Becoming a first-time Atlanta homebuyer can be both exciting and rewarding — and if you are looking in Buckhead, you’ve chosen one of the finest parts of Atlanta to seek out a first home. At the same time, if you have never bought a home before, the process can also be quite intimidating and overwhelming at times. Between the process of qualifying for a mortgage, narrowing down your options, filling out miles of paperwork and staying within your budget, the path to homeownership can definitely get bumpy.
That said, you can make this path much less stressful simply by going into the process informed and prepared. To that end, let’s share some helpful tips for first-time Buckhead real estate buyers.
Get Pre-Qualified First
While there are deals to be had in this area, Buckhead real estate tends to be pricier than in other parts of Atlanta. For the first-time buyer, it’s essential to know how much you can spend and how to make your dollars stretch as far as possible. Thus, before starting your search, we highly recommend going to a mortgage broker first to get pre-qualified for a loan. You’ll likely need to provide tax returns and banking statements for the previous 2-3 years, as well as proof of income. Getting pre-qualified makes your house hunting much easier because you can narrow your search only to homes that are within your budget. It also shows sellers that you’re a serious buyer who can afford to pay.
Explore Programs for First-Time Homebuyers
There are a number of programs in place that make it easier for first-time buyers to get into a home. Be sure to ask your lender about qualifying for an FHA-backed loan, (or a VA loan, if you have served in the military) which can significantly reduce the amount of your down payment. The Georgia Dream program offers a variety of down payment assistance programs for which you might also qualify, and some banks and credit unions even offer special loan products for first-timers. Explore these options to see how they might lower your up-front costs for getting into a home.
Get to Know Specific Neighborhoods
Buckhead is not just one neighborhood in Atlanta — it actually consists of 43 separate neighborhoods, comprising about one-fifth of the entire city, and each neighborhood has its own distinct personality. If you are not already familiar with specific neighborhoods, it is worth doing some research, and even some on-the-ground reconnaissance, to identify a few “short-list” neighborhoods where you might like to look for a home. Possible contenders might include:
- Neighborhoods with a large selection of homes in your budget
- Neighborhoods near good schools (if you have children)
- Neighborhoods that provide an easy commute to work or school
- Neighborhoods that seem to fit your personality and sense of style
Make Two Lists
To help narrow your search further, it’s a good idea to come up with two lists: a “must-have” list for home features you can’t do without, and a “wish” list identifying features that are negotiable. (Examples: You may need at least two bedrooms, so that goes on your “must-have” list; but you might like a stone fireplace, so that goes on your “wish” list.) The strategy is to narrow the search to homes that tick most or all the items on your “must-have” list while also hitting as many “wish” list items as possible.
Work with an Experienced Agent
Even with all this advance preparation, you will probably still need some help finding your first home in Buckhead. A knowledgeable real estate agent can make your search much easier by providing insights on specific neighborhoods and helping you identify homes that meet both your budget and your must-haves. An agent can also work on your behalf to negotiate with sellers for the fairest market price so your money can go further. When you are ready to start looking at homes in Buckhead or other parts of Atlanta, we are here to help. Call Atlanta Fine Homes Sotheby’s International Realty at 404.948.4812.