5 Questions To Ask Yourself Before Buying A House in Athens

Buying a house is the American dream, right? It can be a dream fulfilled and a good investment. But it can also be a financial disaster and a long-term burden. For some people, buying and owning a house just doesn’t make financial sense. So before you commit to 30 years of house payments, take a look at these 5 questions to ask yourself before buying a house in Athens.

1. Am I Buying a House in Athens for the Right Reasons?

The first step is to determine exactly why you’re buying a house in Athens. Some people buy a house for the tax benefits and to plant roots. Others, however, do so just because they think that’s what is expected of them, and for them renting might be a better option. For example, a house isn’t necessarily an investment because it won’t appreciate in every case and there will be expenses as well. So before you sign the contract, you need to make sure you’re buying a house for the right reasons.

2. Will Expenses Be More Than 30% of My Net Income?

The mortgage payment is far from the only expense involved in buying a house in Athens. You also have to factor in maintenance and repairs, insurance, property taxes, and so on. And if these expenses come to more than 30% of your net income (take-home pay), then you may not be able to afford the house. Estimates are that 39 million Americans can’t really afford their houses. And that’s usually because they didn’t take into account those other expenses when figuring that 30%.

3. Can I Really Afford to Put 20% Down?

If you want to avoid the extra expense of private mortgage insurance (PMI), then the standard down payment for buying a home in Athens is 20% of the house’s price – a pretty big chunk of money. Paying 20% down let’s you avoid having to pay the extra expense of PMI, which can be as high as 1% of the mortgage. Suppose, for example, you’re borrowing money to buy a $300,000 a house. If you don’t pay 20%  down –  that is, $60,000 – then you’ll have to pay an additional $3,000 a year for PMI. So . . . can you really afford 20% down to save money?

4. Do I Have Enough Emergency Cash?

Further, when buying a house in Athens, you need to keep plenty of extra cash on hand for all those inevitable emergencies. Owning a house carries with it expenses for repairs that come up – things like a leaking roof or a broken furnace. You simply can’t let these emergencies catch you off guard financially. Financial experts recommend that you have strong emergency fund before buying a house – ideally, one that will cover at least six months’ living expenses. If you don’t, then maybe you shouldn’t buy that house.

5. Will I Live Here Three to Five Years?

Don’t forget that the actual process of buying a house in Athens has certain costs, not least of which are the closing costs, typically 2% to 5% of the purchase price. So that same $300,000 house could cost up to $15,000 at closing. And if you don’t live in the house very long and have to sell soon, you will actually lose money because there hasn’t been enough time recoup the closing costs by appreciation. So, it’s recommended that you live in a house a minimum of three to five years.

Buying a house in Athens is the fulfillment of a long-held dream for some people, but for others, it’s just not a good idea financially. So before you take that big step, ask yourself these questions. Then if, after answering, you find that traditional house buying isn’t for you, we can offer other options. Just call us today at 706-426-1082!

Are you ready to buy a property in Athens? We can help! Send us a message or give us a call today! 706-426-1082

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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