How to Get Started in Buying Your First Home in Morningside

How to Get Started in Buying Your First Home in Morningside

  • Intown Collective
  • 02/13/23

Do you want to move to Morningside? Are you considering buying your first home in this tight-knit Atlanta neighborhood? Buying a first home can be an exhilarating experience. However, it can also be stressful and complicated, with many variables to consider. As a first-time home buyer, you might wonder what the first step is or how to locate the perfect home for your lifestyle. Fortunately, this guide can help! Read on to find out how to start buying your home in Morningside.

1. Understand the full financial impact of homeownership

Once you have decided that you will buy a new home, you next have to determine whether or not you are ready to buy one. Despite what you may have heard about all the advantages of homeownership, it is much more complicated than you might expect. It is not just shopping for furniture or adding decorative touches to your home. There are many monthly costs associated with owning a property. There is much to consider and account for, from monthly mortgage costs to routine maintenance expenses. First, you need to understand how much you can expect to pay for your new home in Morningside.

As a highly sought-after community, the cost of living in Morningside is considerably higher than in many other areas of Atlanta. Furthermore, the cost of homes in Morningside is also much higher than the average home cost across the country.

There are other expenses that you need to consider in addition to the mortgage. When owning a house, you must do routine maintenance to keep the home’s condition up to date. You would have to replace filters, inspect the roof, clean gutters, rake the leaves, and perform other basic cleanings around the home. Furthermore, you might have to repair the electrical or HVAC systems or replace the roof or siding if needed. One common rule of thumb is that you will likely spend anywhere between 1% and 4% of the home's total purchase price on maintenance costs per year. By understanding how much you can expect to pay for the home monthly and annually, you will be better prepared to be a responsible homeowner!

2. Get pre-approved for financing

Photo courtesy of Pexels

When buying your home in Morningside, it’s also important to get pre-approved for financing. Since many of the homes in Morningside are priced well above half a million dollars, it is a good idea to get approved for a jumbo mortgage loan. A jumbo mortgage loan is a loan type that is typically used to finance luxury homes.

By getting pre-approved for financing, you will receive that positive confirmation that a lending institution is willing to give you the funds to purchase your Morningside home. In addition, you will know how much you are getting pre-approved for, which will aid you in your home search and help you focus on homes that fit your budget.

Also, when you eventually make an offer on a home, sellers are more likely to accept an offer with a pre-approval, as the contract is less likely to fall through. As for those who intend to pay with cash, you should be sure to procure a Proof of Funds letter from your bank, which will also assure sellers that you have the funds to purchase the home immediately.

3. Create a list of must-haves

Photo courtesy of Pexels

There are many different types of homes in Morningside, from spacious ranch-style homes with acres of land to highly upscale condos. To make your home search more efficient, you should make a list of features you would like to have. For example, many Morningside homes have resort-style pools, spas, outdoor dining areas, open floor plans, home gyms, enclosed yards, and fireplaces. Consider what amenities you would like to see. You also want to consider the size of a home and the number of bedrooms you need. For example, if you have a growing family, you might need a spacious home with plenty of bedrooms. However, a smaller space might be a better option if you are an empty nester. Once you know what features you require in your dream Morningside home, a real estate agent will use the Multiple Listing Service (MLS) to find homes that match these perimeters.

4. Visit open houses

Photo courtesy of Shutterstock

Particularly if you are new to the city or neighborhood, you might need to become more familiar with luxury homes. Before buying a home in Morningside, visiting a few open houses might be helpful. That way, you can get a feel for the home and layout. You can walk through these luxury homes, imagining what it would be like to live there. You could also walk the neighborhoods to see if it would be right for you. In addition, you can ask the seller’s agent questions, such as the reason for selling, the length of time that the home has been on the market, and the home's condition. By asking questions, you can find out how the local housing scene is performing and what you can expect when purchasing Morningside real estate. After visiting some open houses, you will be more confident that this area is an excellent fit for you!

5. Work with an experienced real estate team

Buying a home can be an extensive process, and there is a lot to consider. It’s essential to team up with an experienced real estate team who can guide you on everything from how the local market is performing to matching your lifestyle to the perfect home. Ultimately, a real estate team can also help to streamline the process, making it stress-free and efficient.

Are you interested in buying a home in Morningside real estate? Schedule a consultation with the premier team of realtors at Intown Collective. They can provide expert guidance on everything from local neighborhood insights to the Atlanta real estate market. Intown Collective can help you find the perfect Morningside home that aligns with all your must-haves! Get started today.

*Header photo courtesy of Shutterstock

Follow Us on Instagram