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1st Time Home Buyer ATL

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

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Don’t Make These Rookie Mistakes While Buying Your First Home

Buying your first home is a big and exciting step, to say the least. Just because you’re new to the process doesn’t mean you can’t do your research and be prepared. By doing so, you won’t make these rookie mistakes. 

1. Not knowing how much house you can afford

Before you get picky about countertops, have your finances in order. One of your first steps should be attaining mortgage pre-approval.

2. Assuming foreclosures are great deals

The old saying “too good to be true” often applies to foreclosures. First, decreases in home values can mean the house you’re getting isn’t the deal of the century you thought it was. Second, foreclosures are notorious for having repair issues, especially if they’ve been vacant for a while. It’s safest to proceed with caution.

3. Letting your true feelings show

As personal as homebuying is, don’t lose sight of the fact that it’s ultimately a formal transaction involving your money. Maintain a poker face to avoid being taken advantage of. 

4. Failing to find a good buyer’s agent

Find someone you trust, someone who has your best interests in mind, and knows what you’re looking for. 

5. Underestimating the costs of owning a home

Remember when you were a renter and you could call the landlord when the A/C broke and the toilet overflowed all on the same day last August? When it’s your house, it’s your responsibility. Don’t fail to take into account upkeep when calculating how much house you can afford, especially if it’s an older home. 

6. Failing to budget for property taxes

Budgeting in all aspects is important, especially when it comes to property taxes.

7. Assuming your first offer will be accepted

As much as we would hope for this to be true, we know that often times it isn’t.

8. Skipping the inspection

Looks can be deceiving.  That charming bungalow could be hiding some nasty surprises like structural issues or wiring that belongs in a museum.  The inspector is your friend, especially if he has bad news!

9. Doing too much too fast

So you’ve got the house and you’re ready to go full-on HGTV, tearing down walls and retiling the bathroom.  Have some patience. Live in the place for a year, figure out what you really want, and go from there. And don’t overextend your efforts thinking you’ll get it all back when it comes time to sell. 

10. Failing to include a contingency clause in the contract

A contingency clause protects you and the buyer in case all doesn’t go as planned.  Some of the more common ones are the house sale, subject-to-financing, and subject-to-inspection clauses.  If the contingency isn’t satisfied, your offer can be withdrawn or modified.

Posted in: Blog, Mortgage, Real Estate, Taxes Tagged: Contingency, finances, first time homebuyer, foreclosure, home buying, home value, inspection, mortgage, pre-approval, property taxes

Don’t Get Blindsided by Closing Costs

Have you ever decided to buy something, only to find out about additional costs at the end? The last thing you want is to be surprised by unexpected fees – especially at your closing. 

You’ve made your financial calculations. Extra charges at the eleventh hour could make all your plans go bust. 

But you can’t just skip the closing – that’s when the legal ownership is transferred. 

Want to avoid being blindsided at your closing? Here’s how to plan ahead for closing fees: 

What’s the deal with closing costs? 
Closing costs typically run about 2% to 5% of the purchase price and are paid to lenders, attorneys and other third parties. Buyers often have more closing costs than sellers because most fees are related to the new mortgage loan. 

Common closing costs for buyers:

  • Loan processing fees
  • Home appraisal and inspection fees
  • Property taxes 

Common closing costs for sellers:

  • Mortgage payoff fees 
  • Title transfer fees
  • Attorney fees for handling the closing

How can you lower the costs?
After applying for a mortgage, you’ll receive a Loan Estimate from the lender. It summarizes the loan terms, such as the loan amount, interest rate and all closing costs. Comparing Loan Estimates from different lenders is important. 

Page 2 of the Loan Estimate also details the services you can shop around for, such as surveys, appraisals and title searches. 

Are closing costs ever negotiable? 
Yes. A seller or buyer sometimes agrees to pay part or all of the other party’s closing costs. This is something we can negotiate into the purchase agreement.

As for paying the closing costs? Some lenders will allow you to roll the cost into your mortgage. However, you’ll pay interest on it for the life of the loan. Paying cash upfront is a smarter option if you have the funds available. 

Have more questions about closing on a home? Or are you ready to get your home search started? Reach out today.

Posted in: Blog, Real Estate Tagged: attorney fees, closing, closing costs, home appraisal, inspection fees, loan, loan estimate, mortgage, mortgage loan, mortgage payoff fees, property taxes, purchase price, title transfer fees

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

What if you want to keep the seller’s furniture?

What if you want to keep the seller's furniture?_Milla Atlanta Real Estate

When you buy a pre-owned home, do you know what will come with the house? Do you get to keep all the appliances, the art on the walls or the outdoor pizza oven on the patio?

Determining what will stay with the home and what will go with the previous owner will vary by seller and contract. Here’s how to determine what conveys with the home you’re considering, as well as tips to safeguard yourself when negotiating those extra items.

1. Check the listing. Start at square one and look at the original listing. Hopefully, the seller specified the items included in their home’s asking price.

2. Know the screwdriver rule. For the most part, if it takes a screwdriver to remove, it’s considered a part of the home. This includes shelves, light fixtures, and even curtain rods. But, if it’s hung on a nail, it’s removable and likely not included in the sale.

3. Negotiate with the seller. If there’s something you’re interested in that isn’t part of the listing, we can negotiate with the seller.

4. Talk to your lender. If the seller agrees to include big-ticket items, you’ll want to tell your mortgage lender. Depending on the type of loan you have, it could affect the appraisal or change the value of the property.

So, unless the seller specified the washer and dryer in the listing, you should assume they’re not included. As for the pizza oven? If it’s built into the patio, it’s probably already built into the listing price.

Have more questions about what’s included with a home? Get in touch today.

Posted in: Blog, Featured Blog Posts, Real Estate Tagged: asking price, atlanta, contract, first time homebuyer, furniture, housing market, lender, listing, millennials, mortgage, negotiation, pre-owned home, Real Estate, seller

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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
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MillaMurad@gmail.com
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