4 Things You Shouldn’t Do When Buying a House in Athens

After spending weeks or maybe months searching for the perfect house, the last thing you want is to find out you can’t buy it after all. There are several mistakes home buyers often make that land them in this situation, most of them financial mistakes. To help you avoid making these mistakes, here are 4 things you shouldn’t do when buying a house in Athens.

1. Don’t Overreach and Don’t Be Emotional

The most common mistake buyers make when buying a house in Athens is overestimating what they can actually afford and buying too much home. When this happens, they wind up with very financial wiggle room and so are perpetually on the edge of defaulting on their mortgage loan and facing foreclosure. To avoid this you need to do two things. . . 

First, be aware that the cost of buying a house goes far beyond your monthly mortgage payments. You also need to factor in these one-off and recurring costs:

  • Closing costs
  • Attorney fees
  • Repair/maintenance costs
  • Property taxes
  • Homeowners insurance
  • HOA fees
  • Private mortgage insurance

The other thing you need to do is avoid letting your emotions rule your decision-making. Falling in love with a home on an emotional level can keep you from objectively assessing affordability. Your agent can help you avoid this mistake and can keep you on track. To discover more about this, contact a Athens agent at 706-426-1082.

2. Don’t Damage Your Credit Score or Open a New Line of Credit

And when buying a house in Athens, you shouldn’t do anything to damage your credit score or open any new line of credit.

Remember that any time a business checks your credit score, your score takes a little hit. These little dings may not seem like much, but they matter when your score is borderline. If, for example, you are trying to get preapproved for a mortgage loan and your score barely meets the minimum requirement, every point counts. 

Similarly, don’t open a new line of credit – even if the purchases you open a line of credit for seem like necessities. For instance, you may be tempted to buy new furniture to outfit that new home you’re about to buy. But if you don’t have the cash on hand, you’re better off waiting. If you open a new line of credit, it could throw your debt-to-income ratio out of whack, and then you may not qualify for the mortgage.

3. Don’t Miss or Be Late on Payments

A related thing you shouldn’t do when buying a house in Athens is to miss or be late on any payments. Even an oversight here can damage your credit. So be sure to pay bills on time. 

Suppose you are paying on a current mortgage. If you miss a payment, it could have serious consequences for your credit and your ability to buy the new house. It could make you ineligible for a loan for at least a year with most lenders.

You shouldn’t even miss making payments for less significant things like utility bills. Even if you miss a payment months prior, it could still jeopardize your chance of securing financing for buying a house in Athens. And if a missed payment doesn’t lower your credit score below the limit, you still may have to re-apply for a mortgage loan, and the delay could cause you to miss out on the home you really want.

4. Don’t Change Jobs

When buying a house in Athens, you should definitely avoid changing jobs. Even a move up to a better job could hold you back. Any change in job status could cause your lender to question your financial stability and so consider you a greater risk. 

Certainly, going from, say, full-time to part-time or from salaried to commission will raise red flags with your lender. But industry pros als0 advise that while moving in the other direction to a better position shouldn’t impact your closing, it’s still better to remain in your current position.

Bonus: Don’t Fail to Work With a Athens Agent

A final thing you shouldn’t do is fail to work with a good local agent. Your Athens agent can help you avoid the missteps laid out above as well as the many others that litter the path toward buying a house. And we have the agents who can provide the critical guidance you need. Contact us today at 706-426-1082 if buying a house in Athens is in your sights.

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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