Buying a House | Drawbacks and Benefits of an HOA in Georgia

HOA’s often get a bad rap. In reality, they can help to provide a wonderful environment to call home. There are many benefits and amenities the come along with living in a community with an HOA, however, it’s not the right living situation for everyone. 

In our latest post, we will discuss the drawbacks and benefits of an HOA controlled community.

Benefits of an HOA

Pros:

Amenities!

Having an HOA will typically mean you have access to shared amenities that you don’t have to clean, repair or maintain in any way. Swimming pools, tennis courts, and park-like settings can all be expected. Some might offer a fitness center or clubhouse. (Of course, every community is different.) For example, owning and maintaining a pool of your own can be a lot of work. Cleaning, maintenance, chemicals… these things can really add up. Living in a community that takes care of this for you, will save you time and money.

Keeping The Peace Between Neighbors

We have all lived next door to that one neighbor who just drove you crazy. From loud music to dogs barking all night, to having your driveway blocked, disrespectful neighbors can make home-life very unpleasant. Typically, you would be dealing with the issues on your own, which can ultimately create a greater divide between you and your neighbor. However, when you have an HOA to act as a mediator, issues such as the ones mentioned above, can be resolved peacefully and without the problems escalating into something bigger.

Less Overall Maintenance and Responsibility

An HOA will typically maintain the landscaping and grounds. Many times, when you are living in a condo community, outdoor maintenance of your home is included as well. This includes painting, hardware, and repairs. There are TONS of other things an HOA might cover, depending on the community, these can include: trash removal, snow removal, pest control, tree trimming, roofs, etc. Having someone else take care of all these “chores” will free up time for you. This is perfect for busy families or older homeowners who don’t want to spend their Sunday’s mowing the lawn.

Cons:

Fees & Assessments

Living in an HOA will require you to pay a monthly fee. This fee varies by community, but some can be quite high if many amenities are offered. The average HOA fee runs about $400 a month. If you miss HOA payments, penalties can be enforced. In some instances, an HOA can even foreclose on your property!

Also, if the community requires a major repair or improvement, and association lacks funds, they will create an assessment to be paid by all residents of the HOA’s jurisdiction.

THE RULES!

Oh, the rules. Every HOA is different. Each creates its own set of covenants, conditions, and restrictions (CC&Rs) by which they operate. Not being able to rent your home, choose your paint color, or decorate your yard the way you like are just a few of the things you might have to contend with. Before you move into an HOA community, fully read their CC&R’s to make sure they won’t negatively impact your quality of life. It is your home, after all, you want to make sure you are able to enjoy it.

Lack of Privacy

When you live in a community with an HOA, some residents can really take advantage of it. There is always the one neighbor who is looking for things to report. Some HOA’s can be overbearing, with continual inspections and drive-bys. If you are looking for a home with an HOA, talk to some neighbors and see what they have to say. Do they seem pleased or annoyed?

HOA monitored communities can offer convenience, multiple amenities as well as peace of mind. However, they aren’t right for everyone! We are ready to help you determine what is right for you!

Are you looking to purchase a home in Atlanta ? Find out if living with an HOA is the right decision for you! Send us a message, telling us about your situation, or give us a call now!

 

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3 Steps To Selling Your Property Via A Rent To Own Agreement In Atlanta

Selling your property via a rent to own agreement is an excellent way to easily get the price you want for your Atlanta house. The process is simple and you’ll likely be able to find a buyer right away, even your current tenant! Learn more about how to set it up in our latest post!

There are many reasons why homeowners in Atlanta are choosing to sell their properties via a rent to own agreement. If the cash isn’t needed right away, there are many financial benefits to selling your house in this manner. Below, we outline 7 steps to sell your property via a rent to own agreement in Atlanta !

Step #1 – Find The Right Tenants

When entering into a rent to own agreement with a potential buyer, you’ll want to make sure it is someone you know and trust. If you would like to ultimately sell the house, you don’t want to have to worry about the deal not going through when the lease period is up. You are delaying the receipt of your funds in order to get the price you want, make sure you are working with someone who is worth it! If you have a great, long-term tenant, they are the first place you might want to look when trying to find the right people to move in.

