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1st Time Home Buyer ATL

Milla Murad | Realtor® | Real Estate | Atlanta | Georgia

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    • Testimonials
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    • HomeBuyerGuides
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What to Expect From a Home Inspection

While scheduling a home inspection can sound daunting, it is a very important step when purchasing a home. As a first time homebuyer, you may not know what to expect. 

Here are some tips for first-time homebuyers about to embark on their first-ever home inspection:

Show up. You need to be present for the entire inspection, as do any co-buyers (e.g., spouse) and your real estate agent if possible. Being present allows the inspector to point out in person any specific flaws or issues with the property and explain what steps must be taken to correct the problem. You can also ask questions about items while the inspection’s in progress. For example, if the inspector finds an aging hot water heater, you can then ask how many years it has left and what it’s going to cost you to replace it. These kinds of tidbits are invaluable, especially for first-time homebuyers.

Know what’s included. Take an inspection checklist with you to ensure that all items are assessed or addressed. Specialized inspections for things like mold and carbon monoxide are considered to fall outside the scope of a standard home inspection, so if you think stuff like this could be an issue for your property, definitely arrange for these additional inspections.

Come prepared. I brought my camera, a tape measure, and a pen and notebook along with me to my inspection, and I’m really glad I did. I was able to sketch out the floor plan, take measurements of various rooms and spaces, make additional notes, and take photos of everything to tie it all together.

Don’t be afraid to ask questions. Ask as many questions as you want during the inspection–after all, you’re paying for the inspector’s time! A good inspector should welcome questions and will be happy to give you the details you need. Remember that they’re the expert and you’re the novice and that it’s OK if you don’t understand their terminology or know what they’re talking about; this is one time when pretending you’re an expert can actually hurt you in the end. If you have any specific questions or concerns about the property or particular items on the checklist, come up with a list of those beforehand and bring it along with you to the inspection.

Read the fine print. That long, boring report that the inspector sends you after the fact? It’s not a souvenir to remember him by. Set aside some time with no distractions to go through the report from start to finish. Make whatever notes you need to, and feel free to call the inspector to follow-up on items that need clarification.

Posted in: Blog, Real Estate Tagged: carbon monoxide, first time homebuyer, Home Inspection, home purchase, inspection, inspector, mold, realtor

Identifying if a fixer-upper is cost efficient

TV shows make finding a profitable fixer-upper seem easy. But in the real world, there are real challenges and decisions to be made.  

Identifying if a fixer upper is cost efficient - 1st Time Homebuyer Atlanta

Whether you’re buying an investment property or a starter home for your family, there are dozens of factors to consider. How much will it cost to renovate? Are home values rising or falling in the neighborhood? How in-demand is the area? 

Want to make sure your purchase isn’t a money pit? Ask yourself these four questions:

1. Does it have good bones?

We want to avoid expensive repairs that would eat into your bottom line. It’s vital to have structural elements like the roof, foundation, plumbing, electrical and HVAC system inspected. 

2. Is the price comparable to the area? 

The property may come at a fixer-upper price, but how does it compare to others in the area? Let’s also take a look at new developments or zoning laws that could influence future home values.

3. Does it need special inspections?

Fixer-uppers need to go beyond standard inspections. Things like sewer lines, septic systems and pools age with the property, so it’s important to have each evaluated. 

4. What does your contractor think?

Bringing a contractor on board early is essential when creating your renovation budget. We need to estimate the cost of any aesthetic changes or upgrades to avoid overimproving the home.

Remember, it’s not just the sticker price you want to consider when buying a fixer-upper, but the cost of the entire project. 

Do you need help finding the fixer-upper of your dreams?

Together, we can evaluate the purchase price, factor in repair costs and determine the future resale value of the home. 

If you’ve already got your eye on a fixer-upper, or want help finding a contractor in our area, get in touch today.

Posted in: Blog, Real Estate Tagged: contractor, cost efficient, electrical, expensive repair, fixer-upper, foundation, home purchase, HVAC system, inspection, investment, investment property, neighborhood, plumbing, renovate, roof, septic system, sewer lines, structural element, zoning laws

How can contingencies protect you?

