Tuesday, September 6, 2011

When is the Right Time to Purchase your First Piece of Atlanta Real Estate?

The price of homes for sale in Atlanta along with mortgage rates are at the lowest levels in years, could this be the right time to make a purchase?

Owning a home is undoubtedly one of the biggest investments most people will ever make. However, it may also be one of the best decisions ever made, both in terms of finances and security.

Aside from being financially prepared to purchase a home, you may consider other factors as well when deciding whether purchasing a home should be in your near future.
  • Make a check payable to your future.  Instead of a writing a rent check to a landlord each month, you can instead invest your money in a strong, long-term home investment. Some individuals look to owning a home simply because they want their money to start working for them, instead of essentially throwing it away in rent.
  • Evaluate the tax advantages.  Think in terms of tax deductions when considering the financial aspects of purchasing a home. Most homeowners itemize their home deductions on their tax returns and deduct such things as home mortgage insurance, property real estate taxes, state income taxes, personal property taxes and even moving expenses.
  • Consider all the financial aspects.  Don’t just consider the cost of the home when considering your monthly budget and whether you will come out ahead by buying instead of renting. In other words, compare not only the principal and interest on the loan, but also such things as homeowner’s insurance, taxes, and in some cases, private mortgage insurance.
  • Calculate all buying costs.  When considering your costs, don’t forget to also factor in closing costs, related fees like the title insurance fee, the survey, the loan origination fee, attorney fees, and even points on the loan.
  • Make room for repair and maintenance.  Your monthly household budget, as a homeowner, will also include maintenance and repair on the home.  It may also include costs associated with updating or remodeling the home to best suit your needs and wants.
  • Enjoy long-term equity.  Don’t forget the beauty of long-term equity when determining if owning a home is right for you.  Although the economy over the last few years has left many people in precarious situations regarding their homes, the truth is that owning a home is still one of the best financial decisions you can make. In addition, lenders have dramatically changed their lending requirements from the real estate boom and bust, which means your loan terms for a new home should be decidedly more conservative.
To speak with a professional Atlanta Realtor, contact Tina Fountain Realtors at 404-842-1555