If you’re buying a house for the first time, it can be a daunting thing to think about. But considering the rate at which Atlanta rent is rising, the time to think about it is now! We believe if you do it right, that first home purchase can pave the way for a sound financial future.
Justin sat down with one of our buyer’s agents, Mark Schandel, to chat about their favorite “Homebuying Hacks” to get the most out of real estate. Here are a few of the highlights:
Keep your roommate! Go ahead and buy the house, and charge your roommate rent. The mortgage on a $200,000 or $300,000 house is often less than the rent on a two bedroom apartment in Atlanta, so with one or two roommates, you could have your mortgage covered. Similarly, if you travel for work, you can AirBnb your home while you’re gone.
Get your starter home now, and sell every few years. As long as you stay for two years, you won’t owe Capital Gains tax, and you can use the cash from your first home to buy a new home in the next price point up. It’s a long game, but a great path to eventually owning your dream home.
Talk to a Realtor and lender sooner rather than later. Homeownership might be closer than you think, and that first purchase could kickstart a bright financial future. You won’t know what you can buy until you talk to the experts, so reach out today!
Listen to their full chat, and contact us at email@example.com with your questions about buying your first home.