First Time Home Buyer

How do you know that it is time to stop renting and buy a house in Augusta GA? The question comes at a time where the homebuyer tax credit has expired and interest rates are the lowest in years. Even though, this may be the best time to buy a home. It may not be a renters time to buy a home and the anwser to the question will be different each renter.

Augusta, GA has been named one of the best  places to live by Money magazine (I believe in 2008) as well as #1 city for affordable housing by CNBC.com in 2010.  So, if you are a renter then buying  a home in  the Augusta, GA real estate market is the best place to begin to think about transitioning to becoming  a homeowner. Especially, when the prices of homes are ever decreasing due to foreclosures bringing the average home sales prices are currently $120,000. Zillow.com  averages the Augusta home sales price to be $107,900. Well, we know about the difference in Zillow.com verses real local sales trends.

Most renters actually jump off the fence and purchase a home when they believe they can afford a home. Purchasing a home is a great investment and gives a person great financial advantages like tax benefits, equity, and value apprieciation. But, you have to be able to not only afford to pay the mortgage, but the maintenance of the home. Ex. If you are a renter  paying $500 in rent  and want to have a mortgage including taxes and insurance of $500, you will need to think of an extra $100 a month or more for the upkeep and unforseen breakdowns of that home. That means a total of a minimum of $600 plus any extra utilities that you did not have in your rental home.

If you say, well I can afford the mortgage and extra money for upkeep. The next step is to have the mindset. Are you tired of paying someone elses mortgage? Reading this article you are probably tired and ready to take the third step, credit assessment. Long gone is the time where you can just get a loan on your word and a handshake. The Augusta real estate market has plenty of home town lenders and institutional mortgage companies that take credit scores at this time as low as 600. A credit score could be easily increased if you are not at that level yet by working with non-profit companies with free credit repair and credit cleanup services like HomeFirst  Augusta.

Credit good, tired of paying rent, and  affordability test is a go, it may be time for you to seriously think about purchasing. The only thing that is left is to test your rent vs mortgage payments. Call a local real estate agent, so they can direct you to a reputable mortgage lender in Augusta, GA. The mortgage lender will be able to tell you if it is a good time for you to stop renting and buy a home in Augusta, GA. You can find an Augusta, GA real estate agent on www.augustarealesetateonline.com/realtors