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10 Ways to Prepare for Homeownership

by Zac Pasmanick - The Zac Team @ RE/MAX Metro Atlant

 

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®. Find an experienced REALTOR® who can help guide you through the process.

 

 

 

We at The Zac Team will help you and guide you throughout the entire process w/out the stress!Contact us NOW!

 

 

Protect Yourself When Buying a Home

by Zac Pasmanick - The Zac Team @ RE/MAX Metro Atlant

Protect Yourself When Buying a Home

There are few things in life as exciting as buying a home. However, since homes are one of the largest purchases most of us will ever make, buyers should take reasonable steps to protect themselves in the home buying process.

Below are 10 general suggestions on how buyers can do this:

  1. Read and keep a copy of any signed contract
  2. Have the home inspected by a professional home inspector.
  3. Inspect the neighborhood in which the home is located.
  4. Have the home inspected for termites and other wood destroying organisms and obtain an official Georgia Wood Infestation Report that can only be prepared by a licensed pest control company.
  5. Thoroughly investigate the property.
  6. Get a survey of the property.
  7. Make sure that an undeveloped lot can be developed.
  8. Buy an Owner’s Title Insurance Policy. An owner’s title insurance policy protects the buyer if a pre-existing title problem is discovered after the closing.
  9. Consider Purchasing a Home Warranty.
  10. Choose a REALTOR®. Not all licensed real estate salespersons (or brokers) are REALTORS®. REALTORS® agree to abide by a Code of Ethics in their dealings with buyers and sellers. REALTORS® are members of the National Association of REALTORS® and participate in a local Board of REALTORS®.

On Saturday and Sunday, April 20-21, 2013 REALTORS® across the nation will be holding homes open for buyers to see.  This unique weekend offers buyers an opportunity to visit not one, but multiple homes for sale on a street, in a neighborhood, or throughout the city.  REALTORS® in Atlanta will be on hand at these homes to not only show buyers around the house, but to talk about the local real estate market, trends they are seeing in the area, and to discuss the value of home ownership. 

This event offers buyers the chance to see REALTORS® in action. Open House Weekend is a fantastic way for buyers to find an approachable, knowledgeable expert that can help them navigate the home purchasing process.

Please contact your local REALTOR® to learn more details about this exciting event that only happens once a year.  Want to find an Atlanta Board of REALTORS® Member?  Visit www.ABR.org to search for a REALTOR® in your area.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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