Buying a home is both exciting and overwhelming, especially if you've never purchased a home before. This is a major legal and financial decision, and you'd be wise to think carefully about the implications of the choice you make. Before you move forward too quickly, it is in your interests to learn as much as you can about the purchase process and how you can protect your interests.
When you find the right house, you may feel tempted to make an offer and move ahead as fast as possible. The market is competitive for new Georgia buyers, but your future interests are always worth protecting. If you think you are ready to sign on the dotted line in 2020 and buy your dream home, make sure you know everything you need to know to make the best possible decisions.
Is this your year?
There are many reasons why this year could be the right time to purchase a home. Interests rates have remained relatively low, and there are indications that the economy could remain strong. While these are good things, this also means you won't be alone in trying to move into a new home. It could be fairly competitive for buyers.
Another factor to consider is that there are fewer entry level homes available. With a lower inventory for these specific types of houses, it could drive up prices and leave you facing higher prices than you anticipated. Experts expect the median prices of homes to continue to rise in 2020.
What should you know?
Despite the potential roadblocks a prospective buyer could face, it is still a good time to buy. This is also a good time for millennials to buy their first homes. Many in this demographic are in their 30s and still renting or living at home for various economic reasons.
As you think about your options and determine whether you should continue to rent or try to buy, it is appropriate to start figuring out your options. This means getting preapproval for a loan, determining a budget and figuring out how you can protect your legal interests.
Before you buy
There are a lot of factors to consider before you jump into home ownership. It may be helpful for you to speak with an attorney regarding how you can make practical and smart decisions. Having legal guidance will also prove beneficial in matters such as review of a purchase agreement or drafting a contract.