While the charm of an older home may be appealing, there are advantages to purchasing a new home in Atlanta ranging from general esthetics to increased safety features, according to the mortgage lenders at imortgage. Below are the top 10 reasons why you should keep a shiny new house in mind when you are researching your home options.
10. Contemporary Style:
The look and feel of your home will be based on today’s modern design standards, amenities and a more efficient use of space both inside and out.
9. Architectural Controls and Covenants:
This translates into increased protection of property values based on restrictions placed on exterior colors and materials, as well as parking restrictions and landscaping requirements.
8. Safer Building Materials:
Modern materials don’t include such things as asbestos and lead paint.
7. Fire Safety:
Newer homes often include fire-safety features not previously offered in homes.
Your new home warranty will cover necessary repair work for at least one year.
You get to choose options and upgrades that will allow you to create a living space that is tailored to your needs and desires.
4. Green Appliances:
New homes contain high-efficiency stoves, refrigerators, washing machines, water heaters, furnaces and air conditioning units.
3. Built to Current Specifications:
Tighter sealed structure, higher-efficiency insulation and better doors and windows all contribute to significant energy-efficiency.
2. Less Maintenance:
Modern home construction is engineered specifically to minimize maintenance requirements.
1. Less Repairs:
Older homes are going to require more overall repairs due to the difference in age and wear and tear on the home.
Documentation required by a lender for potential homebuyers:
• Social Security card, driver’s license and date of birth
• Residential addresses for the past 24 months
–If renting, provide name, phone number and addresses of your landlord(s)
• Employment history for each borrower for the past 24 months
–Name, address and ZIP code of all employers
–Dates of employment
• For VA loans only: Original Certificate of Eligibility, DD214 or Statement of Service
–Personal: Past two years complete tax returns, all schedules, W2s, 1099s and K1s
–Self employed: Past two years complete tax returns and year-to-date-profit-and-loss statement
–Most recent bank statements for past two months, including all pages, even if blank
–Most recent investment statements for past two months including all pages, even if blank
–Copy of HUD-1 settlement statement for recently sold home –Permanent income
–Interest, dividends or retirement statements for past two years –Award letters for Social Security
–Award letters for retirement/pension incomes –Awards letter for disability
–Rental income (provide one-year lease or agreement plus tax return)
–Child support, maintenance or alimony (copy of divorce decree or court order)
–Copy of signed home-purchase agreement, if applicable
–Copy of earnest money check and proof funds have cleared the bank