Posts Tagged ‘first time home buyer’

Millennial First Time Home Buyers in the Greater Athens Area

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Millennials Search for Unconventional Down Payment Funds, but at What Cost?

We’ve had several questions from customers recently about unconventional down payment funds, and wanted to share this information with you to potentially help you out! Interested in looking for your first home in the greater Athens area? Submit a request for contact or give us a call today! We’d be happy to walk you through the first time home buyer process and know what to plan on throughout the process!

Information and photo via Keller Williams

By Liz Dominguez decorative image Millennials meeting with REALTOR Rising home prices are standing in the way of millennials who want to buy their first home; however, these challenges are being overcome via some unconventional methods. Millennials are getting creative and finding sources for their down payment by any means necessary. But are these methods hurting the millennial generation financially?

Borrowing from family: Sure, gifted money doesn’t sound bad. But what if the families don’t have the cash to give? Instead, buyers are asking that their parents’ home be refinanced, using the home equity as a way to fund their own home purchase.

Of course, this can be beneficial in multiple-offer situations to get a competitive edge with an all-cash offer, but borrowing from a relative can go south fast. Not being able to pay a bank back can have repercussions like lowering a credit score, but missed payments to a relative can damage familial relations. Is it worth the risk?

Crowdfunding: There are new crowdfunding platforms being introduced every year, and more of them are tapping into the real estate industry. This can be a great way to amass gifted money from friends and family, but not everyone may see it that way. Instead of crowdfunding for their honeymoon, newlyweds are asking their wedding guests to donate toward their first home.

This method can get complicated in the lending world. Buyers will need to look into gifting regulations before accepting any gifted money.

What Not To Do Before Buying A House

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What Not To Do Before Buying A House

7 things you may want to try and avoid during the home buying process

The home buying process can be an overwhelming time. Often, things you think may not be important during that process could actually effect you along the way. Here are 7 things to try and avoid along your home purchase journey, via KW!

  1. Don’t make a major purchase. This will change your credit score and possibly disqualify you from a mortgage.
  2. Don’t change jobs unless it’s absolutely necessary. A consistent work history is crucial to lenders.
  3. Don’t give earnest money directly to a For Sale By Owner seller.
  4. Don’t forget to switch utilities. Call the utility companies as soon as you have a contract.
  5. Don’t forget to get hazard insurance as long before closing as possible.
  6. Don’t ignore lender requirement. Be absolutely clear on what the lender requires and take care of it.
  7. Do go it alone. A reliable real estate professional will help you with all the details, including ones you didn’t think of.

Have additional questions or ready to begin the home purchase process? Request a contact from Team JWA, or give us a call today!

 

First Time Homebuyer Series Considerations

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JWA First Time Homebuyer Series – Considerations

9 Considerations for First Time Homebuyer Home Research

So you’re ready to begin the search for your first home. These are exciting times! At Jennifer Westmoreland & Associates, we would love the opportunity to share in this time with you in helping you find a home that is just right for you. Below are 9 considerations when researching homes in the greater Athens GA area. Call today or submit a request for contact and we’ll walk you through each step! (Information via KW)

  1. Before you begin viewing properties, make a list of “must haves.” Consider location, style, age, amenities, etc.
  2. Don’t view too many properties in one day.
  3. When you find a property you like, visit it at different times of the day.
  4. Walk or drive past the property before going inside.
  5. Don’t be put off by interior decoration – it can be changed.
  6. Establish what’s included in the sale – land, furniture, appliances, etc.
  7. Ask why the sellers are moving.
  8. Determine the annual property taxes.
  9. Ask how much utility bills cost each month.

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