Step #2 – Run The Numbers

As a seller, you are sacrificing immediate cash for a long term gain, so you will want to make sure it’s worth it. How much will you need upfront as a deposit? What about an option fee? You’ll need to figure out what you’ll need to charge in rent each month in order to make it worth it for you. You’ll need to determine which costs will be passed on to your tenants and which costs you will still need to manage. As you will still technically be the owner of the house during the lease period, you’ll ultimately be responsible for taxes and insurance. Make sure the monthly rent you are changing can cover these amounts!

With a rent to own agreement, the sale price is typically locked in at the time of purchase. However, in some cases, a tenant will agree to purchase at the market value at the time of the actual sale. While you run the risk of your home value dropping, you might also be able to get a higher price when all is said and done. If your tenant agrees to this, it is something you will want to consider!

Step #3 – Agree On Terms

There are many things a buyer and seller must agree to before executing their rent to own agreement. Before the buyer and seller sign on the dotted line, make sure to have an attorney look things over. Even the smallest mistake in your contract could have a huge impact on your ability to sell on the terms you had planned on.

A few of the financial details you will want to cover include:

• Will there be a down payment?
• How much will the rent be each month?
• How much if anything, will go toward the buyers down payment?
• How long before a purchase is required?
• Who will be responsible for taxes, maintenance?
• What happens with a default?

Spelling everything out as clearly as possible from the get-go will save you from any disagreement and frustration during the lease process and when it’s time to officially sell. When handled correctly, a rent to own agreement is a great way for a homeowner to sell their house in Atlanta .

Contact our team today to learn more about selling your property via a rent to own agreement in Atlanta ! 678-337-1165

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Buying a House in Atlanta | How To Stay Organized | Fresh Start Home Sales

If you are in the market to buy a home in Atlanta , one of the most important things you can do is keep yourself organized! When you are actively house hunting, things can start to run together. You might forget about negative aspects of a home while you are daydreaming about the wraparound porch. You might misplace a number, or forget about an open house you wanted to see.

Buying a home is one of the biggest purchases you will ever make. And buyer’s remorse can set in hard if you don’t consider all of the details of a home. Below, we have put together our favorite ways to keep yourself organized when buying a house in Atlanta !

Get Your Priorities Straight

Before you start looking, take some time to prioritize your needs. Everyone in the family should write down the things they want. Together, narrow this list down to a few “absolute must-haves.” When you are shopping for your home, keep these things in mind, and don’t compromise on them. This will help you to stay focused and stop you from buying a home that isn’t right for you.

Make a Chart

Some people use Excel, others are more analog and use something they can physically write on while viewing properties. The y-axis can have the property address, while the x-axis will have things such as price, square footage, number of bedrooms, number of bathrooms, yard (size & description), year built, features, comps, number of floors, size of the garage, the commute time, etc. Keep this as a handy reference to narrow down the homes you are interested in.

Take Photos

Take photos of every property you see. Take lots of them. Take video if possible. You will want to reference back to these pictures when you are making your decisions. You might even find things in the pictures that you hadn’t noticed in person. Pictures say a thousand words, and taking several will help you to remember it all.

Keep Contacts in Order

You will meet a lot of people on your journey to buy a home. Realtors, appraisers, bank employees, inspectors, title professionals and more. Make a list that includes everybody’s name, email, website, phone number and any other details you want to have. Having these numbers handy at all times will make things much easier for you.

Make a Calendar

Create a calendar that has all of your important buying and selling dates, appointments, deadlines, bill due dates, appraisal date and so on. You will have many things to keep track of, and visually seeing it all on a calendar will help you stay on top of it all. If you are selling a home, you will have many additional dates to keep track of. You can use an online calendar, or a physical planner to keep your important dates and all your notes. It’s all about what works for you.

Now, with all this extra time you have gained from being so organized, don’t forget to have some fun! Imagine your new home! Envision everything you want! Pick out your new room colors, find the hardware you love. You can track awesome things you see for your house as well! Then, when it’s time to redecorate, you will have all of your favorite ideas saved. This is a fun and exciting time, remember to enjoy the process!

Are you looking for a house in Atlanta ? We can help you keep everything in order! Find out how we can help you now! Send us a message or give our office a call! 678-337-1165

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The New Trend In Atlanta Home Sales: Rent To Own

Selling property using a rent to own agreement is becoming increasingly popular with homeowners in the Atlanta area! The process is underutilized and can be beneficial for both the buyer and seller when structured properly. Learn more about how to do it in our latest post!

