Peachtree City a Good Place to Live in: A How-To Guide to Purchasing a House Here

0
169
Peachtree City a Good Place

Peachtree City, GA has plenty to provide potential home buyers.

The cost of living is low, the economy bustling, plentiful jobs, and a rising music-centric community. The median home price is $267,537, making it an attractive city to settle in.

However, purchasing a house can be confusing even in an attractive housing market like Peachtree City.

A lot of things make Peachtree City a good place to live in. So, here are steps to buying a home here.

Investigate Your Finances

Before you look at Peachtree City, GA homes for sale, know your finances. Most people prefer using mortgage loans to finance buying a home.

You can ease the process by checking out three critical things.

Check Your Credit Score

Your credit score quality determines the mortgage type you qualify for. A score of at least 620 will qualify you for a mortgage.

Consider holding off the home-buying process if you have a credit score below 620. Alternatively, you have various options to get a housing loan, including:

  • Georgia Dream Homeownership Program—A program for first-time homebuyers offering $5,000 for the down payment as long as you can contribute at least $1,000. 
  • Federal Housing Administration (FHA)—A U.S. Department of Housing and Urban Development (HUD) agency that sometimes provides mortgages to homebuyers with low credit scores. 
  • Habitat for Humanity of Georgia—An Affiliate Support Organization (ASO) that helps people earning low income secure housing. 

Calculate Debt-To-Income (DTI) Ratio

Another factor you need to consider is your debt-to-income (DTI) ratio.

Calculating DTI is as simple as:

  • Adding up all the monthly expenses, including loan payments, rent, car payments, and recurring charges
  • Divide the expenses by gross monthly income, which is income before taxes

An insurer wants a DTI ratio of 0.36. A high DTI makes it difficult to secure mortgage approval.

Determine Down Payment

Your mortgage covers most of the cost of purchasing a house. But you still need to pay a portion upfront, which is the down payment. People who cannot make the 20% down payment may qualify for a Veterans Administration (VA) or FHA loan.

An FHA-insured mortgage targets low- to moderate-income homebuyers, while the VA loan is for veterans, service members, and eligible surviving spouses. An FHA loan allows you to make a down payment of 3.5% of the property value, and a VA low may not require making any upfront payment.

Budget for Closing Costs and Others

You also need to prepare for miscellaneous expenses before closing on the house. These are closing costs.

Low property taxes make Peachtree City a good place to live. Other fees in the closing costs include:

  • The home appraisal fee
  • Mortgage origination fee
  • Earnest money for your down payment
  • Homeowner’s insurance
  • Home inspection fee
  • Credit report fee
  • Mortgage insurance

Get Homeowners Insurance

Minimize your closing costs by getting an excellent homeowner’s insurance deal. Home insurance in Georgia costs $120 monthly or $1,445 annually.

Homeowner’s insurance is not a legal requirement, but most mortgage lenders need it when offering you a home loan. The lender requires proof of the insurance a few days to two weeks before the closing date.

Give yourself a few extra weeks to ensure you do not delay the closing date. Plus, you get more time to shop around and evaluate your coverage options. Use Peachtree City reviews to not only review the city but also to find the best insurance providers in town.  

Get Mortgage Pre-Approval

Getting pre-approved for a mortgage gives you a better idea of how much house you can afford. Sellers will take you seriously as long as you are pre-approved because it shows you are a committed buyer and can access the funds.

However, shop around for the best service quality and interest rates. Be careful not to commit yourself to things that can affect your credit score negatively after pre-approval. Some things to avoid include opening new lines of credit, missing payments, or making large purchases.

Select Your Neighborhood

One thing that makes Peachtree City the best place to live Georgia has is an excellent selection of neighborhoods. These include Twigs Corner, Woodsmill, Aberdeen, and Wisdom Woods.

Some things to consider to narrow down your choices are:

  • The home values
  • A good school district
  • Easy commute
  • Crime rates
  • Job opportunities
  • the local lifestyle

During your research, make sure you check out this resource on why Peachtree City is a good place to live. A walk around the neighborhoods will also give you a good feel for each location.

Hire a Real Estate Agent

Hire a Real Estate Agent

An experienced real estate agent in Peachtree City is an invaluable resource during the home-purchase process. Plus, hiring the services does not cost you anything because the seller covers the cost.

Consider the agent’s experience, personal recommendations, reviews, and how well you are getting along. After hiring a real estate agent, paint a clear picture of the house you want.

Start the Hunt

Make a list of amenities and features important to you before you search for a home. 

Fortunately, the cost of living in Peachtree City, GA is low, so bus fares and gas prices are 5% cheaper than the national average. This means you can explore all the neighborhoods to find a great option for you and your family.

However, the season affects the number of homes on the market. Most homes are available in spring and fewer in winter.

The Last Steps

Finally, you can make an offer on a home you are interested in—but act fast. Include a handwritten letter to the seller explaining what you love about a home to stand out.

After acceptance, hire a licensed inspector to survey the property. The inspector ensures the electrical system, foundation, HVAC, plumbing, and roof are in good shape.

Last, conduct a final walk-through of the home and make sure everything is great. Have a real estate lawyer look over the contracts and explain them to you before signing. All that is now left is to receive the keys to your new home and move in.

Conclusion

Is Peachtree City a good place to live

Yes. But the road to homeownership is much smoother with some good advice. Follow the tips above and Peachtree City can be your next home for years!

Read more interesting articles at Readesh

LEAVE A REPLY

Please enter your comment!
Please enter your name here