Buying A House In Georgia: How To Get Started And Keep Your Sanity

Georgia is a growing state, and for good reason, as it has gorgeous weather, access to beaches and mountains, growing cities filled with fun activities, and unlike living in most states, it’s affordable. There are plenty of reasons to settle down in Georgia, but though the destination is worth it, the homebuying journey can be long and frustrating. 

There is no perfect guide that fits every situation, but here’s some good advice that can at least get you started in the right direction. 

Steps To Take Before You Start Looking For A House

The very first step is to acknowledge that this process will take months and at times, it’s going to feel like a part-time job. There is no easy way to purchase a house. 

Know Your Financials

Before you look at real estate ads and talk to an agent, sit down, and realistically go over your financial situation. Figure out what you can afford for a monthly payment, and how much you can offer as a down payment. 

A good starting point is a credit score of 640, and you spend under 34% of your income on debt. To figure out your debt-to-income ratio, add up your monthly debt plus your ideal mortgage payment, and divide by your pre-tax income. 

Establish Your Wants

Do you want to be in the suburbs? The country? Near the mountains or the beach? Does a dog park have to be within walking distance? Make a list of everything you can think of that you want, or could see yourself wanting in the future. It’s important to be honest with yourself. 

Once you start looking for the perfect house, you’ll start crossing items off your list and realize what’s really important to you. Without that initial list though, you’ll fall for the very first house you see, and may be setting yourself up for years of disappointment. 

Find The Perfect House For You

After hours of work, the journey is now beginning. Armed with knowledge of your finances, and your wish list, now you can start searching for the perfect Georgian home in earnest. 

Locate An Agent

No matter what friends and family may tell you about going it on your own and saving the cost of hiring an agent, don’t listen to them. Without an agent, you need to make all the phone calls, find all the listings, navigating the purchasing process, and handle the closing on your own. The money you spend is worth the time you save.

To verify if an agent is fully licensed or not, you can always contact the Georgia Real Estate Commission if something seems too good to be true. Ask friends and family members for recommendations, and do not settle for the first one you talk to, ask around, and find the right agent for your needs.

Secure A Loan

Applying for home loans in Georgia is simple, especially since you already did most of the work. You need good credit, to know your income-to-debt ratio, and be able to provide a small down payment, as low as 3% in some cases, to qualify for a loan. The reality is you may not be able to get approval for the value you want, but it doesn’t hurt to talk to a lending agent and find out what a realistic budget is for your new home.

Make The Offer

After you found the house, whether it’s in Alpharetta, Albany, or Athens, the next step is presenting the seller with an offer. You will appreciate having an agent here, and most people make this step after having been pre-approved for a loan so that you know precisely what your budget is going to be. 

While every region is different, in Georgia, a down payment can go as high as 20% of the home’s value. You don’t need that entire value in cash, as there are Georgia-based loans you can apply for to help you with this part.

Consider the average Georgia real estate commission of 5.8% when determining your final offer. 

Close On Your Dream Home

With your loan in hand, it’s time to close the deal on the perfect home in Georgia: yours. Set aside at least half a day for the closing, as you’ll be filling out so much paperwork your hand will start to cramp. It’s all worth it for that moment when the keys are dropped into your hand, and you get to spend that first night inside of your dream home.