While a rent to own sale may not be the first thing you think of when selling your house in Atlanta , it can be a beneficial option in the right situations! If you want to open the door to a whole new market of buyers, consider the many benefits a rent to own agreement can offer you!

How Does It Work?

When a tenant or buyer enters into a rent to own agreement, they are agreeing to pay (an often increased) rent each month for a specific period of time. There will likely be a down payment made to the owner in order to secure the contract. Once the rental period has elapsed, the tenant will need to either obtain a loan to purchase the property outright from the buyer or walk away from the deal, thus losing and deposit money they had invested.

Term of The Contract

When a homeowner and a tenant enter into a rent to own agreement, there are a number of terms that will need to be agreed upon before the contract is signed.

Lease Term

How long will the tenant be able to rent the property before a purchase? Typically, the rental period will last 1-2 years.

Down Payment

In many cases, a tenant will make a down payment to the homeowner to secure the contract and to show good faith. While this amount won’t be as high as the down payment for a traditional bank loan, it should be enough to keep the potential buyer from easily backing out.

Monthly Rent

To some extent, the seller is doing the buyer a favor by allowing them to rent before actually buying. While the process has many benefits for the seller, a rent to own agreement will open the door to home ownership for people who likely wouldn’t have been able to do it otherwise.

Maintenance

Typically, the tenant will handle the maintenance of the property during the rental period. This should be discussed between the buyer and seller and detailed within the contract.

Taxes

The tenant will also likely take on the property tax payments. This alleviates a large cost for you as a homeowner.

Credit

With the deposit from the prospective buyer and the increased rent each month, many agreements will state that a portion of this money goes toward the down payment on a traditional loan.

What Are The Benefits?

Get Your Asking Price

When you use a rent to own contract to sell your house in Atlanta , you will open the property up for many more potential buyers. As such, there will be more interest, giving you the opportunity to easily secure asking price within the terms of the loan.

Higher Rent

Houses under a rent to own agreement often collect a higher rent each month. While some of these funds may be used toward the tenant’s down payment on the home, you will still be able to see great profits, as well as the security of having a tenant in place throughout the duration of the lease term.

Deposit

If the tenant defaults on the agreement, the deposit and the amount paid in rent, is yours to keep. You might be back where you started, but you will be there with more cash in your pocket.

How Do I Get Started?

To get started you will want to find the right tenants to enter into the agreement with. Draw up a contract detailing every aspect of the agreement as mentioned above. Have your lawyer review the contract to ensure everything is in order. Fresh Start Home Sales can make the entire process of offering your property via a rent to own agreement simple and profitable.

Contact us today to learn more about selling your Atlanta house via a rent to own agreement! 678-337-1165

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First Time Buyers Mistakes | Fresh Start Home Sales | Atlanta

First time buyers should not feel intimated by the real estate market, however, they should know what to watch out for! Buying a home is a very exciting, but one mistake could take the wind right out of your sails.

Read below to see our list of the biggest mistakes first-time buyers make so you can prepare ahead of time!

First Time Buyers Mistakes

Spending Too Much

Before you start your house hunting, take a good look at what you make, the bills you currently have and determine exactly how much you can comfortably afford. Keep in mind, you will own more than just a mortgage payment each month. There are also taxes and insurance costs to factor in. Your utility bills might be higher if you’re moving into a larger house. There is no point in buying a home if you struggle each month to make ends meet. Even if you are approved for more than you expected… just because you can, doesn’t mean you should.

Buying in an Area You Aren’t Familiar With

It’s great to shop around in other parts of town. You are much more likely to find your dream home if you don’t set your geographical boundaries too tight. That said, make sure you fully research the area before you move. Talk to locals. You can even flag down your potential new neighbors and find out what they have to say about the area. Try local restaurants, walk the neighborhood, and visit at different times of the day. You should also consider the commute time. You wouldn’t want to move into a new house, only to find out traffic now adds an extra hour to your time in the car.

Not Saving Your Money

As a homeowner, you will inevitably need to make repairs on the fly. Plumbing problems, heating issues, broken water heater… these things happen all the time. However, many people aren’t prepared for these expenses. You should always keep money set aside for the “unexpected” necessities. Don’t get blind-sided by repair work. Be ready to make a major repair if necessary.

