In this series, NerdWallet interviews new homeowners across the country about their unique homebuying journeys and the financial decisions that helped them along the way. Email [email protected] to share your first-time homebuying story.

First-time home buyers Kelly and Daniel Vaughn didn’t sleep on Atlanta’s housing market. The couple, both 28, purchased their house in Smyrna, a suburb northwest of the city, at the end of 2018.

Vaughn runs her own company, The Taproom Agency, which helps e-commerce brands with site design, development and digital marketing. Being a self-starting entrepreneur helped her mentally (and financially) prepare for any unknowns. Even so, she says a few unexpected expenses caught her off guard and that she wishes she had saved more.

We asked Vaughn about her homebuying process, including why she would have budgeted even more and one obstacle she ran into as a business owner. (This transcript was lightly edited for clarity and length.)

What brought you to Atlanta?

I’ve been in the Atlanta area for almost five years now. I moved down to Georgia from Michigan when I was 16 but lived in other areas. My husband and I moved to Atlanta because of his job.

There is so much to do here; it’s an ever-changing city. The food scene is amazing and there are always events on the weekend. The cost of living here is pretty low compared to other major cities. It’s also a major travel hub, and we travel a lot.

Why did you decide to buy a home in Atlanta?

We first rented in Vinings, Georgia, for three and a half years before buying. We rented for that long because we wanted to afford a house we could stay in for at least 10 years (i.e., not a starter home) and didn’t want to be house poor. We ended up buying in Smyrna, a suburb outside of Atlanta.

What were you looking for in a home?

We bounced back and forth between getting a townhouse or a stand-alone home. We ended up doing a single-family home because we didn’t want to share walls.

We also wanted a four-bedroom with a two-car garage within 10 miles of the Perimeter [Interstate 285, which surrounds most of Atlanta], because Atlanta traffic is terrible. We were looking for an open floor plan and a lot of natural light.

We are fortunate to do well for ourselves financially, so our house budget was on the bigger side, especially for Atlanta. It started in the $250,000 to $300,000 range, but ended up in the $400,000 to $450,000 range as we started doing more house visits and realized that the initial range was more suitable for a townhome. Once we changed our focus to a single-family home, we increased our budget. We factored in all of the costs, from escrow to furnishing costs and more.

What was your homebuying journey like?

We started talking about buying a house in loose terms about two and a half years into renting in Atlanta, around August of 2017. At that point, we weren’t ready to buy but wanted to at least discuss it. We started getting serious about saving for a house around May 2018. We had around $10,000 in inheritance money, but the vast majority of what we needed had to be saved. We saved a little over $60,000 ourselves and borrowed another $10,000 from parents.

I have a family friend who is a real estate agent, so in September 2018, we started going with her to see what was out there. We found the house we wanted the following month and started negotiating, which was easy since we had an agent who knew the process very well, and closed on Dec. 12, 2018.

It was fast for the market. I had a lot of friends who had a difficult time finding a house and getting an offer accepted, but this was our first offer after looking at close to 15 houses.

We ended up staying within our budget and purchased it for $432,000. It was more than I expected to spend on a house initially. It took some getting used to the idea of paying over $400,000 for a house at my age.

How did you know that the home was the one for you?

We liked the neighborhood when we were driving into it. When we walked in, we saw all of the natural lighting, which was a big win for us. The house is big (around 3,600 square feet). It was built in 2000 and hadn’t been updated, but it had been well-kept and provided a nice template for us to do whatever we wanted with the house.

We were toying between that house and another one on the west side of Atlanta, which was smaller and farther away. For those two houses, we made a long list of pros and cons.

What’s your approach to finance, and how did you save for the home?

Both of us are savers, which definitely helped. We are self-taught when it comes to personal finance, but most of what I learned was from trial and error and taking on some debt from graduate school. I am a coder and freelanced throughout college and graduate school to help pay for my tuition, but I still had to take out student loans. When the six-month grace period for my loans ended, I received a letter saying that I still had $55,000 to pay off. That propelled my savings habits forward. For example, I put a line item in my budget specifically for paying off student loans that I keep increasing over time. (Right now it’s at $600 per month, and I’m on track to pay them off by this December.)

