Navigating the path to homeownership can seem overwhelming at the very beginning. It is hard to know all the steps, how long the process takes, what are the pitfalls, and how much it will cost. It is crucial for you to create your personalized homeownership plan now, complete with checklists and deadlines so that you have a roadmap for this process. Here are five things to consider when formalizing your plan.
First, what is your timeframe – When would you like to be in your new home? Are you currently in a lease that expires soon, and you don’t want to renew it? Setting a deadline to purchase helps you stay focused and on track.
Second, take time to assess your financial situation- What is the state of your savings? Do you have enough for a down payment, closing costs, and inspections? Have you pulled your credit report recently? Is the report accurate? Purchasing a home will probably be the most expensive thing that you will do in your life. You have to be prepared financially.
Third, do you know where you want to live? - Metro Atlanta has 29 counties and extends over 8,000 miles. You will have to narrow down the county and city (cities) that you want to live in before you begin your home search. Each county and city is different, and the prices of homes vary within the counties. Take time to think about your preferred areas so that you can begin to research them.
Fourth, begin to increase your savings- You will need to have money saved for down payment, closing costs, earnest money, inspections, and moving expenses. While there are programs available to offset some of these costs, you still need to be prepared financially to purchase a home. Increasing your savings will require that you cut back spending in other areas and not overextend your credit.
Finally, take a homeownership class - Taking a homeownership workshop will educate you on the purchase process. You will hear from industry professionals on the current trends. You will also have an opportunity to have your questions answered. Even if you have previously attended a class, trends change. Now is the time to get updated.
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