# Adulting
Home Buying 101
By Rachel Roop
When I first started in real estate a little over three years ago , I couldn ’ t have told you up from down , and that ’ s okay . There ’ s a lot of levels to the process , but there ’ s a few key players that go into prepping for that next forever-ish home .
The most important place to begin your journey is with a lender . There are so many loan packages out there these days , and it is imperative to find one that fits your financial needs . Did y ’ all know that there is now a conventional loan that requires only three percent of your purchase price down ? This has been a game changer for some as it allows the removal of a monthly premium once a certain amount of payments have been met ! So for a $ 180,000 condo , you ’ d need a $ 5,400 down payment . Assuming you have a $ 250 HOA and four percent interest rate , you ’ d have your condo for roughly $ 1,150 ( not including tax & insurance ) per month , that ’ s less than most one bedrooms anywhere ! The more you put down , the less the monthly payment .
Second step is consulting to evaluate your timeline and location . The typical closing on a home takes about 45 days from the day you go under contract . I hear often “ I won ’ t be ready for another six months .” That is great to know your goal move date but actually finding where you want to be takes some time . I think it ’ s super important to do a market “ run through ” to get an idea of what ’ s available and gauge where your interests are . Very rarely do clients walk into their first round of homes and fall in love . If they did , my job would be a lot easier .
Location . Atlanta has seen some huge trends occurring over the past few years . Areas like Old Fourth Ward , Inman Park , East Atlanta Village and more “ Intown ” neighborhoods have become beyond desirable and have seen great appreciation ! Also , the condo market has grown drastically . Millenials love condos as they offer an ideal location without completely going house poor . Interesting enough , Atlanta ’ s condo market is currently at a one month ’ s supply of inventory . This means that if we sold every condo currently listed , they would all be sold within one month . This does not mean buying a condo becomes impossible , it just sometimes takes a little more waiting and strategic marketing to find the right one . Other OTP neighborhoods such as Smyrna , Alpharetta , and Woodstock have also had some positive developments that have created more enjoyable living opportunities with anticipation of further appreciation .
The above are only a few starting points to buying a home . I could ramble on about everything Atlanta , and welcome any questions or thoughts y ’ all may have ! If you ’ re considering making a move or just love talking real estate , I ’ d love to take you to coffee or lunch and hear more ! It ’ s never too early to ask questions and set goals !
Reveal | Q1 2017 26