It's the start of a new decade in a new year, the very first Monday of 2020. It's time to get started on those New Year goals. Is home ownership on your list for 2020? Peggy Slappey Properties is here to help!
Identify Why You Want to Move.
Do you need more space? Less? Are you living with family and simply ready to move into your own home? Some people move because they want fewer neighbors, some because they like the security of having more neighbors nearby. Maybe you don't like the school district where you now live. Perhaps you need to be closer to a family member. Each element of why you want to move plays a big part in how your home search will begin, where you'll start looking, and how much you can expect to pay.
Evaluate Your Finances.
If you don't have money in the bank, now is the time to start saving. While there are down payment assistance programs available, not every buyer will qualify for one. Most conventional loans require a 20% down payment. One great way to save is to compute your estimated monthly payment (you can do that HERE), and put that amount in the bank each month. You'll be "practicing" making a mortgage payment while paying yourself!
Now is a good time to check your credit score, too. If it needs work, consult with a credit repair specialist. They can tell you which debt to pay down first and recommend lines of credit to open to raise your score. Remember, if you are looking to buy a new home, now is NOT the time to purchase a new car, finance new furniture, or change jobs. Lenders will want to see job security, steady payments made on time, and no new lines of credit.
Narrow your list of must-haves.
Be prepared with a SHORT list of must-haves before you start attending open houses and scheduling showings. Your list should include only the items you feel unable to compromise on, like location, number of bedrooms/bathrooms, or acreage. Remember that all finishes can be changed later to better suit your personality and style. Don't get hung up on the paint color!
Speak to a qualified lending expert, like Sylvia Taylor at The Taylor Team, to find out exactly how much house you can afford based on your savings, debt, income, and credit history. With a pre-approval letter in hand, you are automatically a more qualified (and informed) buyer than those who have not completed this crucial step.
Work with a REALTOR.
Rule #1 of a New Home 2020 Resolution: Hire a qualified, knowledgeable REALTOR to help in your home search and navigate the negotiation process once you decide to make an offer. Real estate transactions involve inspections, counter-offers, appraisals, repairs, and plenty of legal documents that must be executed correctly. Get advice you can count on throughout the process by hiring a professional that knows the business.
The New Year brings with it such promise and hope. If a new home is part of your goals this year, Peggy Slappey Properties would be honored to help you get there! Call us at 770-271-5555 to connect with an agent in your area.
Peggy Slappey Properties, Inc. is a Metro Atlanta real estate brokerage with over 35 years of experience in real estate sales and marketing. From new home construction to resales, we can help you find the home of your dreams. To see our current listings, visit www.psponline.com and call us for expert advice at 770-271-5555. Keep up to date with the latest PSP events and offers by checking in on Facebook at https://www.facebook.com/peggyslappeyproperties and on Twitter at https://twitter.com/psponline.