Since March 2018, Daniel and I have used a spreadsheet to track everything we purchase. We list out joint and individual expenses and set aside money for expected costs. We keep track of the remaining budget for the month and how we’re allocating that money. If I want to go shopping for new clothes or if he wants to buy a bottle of scotch and it’s within our budget, that’s OK.

We have multiple savings accounts, including one for our house as well as a joint travel account, and our own emergency funds. We feel comfortable splurging on travel, experiences and dining out with friends, but we’re not much for having a lot of stuff. We tend to put money aside for larger purchases, like replacing a TV or repainting our kitchen.

When we talked about buying a home, I was at a point where I felt secure in my finances. I built my business making sure that I paid myself a salary, and setting up my business that way helped the homebuying process.

Were there any surprises? Would you have done anything differently?

We had a positive buying experience, but I would have saved $20,000 more and started saving sooner to get our down payment up to 20% and cover moving costs. Between closing costs and paying for [a homeowners association], we exceeded our budget pretty dramatically for the first few months. We spent around $4,800 over our monthly budget in December because we had to keep buying things for our house and didn’t recover until May. (Doubling your square footage and the number of rooms will do that!)

Another thing I learned is that it’s very hard to get a home loan as an entrepreneur. The banks just don’t see entrepreneurs’ salaries as steady, so we got a loan based on my husband’s salary even though we split the cost of the house. I’ve had friends who are entrepreneurs who had to have family members co-sign their loans.

What advice would you give for buying a home in Atlanta?

Consider where you’re working. That is key because everyone in Atlanta knows how bad the traffic is, and the location can make or break your commute.

And for couples: Try to be as open and honest with each other as possible. This is one of those life-changing events you can categorize with having a child, starting a job, etc., so agree on what you’re both looking for.

Advice for first-time home buyers

Lisa Brennan, who helped the Vaughns buy their home, shared her thoughts on the first-time homebuying market in Atlanta.

Good news: Inventory is up. Brennan says that home inventory in Atlanta has increased since last year, which means that it may be a good time for first-time home buyers to jump in and see what’s available. “It’s a vibrant, exciting market right now,” she says.

There are a few neighborhoods to keep tabs on. “The Vinings area, where SunTrust Park [home of the Atlanta Braves] is located, is really up-and-coming, along with communities along the BeltLine,” Brennan says.

Get a leg up by figuring out financing. “One common mistake is not being totally prepared with a loan,” she says. “Having financing in order is huge, especially if you’re in a multiple-offer situation.”

The article How I Bought a Home in Atlanta originally appeared on NerdWallet.

Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.

In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.

As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.

We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.

In this series, NerdWallet interviews new homeowners across the country about their unique homebuying journeys and the financial decisions that helped them along the way. Email [email protected] to share your first-time homebuying story.

First-time home buyers Kelly and Daniel Vaughn didn’t sleep on Atlanta’s housing market. The couple, both 28, purchased their house in Smyrna, a suburb northwest of the city, at the end of 2018.

Vaughn runs her own company, The Taproom Agency, which helps e-commerce brands with site design, development and digital marketing. Being a self-starting entrepreneur helped her mentally (and financially) prepare for any unknowns. Even so, she says a few unexpected expenses caught her off guard and that she wishes she had saved more.

We asked Vaughn about her homebuying process, including why she would have budgeted even more and one obstacle she ran into as a business owner. (This transcript was lightly edited for clarity and length.)

What brought you to Atlanta?

I’ve been in the Atlanta area for almost five years now. I moved down to Georgia from Michigan when I was 16 but lived in other areas. My husband and I moved to Atlanta because of his job.

There is so much to do here; it’s an ever-changing city. The food scene is amazing and there are always events on the weekend. The cost of living here is pretty low compared to other major cities. It’s also a major travel hub, and we travel a lot.

Why did you decide to buy a home in Atlanta?

We first rented in Vinings, Georgia, for three and a half years before buying. We rented for that long because we wanted to afford a house we could stay in for at least 10 years (i.e., not a starter home) and didn’t want to be house poor. We ended up buying in Smyrna, a suburb outside of Atlanta.

What were you looking for in a home?

We bounced back and forth between getting a townhouse or a stand-alone home. We ended up doing a single-family home because we didn’t want to share walls.

We also wanted a four-bedroom with a two-car garage within 10 miles of the Perimeter [Interstate 285, which surrounds most of Atlanta], because Atlanta traffic is terrible. We were looking for an open floor plan and a lot of natural light.

