Homes for sale in Blue Ridge GA

A Step by Step Guide to Purchasing Blue Ridge Homes for Sale

Admin Blue Ridge Real Estate

Buying a house is one of the most significant and most exciting investments you will ever make. However, investing is not an easy decision by any means. Before you sign on the dotted lines, there are many things to consider carefully.

By knowing about the variables and the steps to consider, you will be able to make a better choice. Therefore, to help you out, we have compiled a step-by-step guide that you should follow before purchasing Blue Ridge homes for sale.

But many of you might be wondering why we are recommending Blue ridge. So, let us take a slight detour and explain why purchasing Blue Ridge real estate makes sense.

Why purchase Blue Ridge homes for sale?
Blue ridge ranks high amongst the best markets to purchase a vacation home. There are several advantages of Blue Ridge as a real estate destination. First of all, it enjoys proximity to two states- Georgia and Tennessee. Secondly, people here can enjoy the scenic locality- from lovely cascading waterfalls to mesmerizing peaks, pristine clean lakes, and beyond.

Finally, people are also drawn to the place for the love of apples during the fall. The decision also makes sense from a financial perspective. You can now purchase a vacation home under $300,000 in Blue Ridge and expect to earn about $38,266 per annum as rental income.

Further, the consumer demand for vacation rental homes in Blue Ridge is growing at around 25% year on year. Thus, as the above points illustrate, investing in Blue Ridge real estate can indeed be a good decision for the long run. Don’t you agree?

So, now that we have cleared the air on why Blue Ridge, let’s get talking about the steps that every blue ridge home buyer should follow.

The step-by-step guide

Step 1: Consider the finances
Purchasing a house is definitely one of the few big-ticket investments that most people will ever make. Most buyers consider taking a mortgage to afford the purchase. But here are a few important parameters that you should consider before opting for the mortgage.

Future mortgage payments
The first step is to determine the amount that you can afford to pay as a mortgage payment each month. Most lenders will follow the 28/36 rule while determining your ability.

The rule implies that the total housing cost, including the mortgage payment, should not exceed 28% of your monthly income. Additionally, the total monthly debt payments should not exceed 36% of your monthly income.

Debt to income
The debt-to-income ratio is a critical parameter that the lenders will look at while considering your suitability for the loan. The lenders evaluate the effect that the mortgage EMI will have on your debt-to-income ratio (DTI).

The higher the DTI, the lower the mortgage amount you qualify for. However, lenders often tend to go lax on the criteria if you have a credit score of more than 620. However, it is recommended that you keep the DTI below 36%.

Down payment
While purchasing Blue Ridge Homes for Sale, you have to pay at least 20% of the home price as a down payment. The lenders take the down payment amount in order to offset the risks associated with lending.

Closing costs
While evaluating the financial viability of the investment into Blue Ridge real estate, do not forget to consider the closing costs. These are the costs associated with every real estate investment. The seller pays some of them, but the buyer has to pay for many of them out of their pockets.
This includes inspection costs, appraisal fees, etc. Taken together, the closing costs can amount to 2-5% of the loan amount.

Homeownership costs
Lastly, do not forget to take homeownership costs, including the amount you pay for maintaining the property while evaluating the Blue Ridge homes for sale.

Step 2: Choose the right neighborhood
A house’s neighborhood is as important as its features and layout. Before investing in Blue Ridge real estate, you definitely should consider the following elements.

Home value- By looking at the average home value in the neighborhood, you can evaluate whether you can afford to live there. You can also check out the property appreciation rates to see if the investment will pay off in the future.

Local lifestyle- Consider factors like the proximity to your workplace, kid’s school, market, and hospital before deciding to move in finally.

Step 3: Find a good real estate agent
If you are willing to purchase a dream home, you perhaps won’t be able to do it alone. A good real estate agent can help you find the perfect property within your budget. Besides, the agent can help you connect with other service providers as well.
So, if you are considering investing in Blue Ridge real estate, connect with a reliable real estate agent on priority.

Step 4: Start house hunting
When you connect with a reliable real estate agent, they will show you a wide variety of Blue Ridge homes for sale. But, instead of blindly trusting them, do your research as well. You can also opt for virtual home tours to narrow down your search option.

Final remarks
The decision to purchase a house is big. Do consider the above steps before making the purchase. You should also consult with a reliable expert to make an informed decision.
And, if you are looking for some expert advice, you cannot overlook Blue Ridge Realty. We have been offering exceptional real estate services in the Blue Ridge area. We know Blue Ridge like the back of our palm and can provide you with all the necessary information.
So, connect with us if you want more information or get the best deal on blue ridge homes for sale.