Trying to Do It All Alone

You can learn a lot online. In fact, we encourage you to do as much research as possible. However, nothing can compete with the value of a knowledgeable professional by your side… especially if you are a first-time buyer. And don’t ever go to the listing agent directly. Remember, they work for the seller and will be trying to get the most money possible for their client. It is best to find a professional who has your best interest in mind. Read online reviews and get references. Find out who your friends have worked with in the past and how the experience was. Working with the right people will help you avoid making common, first-time buyer mistakes.

Not Having Imagination

Some houses you see aren’t going to be all you have dreamed of… at least not yet. So many people are put off by bad wallpaper, or a cluttered entryway, that they stop considering the house as an option. Look past cosmetic issues, and instead focus more on the “bones” of the house, as well as location, yard, and price of course. A few small changes and a can of paint can go a long way!

Not Getting Pre-Approved

There is nothing worse than finding the home of your dreams, only to find out you won’t be able to afford it. Sometimes getting approved can take a little work, and you want to get that out of the way before you start house hunting. It will save everyone’s time and make the buying process go smoothly. Being “pre-approved” is not necessarily a guarantee of funds until the lender has reviewed the property, however, you can set yourself up in advance for a smooth transaction by doing this FIRST.

As a first-time buyer, the process might seem overwhelming, but if you know what to watch out for, you can have peace of mind while shopping for your dream home. Remember to enjoy the process, this is a purchase you won’t soon forget!

Are you a first-time buyer looking for a house in Atlanta? We can help you navigate the process! Send us a message now, or give our team a call! 678-337-1165 

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Get Your Asking Price By Selling via Rent To Own in Atlanta !

A great way to get your asking price for your Atlanta house, is by selling via rent to own agreement. Many sellers don’t realize just how beneficial the process can be. Learn more about how it works and how it will benefit you in our latest post!

If you have had trouble selling your house in Atlanta or if you haven’t been able to get an offer reflective of your asking price, a rent to own sale might be an incredible option for you. If you don’t need the cash from the sale immediately, a rent to own scenario can be one of the most lucrative ways to sell your house.

How A Rent To Own Agreement Works

A rent to own agreement is entered into between a buyer and seller and can provide benefits to both parties. The buyer will agree to rent the property for a specific period of time before they purchase outright with the help of a conventional loan. During the rental period, the rent will likely be higher than the market average and there will usually be a down payment made upfront. This helps to ensure the tenant won’t simply walk away once the rental period has elapsed. The tenant is given 1-3 years before the purchase will need to be made. The sale price can be negotiated up from or be based on market data at the time of the sale. By agreeing on a price today, you’ll be able to get your asking price, plan for the future, and continue to make a passive income over the next couple of years.

Perks for the buyer:

• The ability to buy without a down payment
• The ability to buy with poor credit
• The ability to lock in a price for the home at today’s rates
• The ability to try a home before committing to buy it

Perks for the seller: 

• Get their asking price
• Guaranteed income for the duration of the lease
• Cash up front
• Ending some holding costs for things like taxes and maintenance

How To Set One Up

There are many standard boilerplate agreements you can use to cover the basics. Additional terms and any other details should be added to the contract as a layer of protection. You will want to make sure you are covered if something goes awry. Before executing the final agreement, have your lawyer look it over to make sure all bases have been covered.

Some specifics you will want to include are:

• The amount paid in rent each month
• The amount of the down payment to be made upfront
• The amount of the option fee
• The length of the lease before the sale needs to be completed
• Penalties for late payments
• Penalties for defaulting on the agreement
• Tenant and landlord responsibilities for repairs, taxes, utilities, and other ownership costs
• Contingencies for canceling the sale
• The final sale price

There are many other things you can include in your rent to own agreement, but the above items should be at the top of the list. Ask your lawyer, agent, or consultant about anything you may have overlooked in your agreement.

How To Get Your Asking Price

When you enter into a rent to own agreement with a buyer, the sale price is typically determined at this time. Doing so will allow you to get your asking price for the home as well as locking in the sale price for the buyer. Prices could rise dramatically, but they will still be able to buy at the agreed upon price.

Learn more about selling via rent to own agreement! Contact us today for more info! 678-337-1165

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