can be challenging. You’ll want to find your perfect dream home but depending on the area of the state you’re living you will more than likely be faced with the difficult task of creating and staying within a budget. For that to happen, any Georgia first-time homebuyer needs to compromise on a few smaller things to find a home that doesn’t break the bank—but still lives up to your dreams.
Georgia First-Time Home Buyer Tips
A house is one of the most expensive items you’ll ever buy, and if you’re at the point in your life where you’re considering buying your first home then you’ve probably considered the necessary features. You don’t want to miss out on the amenities you need, but by thinking about long-term financial goals and assessing your budget, you can get the perfect home for you without going over your budget.
Consider the Size
Knowing the necessary size you need is important. Do you plan on growing your family? Do you have teenagers moving out in the next few years? If you’re flexible with the size, you can save a lot of money by not getting as large of a house. Perhaps the children can share a bedroom, or a dining room can be used as an office.
Be Open to Different Locations
Location is a key factor in the price of a house. Attractive streets, good school, low crime are all considered desirable aspects of a good neighborhood so the price will be a reflection of that. If homes in an expensive neighborhood are out of your price range, consider looking in another neighborhood close by that could turn into an up-and-coming great neighborhood in the next few years.
Avoid Bidding Wars
Sometimes you find the perfect house, make a solid offer, and then your realtor calls to inform you that the seller has multiple offers. To win a bidding war, you often have to increase your offer. If you can stay in your budget, this isn’t necessarily a bad thing. However, bidding wars can get out of hand. Decide how much you’re willing to spend on a house in advance and be willing to walk away if the price increases.
Don’t Be Afraid of Home Improvements
One of the easiest ways to save money when buying a house is to purchase one that needs a little work done. If you see a home that may not have all the perfect modern amenities and needs a new carpet and paint, try to look at the potential. You can always replace flooring, add new paint, and update appliances to get the home you truly desire.
Get Preapproved for a Loan
One of the most important steps to stay within your budget is getting prequalified for a mortgage. Once you’re prequalified, you’ll have a better idea of the mortgage amount you qualify for. You’ll also know how much interest you’ll need to pay each month along with how much your monthly mortgage will cost you.
At BrightPath, we can help you find the right mortgage so you can get that dream home you’ve always wanted while staying within your budget. Buying a home you love doesn’t have to be impossible.
Visit our website today or call us at 888-222-6003 to learn more about the different mortgage options available to help you find that home you’ve always wanted.