Known for its affordable standard of living, excellent neighborhoods, and cheaper home prices, Atlanta is one of the most sought-after areas for individuals looking to purchase a home. If you are looking to switch from renting to buying your first or subsequent home in the King Peach area, below are 7 things you must consider before making such a big buying move.
1. Location of the House
This is the most important aspect of buying a home, especially in Atlanta. Often, buyers are more concerned about the house itself and not the location of the house. The reality is that you can change the building design but not the location of the house.
Before deciding on the house and its location, ask yourself the following questions.
· Is it a safe neighborhood with a low crime rate?
· What is the daily commute to work or school?
· Is the cost of living in the area affordable?
· What is the future of the location in five years?
When buying a house especially if it’s your first home, you should evaluate the location of your potential home. Choose a location that meets your economic, personal, and family needs.
2. Size of the Home
If you’re looking to buy a house in Atlanta, chances are that you are thinking of settling down with your family or looking to build a family. The size of the home or its floor plan is one of the most important factors to consider when making your decision.
A larger home will be able to accommodate your existing or potential family size plus your extended family. However, a bigger home size may increase the price of your mortgage and your monthly utility payments.
3. Electrical Systems
It is common for most first-time homebuyers to purchase a home just because they love the neighborhood or its proximity to metro areas. If you are buying a home in Atlanta, you should do a proper inspection of the house electrical system. Hire a home inspector to find out the quality of the electrical cables, electrical sockets, and the capability of the home electrical systems.
Inspecting the house electrical system of your potential home will not only protect you and your family from future disasters but also save you from buying a money pit.
4. The Quality of the Roof
Just like any other home appliances, roofs have a specified lifespan depending on its material quality and type. On average, a roof is expected to last at least 15 years when properly cared for. Before buying a house in Atlanta, request that an inspector check out the present quality and type of roof installed. Inspecting the roof quality of your potential home will help you avoid roof repairs or replacement expenses after purchasing the house.
5. Structural Defects
While no house is perfect, you shouldn’t purchase a home with visible structural defects or problems. If you purchase a house with structural issues knowing or unknowingly, you’ll end up spending lots of money and time trying to fix it. Find out everything you need to know about the building structure.
Inspect the gutters, interior walls, roof, windows/door frames, foundation, floors, and other structural components. If you discover bulging interior walls, cracks in the foundation, sagging floors, and sticking door or window frames, then its best you walk away from the deal or negotiate on a lower price that allows you to cover the additional cost of repairs.
6. Your Financial Standing
Buying a home especially in Atlanta requires a serious financial commitment. Before buying a home in Atlanta, you should consider fixing your credit score, reduce your debt-to-income ratio, and save up for downpayment, appraisal, home inspections, and closing costs.
If you’re considering using a mortgage, you should speak to several lenders to find out how much home you can afford based on your financial standing. On average, you may have to spend between 5-20% of the home purchase price on out of pocket expenses.
7. Your Long-Term Plans
What are your personal, financial, and family plans in the next 5-10 years? You should evaluate your motivation before buying a house in Atlanta especially if it is your first home purchase. Your long-term plans will help you decide if you should purchase a house, home price, size of the house, location, and even the house design.
Final Thoughts
Buying a house in Atlanta is most likely one of the biggest financial decisions you will make in your lifetime. It is important that you get it right the first time instead of getting stuck with a money pit, terrible neighborhood, or an expensive mortgage.
When buying a home in Atlanta, you should endeavor to hire a local real estate company to help you with the buying process. Working with a local real estate agent will help you save money, time, and get you the best property deal.
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