Now is a great time to consider buying your first home, moving up to a bigger home, and/or purchasing your dream home because of the current market. You must make preparations, though, in order to make these goals a reality.
Start Saving: Once you have committed to the idea of buying a home, start putting away money and cutting back where you can. This may mean a few less dinners out, but getting started on saving towards a down payment will help you in the long run. Make owning your own home a priority. The majority of lenders want to see you put up at least a portion of the money used in buying a property.
Keep your credit clean: Your credit rating will be playing a big part in how much a lender will let you borrow and IF they will let you borrow. Make it a point to pay your bills on time. Now may also be a good time to pay down some debt if possible, but do not close the accounts. Closing an account can actually hurt your credit score according to some experts.
Look for starter homes and bargains: If a first-time home buyer, this home will probably not be your dream home, but it is an important step on getting you there. Your first home will start you on the equity-building path that leads to your future purchases. Condos, townhouses, and duplexes are often much less expensive than detached housing and buying one in a good area can serve as a good stepping stone. Likewise a bargain home in a good area that needs fixing up can be a good trade up in a few years if you are willing to give the fixer upper home the attention it needs.
Atlanta Housing Source would welcome the opportunity to work with you in finding the perfect home to fit your current needs in Gwinnett, Cobb, Forsyth, and North Fulton. Contact Mark Lackey at 404-886-8789.