How to Safeguard this Big Investment

How can contingencies protect you? - 1st Time Homebuyer ATL

Purchasing a home is one of the largest financial commitments you’ll ever make, and it’s understandable to want to protect your investment throughout the purchase process. When you’re ready to make an offer on a home, adding a contingency to your contract can give you time to assess the property and feel confident that it is a sound investment. 

Here are five contingencies that can safeguard your investment: 

A financing contingency ensures you’re not on the hook if something goes awry with your loan. If you’re unable to secure a mortgage or the terms and conditions change significantly during the contingency period, you can back out without any penalties.

An inspection contingency gives you a set time frame to have a professional home inspection done on the property. Should issues be found, you can negotiate with the seller to make repairs or adjust the sales price to account for the home’s condition.

An appraisal contingency protects you if an appraisal comes in below the sales price. When this happens, it’s up to you to make up the difference, either by securing additional financing, paying it out of pocket or renegotiating the deal. If none of these methods work, the contingency allows you to back out without losing your earnest money.

A home sale contingency is crucial if you’re selling an existing home while buying a new one. Essentially, it says your purchase relies on your ability to sell your current home by a specific date. If you haven’t accepted an offer in that period, you can withdraw and get your earnest money back.

An occupancy contingency protects you should you need to move into your new home by a specific time. It gives you possession of the home on the date you specify.

It’s no secret that today’s housing market is a competitive one, and bidding wars can be intimidating. Get in touch today to ensure that your bid stands out and your investment is protected. 

Posted in: Blog Tagged: appraisal contingency, Contingency, contract, financing, home loan, home purchase, home sale contingency, inspection contingency, investment, loan, occupancy contingency

5 Ways to Use Your Refund Toward a Home

5 Ways to Use Your Refund Toward a Home- 1st Time Homebuyer ATL

Who doesn’t love getting a tax refund? 

It’s exciting to know that your bank balance will get a boost. But remember, a refund isn’t a bonus — it’s your hard-earned money, which is why you should make the most of it. 

If you’re thinking of buying a new home this year — whether it’s your first home or the one you plan to retire in -­financial planning is critical. 

Expecting a refund? Make a bigger impact on your home purchase with these tips: 

1. Lower Your Mortgage Rate: Did you know you can pay “points” up front to lower the interest rate of your mortgage? If you plan to stay in your home for a long time, this could result in significant savings over the life of your loan.

2. Pay Closing Costs: Closing costs average about 2 to 5 percent of the purchase price. Many buyers roll it into their mortgage and pay it off over the life of the loan. But you could use your refund to pay it up front and avoid paying interest.

3. Save for a Down Payment: In some cases, your refund could cover your entire down payment. Some loans only require 3 percent down, so this is more realistic than you might think.

4. Boost Your Credit Score: Paying down your debts can have a significant impact on your credit score and the mortgage rate you’ll qualify for.

5. Renovate or Update Appliances: Many buyers are tempted to open a line of credit to pay for these purchases, but that could negatively impact your mortgage loan. Using your refund is the smarter move.Remember, a tax refund is only one factor to consider in your homebuying budget. Get in touch today for a referral to a financial planner or mortgage lender if you need help preparing your budget. Let’s work together to plan your path to homeownership. 

Posted in: Blog, Mortgage, Real Estate, Taxes Tagged: closing costs, down payment, home buyer, home purchase, Income Tax Refund, mortgage, mortgage rate, refund, renovation

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Milla made our first time home buying experience easy! Milla's knowledge of the market and her home buying steps simplified the process. Thank you Milla!

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FROM OUR BLOG

4 Tips for Decorating a Small Space

4 Tips for Decorating a Small Space

Whether it’s a cramped bedroom or an office nook, many homes have a small room that’s difficult to decorate.  Do you wish you could add more charm without forgoing square footage? Well, just because your space is limited, it doesn’t mean your style has to be.  Make your tiny area more usable and trendy with […]

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Milla Murad, Realtor® Village Realty 3423 Piedmont RD NE ATL,GA 30305
O: 404-965-4080
404-268-5565
MillaMurad@gmail.com
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