Finding My Dream Home: A Journey of Trial and Error
A New Chapter in Atlanta
After a year of settling back into Atlanta, I thought I had found my perfect match – both in love and in real estate. My fiancé and I had different visions for our future family, but I was convinced that buying a home was the right financial move. As an HGTV enthusiast, I dreamed of transforming a fixer-upper into my own chic oasis.
Research and Due Diligence
Before making a decision, I conducted thorough research on various neighborhoods, reading news clippings, checking property records, and more. I finally narrowed it down to three areas and chose Capitol View/Capitol View Manor. My current home stood out with its spacious layout, great backyard, and potential for renovation.
The Financial Breakdown
My mortgage broker introduced me to Invest Atlanta’s down payment assistance program, which offered a “soft loan” of $15,000. This loan would forgive $3,000 annually if I lived in the home as my primary residence. I used the funds for closing costs and down payment, leaving me with a manageable out-of-pocket expense of $1,800. The total cost of the home, including renovations, came out to $123,000.
The Renovation Nightmare
In hindsight, I wish I had negotiated a lower price for the home and been more meticulous in selecting a contractor. The recommended contractor from my real estate agent seemed nice, but he took advantage of my inexperience, leading to significant cost overruns. I ended up borrowing from my parents and accumulating credit card debt to cover the unexpected expenses.
Lessons Learned
My mistakes can be summed up in two crucial pieces of advice:
- Avoid renovating as a first-time buyer.
- Thoroughly vet your contractors.
The Silver Lining
Despite the challenges, I’ve built significant equity in my home, which is now worth $140,000. The loan forgiveness, tax credits, and ability to take on roommates have helped offset the costs. While the stress of that period still lingers, I’ve come to realize that my home is not defined by those difficult experiences. I’ve worked hard to create a beautiful space, and it’s time to take pride in my accomplishment.
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