Now is the perfect time to purchase a home for the holidays at Mundy Mill! Located in Gainesville, our wonderful community features homes starting in the mid $139,900s, perfect for first-time buyers.
Some common questions first-time homebuyers may ask themselves may be “why should I buy?” or “how much are down payments for new homes?’ The following paragraphs offer a more in-depth look at these frequent concerns.
Buying vs. Renting
If you’re currently renting, consider the benefits of buying a new home. At Mundy Mill homes are an investment, unlike your rent money that disappears forever. Plus, when you own a home your federal income taxes allow tax deductions from your mortgage loan interest, and you are able to deduct property taxes you pay as a homeowner. Another great perk of buying a new home, instead of renting, is decorating! When you own your home, there are endless possibilities to what you can design.
First-time buyers often worry about saving money for a down payment, but when considering how much money to save, several factors play into this decision. Consider three costs: earnest money, the actual down payment and closing costs. Earnest money is the deposit that is “put down” on the home when an offer is submitted and can range from $500 to $2,000 or more. This money goes into an escrow account, which will later be applied to your down payment or closing costs if your offer is accepted; or it will be returned if your are declined. Depending on your loan type, first-time home buyers could be required to pay a down payment anywhere from 10 to 20 percent of the purchase price (FHA loans require only 3 percent). Finally, closing costs paid at your settlement for the home (when you sign all the paperwork), generally average 3 to 4 percent of the home’s cost.
When taking a tour of Mundy Mill, many specific price questions can be worked out by one of our helpful sales consultants. Our in-house sales team is a great resource for first-time buyers and they will be happy to answer any questions about our wonderful community.
Mundy Mill offers affordable yet quality-built homes in a mixed use development. This community offers amenities unlike any other, all a walk away on the Mundy Mill community grounds. These amenities include future plans for shopping, commercial business and Gainesville City Elementary.
Schedule a tour today and you could be in your new home in time for the holidays! For more information, please visit the Mundy Mill website or call John Schwartz 678.769.5161.