Moving to Athens

           
(706) 296-4395
  • Home
  • About Us
    • About Paul and Jerri
    • Team Members – Paul and Jerri Stracener
    • Testimonials
    • Recommended Local Professionals
  • Blog
  • Buyers
    • Posts just for Buyers
    • Tips for Buying a Home
  • Sellers
    • Posts just for Sellers
    • Tips for Selling a Home
    • Home Value
    • What are the costs involved when selling a home?
  • Contact Us

10 Ways to Prepare for Homeownership

October 29, 2014 by Jerri.Stracener Leave a Comment

DSCN20531

10 Ways to Prepare for Homeownership

 

  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2.  Develop your home wish list. Then, prioritize the features on your list.
  3.  Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4.  Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5.  Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
  7.  Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
  9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
  10.  Contact a REALTOR®. We have over 20 years of real estate experience in the Athens area and can help guide you through the process. Call Paul at 706-296-4394 or Jerri at 706-296-4395

 

 

 

Share this:

  • Facebook
  • LinkedIn
  • Twitter

Related

Filed Under: Oglethorpe County Tagged With: Athens, Athens Georgia Real Estate Blog, Barrow County, Bogart, closing costs, Home buying tips, homeownership, Jackson County, Madison County, Oconee County, University Of Georgia Athens

Leave a Reply Cancel reply

Paul & Jerri Stracener

Paul & Jerri have over 30 years combined experience in the Athens area real estate market, providing services beyond your expectations. Learn More...
PAUL & JERRI STRACENER
(706) 296-4395
           

Follow us on Facebook

Athens Homes and Lifestyle

Browse Available Homes

  • Athens
  • Bogart
  • Barrow County
  • Clarke County
  • Jackson County
  • Madison County
  • Oconee County
  • Oglethorpe County
  • University of Georgia Athens

Athens Homes for Sale, Clarke County Real Estate, Condos, Investment Properties and Relocation Assistance

Athens Georgia Real Estate

...another Fully Managed Custom Website by Mike Mueller Hi!
 

Loading Comments...