It would be nice if houses available for sale in Atlanta came with price tags, so that all prospective homebuyers could easily find the right home for their needs and budget. But unfortunately, the real estate market doesn’t work this way. In fact, negotiating the price of a home and finding out if it suits your housing budget remains one of the most overwhelming aspects of the home-buying process.
So, if you are willing to turn your dream of owning a home into reality, but are unsure about the costs of buying a home in Atlanta, this article is for you. It lists down all the homeownership costs you should expect to bear in your home-buying endeavor.
The Down Payment
This is perhaps the biggest hurdle in the way of home ownership that you will have to overcome. In most cases, down payment is equal to 20 percent of the selling price of the home. The rest is paid back in monthly mortgage payments. There are more affordable options available as well that require a down payment of as little as 3 to 5 percent. FHA and VA loans are the examples of such mortgages.
Closing Costs
Most homebuyers tend to overlook the closing costs. To find out how much you would be required to pay at the closing stage, read the fine print of the Sales Agreement. Knowing closing costs beforehand will offer you an opportunity to negotiate for a lower cost.
The Mortgage
This is one of the on-going expenses associated with homeownership. Think of this as monthly rental payments. When shopping for a mortgage loan, make sure that you pay special attention to the premium charged and the total length of repayment.
Mortgage loans that are to be repaid over a longer period of time may look affordable because of their smaller monthly payments, but in the long-run, they can cost you a big chunk of money. So, it’s better to work with an experienced real estate agent who can help you understand various options and choose the best one of them.
Miscellaneous Costs
Owning a home is almost everyone’s dream, but very few of us know that homeownership is associated with a number of responsibilities. As a homeowner, you will not only be required to bear the occasional repair and maintenance expenses, but also pay association fees, particularly if you own a condominium.
So, if you are ready to kick-start your home-buying journey, make sure that you have considered all the associated costs and have arranged the required financing. If you are interested in learning about home-buying in detail, you may contact me on my website. To get more tips about home buying and selling, please visit my blogs on Luther Ragsdale.com and Platinum Real Estate.