We are fortunate to do well for ourselves financially, so our house budget was on the bigger side, especially for Atlanta. It started in the $250,000 to $300,000 range, but ended up in the $400,000 to $450,000 range as we started doing more house visits and realized that the initial range was more suitable for a townhome. Once we changed our focus to a single-family home, we increased our budget. We factored in all of the costs, from escrow to furnishing costs and more.

What was your homebuying journey like?

We started talking about buying a house in loose terms about two and a half years into renting in Atlanta, around August of 2017. At that point, we weren’t ready to buy but wanted to at least discuss it. We started getting serious about saving for a house around May 2018. We had around $10,000 in inheritance money, but the vast majority of what we needed had to be saved. We saved a little over $60,000 ourselves and borrowed another $10,000 from parents.

I have a family friend who is a real estate agent, so in September 2018, we started going with her to see what was out there. We found the house we wanted the following month and started negotiating, which was easy since we had an agent who knew the process very well, and closed on Dec. 12, 2018.

It was fast for the market. I had a lot of friends who had a difficult time finding a house and getting an offer accepted, but this was our first offer after looking at close to 15 houses.

We ended up staying within our budget and purchased it for $432,000. It was more than I expected to spend on a house initially. It took some getting used to the idea of paying over $400,000 for a house at my age.

How did you know that the home was the one for you?

We liked the neighborhood when we were driving into it. When we walked in, we saw all of the natural lighting, which was a big win for us. The house is big (around 3,600 square feet). It was built in 2000 and hadn’t been updated, but it had been well-kept and provided a nice template for us to do whatever we wanted with the house.

We were toying between that house and another one on the west side of Atlanta, which was smaller and farther away. For those two houses, we made a long list of pros and cons.

What’s your approach to finance, and how did you save for the home?

Both of us are savers, which definitely helped. We are self-taught when it comes to personal finance, but most of what I learned was from trial and error and taking on some debt from graduate school. I am a coder and freelanced throughout college and graduate school to help pay for my tuition, but I still had to take out student loans. When the six-month grace period for my loans ended, I received a letter saying that I still had $55,000 to pay off. That propelled my savings habits forward. For example, I put a line item in my budget specifically for paying off student loans that I keep increasing over time. (Right now it’s at $600 per month, and I’m on track to pay them off by this December.)

Since March 2018, Daniel and I have used a spreadsheet to track everything we purchase. We list out joint and individual expenses and set aside money for expected costs. We keep track of the remaining budget for the month and how we’re allocating that money. If I want to go shopping for new clothes or if he wants to buy a bottle of scotch and it’s within our budget, that’s OK.

We have multiple savings accounts, including one for our house as well as a joint travel account, and our own emergency funds. We feel comfortable splurging on travel, experiences and dining out with friends, but we’re not much for having a lot of stuff. We tend to put money aside for larger purchases, like replacing a TV or repainting our kitchen.

When we talked about buying a home, I was at a point where I felt secure in my finances. I built my business making sure that I paid myself a salary, and setting up my business that way helped the homebuying process.

Were there any surprises? Would you have done anything differently?

We had a positive buying experience, but I would have saved $20,000 more and started saving sooner to get our down payment up to 20% and cover moving costs. Between closing costs and paying for [a homeowners association], we exceeded our budget pretty dramatically for the first few months. We spent around $4,800 over our monthly budget in December because we had to keep buying things for our house and didn’t recover until May. (Doubling your square footage and the number of rooms will do that!)

Another thing I learned is that it’s very hard to get a home loan as an entrepreneur. The banks just don’t see entrepreneurs’ salaries as steady, so we got a loan based on my husband’s salary even though we split the cost of the house. I’ve had friends who are entrepreneurs who had to have family members co-sign their loans.

What advice would you give for buying a home in Atlanta?

Consider where you’re working. That is key because everyone in Atlanta knows how bad the traffic is, and the location can make or break your commute.

And for couples: Try to be as open and honest with each other as possible. This is one of those life-changing events you can categorize with having a child, starting a job, etc., so agree on what you’re both looking for.

Advice for first-time home buyers

Lisa Brennan, who helped the Vaughns buy their home, shared her thoughts on the first-time homebuying market in Atlanta.

