Should you Buy your First Starter Home?

There’s so many good reasons to own the roof over your head rather than living under your parent’s roof or renting. For a first-time home buyer, saving for a new home can be one of the challenging and exciting chapters of your lives. But, many wonder what type of home they would like to purchase.

What is considered the right home for a first-time buyer? That depends on the person, it all comes down to what suits their lifestyle and income.

If you’re thinking about getting a starter home, here is some guidance to help you explore entry level housing options. 

The Starter Home

The term starter home is a small home that meets requirements for a first-time buyer with 2 or 3 bedrooms and possibly a garage. It’s something you’d be happy living in for around five years or so.

Whatever type of starter home you get, that home is generally priced at a reasonable price point.

It’s not just your mortgage payment that will be lower, your property taxes will be more manageable. Other expenses that you might not think about like electricity and gas will be less as well.

Everybody at some point in life should start at an entry-level home.

Tips for Buying a Starter Home 

Take time to research homes online to see what’s out there. You should make a list of features and narrow down the location you prefer. It’s good to set expectations and know what you want but remember you might have to compromise when looking for a starter home.

Don’t get carried away with falling in love with your first home, you want to do it based on knowledge and common sense. You especially don’t want to be caught over paying your monthly mortgage once you buy a home.

Not to mention, use a pre-approval letter from a mortgage lender in your area. A pre-approval letter will help eliminate disappointment and make the search for an affordable home easier. 

So, what’s your decision?

In the end, I believe it comes down to personal preference. Owning a home is the best thing that can happen. What is the right choice, for you?

Additionally, why not learn all about mortgage loans for first time buyers while saving for your house? If you want a full team of experts, we’re happy to help you make the best decision.

Please don’t hesitate to reach out to us for more details: 770-552-1000. We look forward to hearing from you!

When Should You Make an Offer on a Home?

Buying a home can be the most exciting part of your life. Let’s face it, buying a home is a huge deal. Too often, people rush into homeownership without realizing that a home can be overpriced.

What if you have found your dream home? You don’t want to lose this opportunity, yet you don’t want to over pay on your mortgage either. To be clear, it’s best to play your cards right when you make an offer.

Not sure where to start? Take a look at these 3 signs to determine when the time is right to make an offer. 

How long has the home been on the market?

It’s simple, supply and demand. It’s best to look around at the houses in the area that are similar and up for sale or recently sold. Once you do, check to see how long the houses stayed on the market. If it’s more than average, then you are in a buyer’s market. That might tell you that the seller has overpriced the home. However, it will be easier to negotiate at a better price since the house has been on the market for so long. 

When you’re not picky

Many people have a preference on how their future house should look. Others, maybe planning a full renovation no matter how the house looks. However, if the price is all that matters then you shouldn’t be afraid of throwing offers left and right. When you are searching for a home, go around every house and negotiate. Granted, you will eventually find a seller who is willing to compromise. 

When the Home is outdated

Trends comes and go, but when a home is completely outdated that’s when you swoop in with a low offer. So, how do you know when a home is outdated?

For instance, whether its flower’s or busy patterns, nothing makes a home look outdated quicker than wallpaper. Let’s not forget those wood wall panels. Or, if the house still has an old thermostat to control your home’s heating and cooling system.

If your home has any of these, your house is completely outdated. So, play your cards right and negotiate for a better deal. 

Bottom line, when you shop for a home, it really does help to do your homework and know the environment you are buying. Having enough information will help you submit an offer that meets the market value.

Find out if you can put your housing costs to work by buying this year! If you have any questions for us, don't hesitate to give us a call at 770-552-1000 or send us an email at skatz@vandykmortgage.com. We look forward to hearing from you soon!

Why You Need A Mortgage Pre-Approval

Are you starting the house hunting process to find a home and haven’t been approved yet for a mortgage loan? So, how do you know which type of loan is going to be the best for your situation? Getting pre-approved is the answer!

A mortgage pre-approval is a document that indicates how much of a loan you can get approved to borrow.

Let’s dig in a little further as to why you should get pre-approval before you shop for your dream home…

Potential Credit Problems

Usually first-time homebuyers are unsure what their credit score is. It’s common when buyers are unaware if they have a credit problem. When they get pre-approved, the buyer will be made aware if they have any issues their credit reports.

Many people don’t monitor their credit score and usually can have a credit error. Having a credit error removed can have a long process and sometimes it can take a couple months for it to get corrected. So, this can all be fix when getting it pre-approved.  

Eliminate Disappointment

Pre-approval letter will help eliminate disappointment and same goes for someone who is purchasing a home.

This happens because when the buyer is searching for a home with an agent, either of them wouldn’t know if the buyer can afford a house. This can possibly lead to a disappointment. Who knows, they would probably fell in love with the one and submit an offer. The next thing they know the buyer won’t be able to afford the house due to credit problems or other situations.

It’s very understanding when leaving the buyer heartbroken and disappointed! Here’s a thing, this can all be avoided once they get pre-approval before looking for a home. Don’t miss an opportunity looking for your dream home without getting it pre-approved. You don’t want to miss out! 

If you want a full team of experts, we’re happy to help you make the best decision. Please don’t hesitate to reach out to us, we look forward to hearing from you!