Good news: Inventory is up. Brennan says that home inventory in Atlanta has increased since last year, which means that it may be a good time for first-time home buyers to jump in and see what’s available. “It’s a vibrant, exciting market right now,” she says.

There are a few neighborhoods to keep tabs on. “The Vinings area, where SunTrust Park [home of the Atlanta Braves] is located, is really up-and-coming, along with communities along the BeltLine,” Brennan says.

Get a leg up by figuring out financing. “One common mistake is not being totally prepared with a loan,” she says. “Having financing in order is huge, especially if you’re in a multiple-offer situation.”

The article How I Bought a Home in Atlanta originally appeared on NerdWallet.

Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.

In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.

As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.

We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.

Constructed from aspirational Instagram feeds and reality TV, the dream home floats in the imagination like a castle in the sky but dissolves in the rain of hard numbers.

Chasing the dream can lure buyers to overextend themselves financially. Or the high prices can lead first-time home buyers to delay a home purchase — and the opportunity to start building home equity.

For many homebuyers, buying a “good enough” home can be a sounder strategy, particularly for those most eager to become homeowners.

“I’d rather see people buy a good enough home versus buying a dream home and being cash-strapped over the next 20 years,” says Alyssa Lum, certified financial planner and founder of Luminate Financial Planning in Herndon, Virginia.

Here’s the beauty of a good enough home.

It has the essentials

A good enough home may not have artisan tile or stainless steel appliances, but it has the essentials.

Look for a home that’s well-maintained, has “good bones” and is in a good location, says Kelly Roth, a real estate agent with Pearson Smith Realty in Ashburn, Virginia. A well-maintained home in a good location will likely increase in value and probably won’t be a money pit.

Buyers tend to home in on cosmetic upgrades, Roth says, but she advises focusing on basics, like windows, the roof and the heating and air conditioning system. Then you’re less likely to face surprise repairs just to make the house functional.

If you can’t have it all — and most people can’t — list the features you want, and decide where you’re willing to compromise.

Amber Miller, a certified financial planner with The Planning Center in the Minneapolis-St. Paul area, bought her first home two years ago. It has features she wanted, such as hardwood floors and a separate dining area, but isn’t flawless.

One of the bathrooms has outdated salmon-pink tile. “I thought, well, it’s not beautiful but it’s clean and functional,” she says. “This isn’t going to be the house I’m in forever, but it’s good enough for now, and I love it.”

It fits your lifestyle

Roth tells of a couple who fell in love with a home that looked like a dream. But the commute to work — 90 minutes each way — became a nightmare.

“They bought it in August and sold it in March,” Roth says.

“Good” is personal. A big yard could be a must for a family with a dog, but a pain if you hate yardwork.

And a good home matches your timeline. It should meet your needs for the years you plan to live there, which probably isn’t forever if it’s a first home, Roth says.

It doesn’t squeeze your budget

Lenders will qualify buyers with considerably higher ratios. But that may not leave much for other expenses, says Trey Reed, a loan officer with MVB Mortgage near Washington, D.C.

“Maxing out (debt-to-income) is something I see people do, but not something I recommend,” Reed says.

A good enough home leaves you with enough money for other priorities, such as saving for retirement and emergencies, and for all the costs of ownership besides the mortgage. That includes home insurance, property taxes, utilities and maintenance.

Fifty-five percent of homeowners — 68% of those ages 21 to 34 — had regrets about their preparation for the homebuying process, according to Bank of the West’s 2018 Millennial Study. The top regret for all age groups: costly maintenance.

Miller says to budget about 1% to 3% of the home’s value annually for maintenance.

It can be transformed

Over time, you can add dreamy features.

When shopping for a home this year in Leesburg, Virginia, Jenny and Mike Virbickis found a beautifully upgraded house priced $75,000 more than they planned to spend. They kept looking and found a home that fit their budget.

“I’d rather have a house my family can grow into and we can fix up to make it our own rather than something we can’t afford,” Jenny says.

Their home has space for their toddler to play, is structurally sound and is in the neighborhood they wanted. Eventually, they’ll make home improvements. But for now, it’s perfect. After a block party in their cul-de-sac recently, Jenny says, “I came home and said, ‘This is where we were meant to be.’”

This article was written by NerdWallet and was originally published by The Associated Press.

The article The ‘Good Enough’ Home May Be Just Perfect originally appeared on NerdWallet.

Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.

In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.

As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.

We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.