Are you a first-time buyer interested in buying a home in Knoxville? Congratulations! This is a very exciting time for you. However, it is also a challenging adventure to undertake, and the potential to make mistakes is high! With that in mind, we have put together a few essential tips for first-time buyers who are buying a home in Knoxville to help keep you on the right path!
1 - Try Not to Fall in Love!
Shopping for your very first home is exciting, and it is okay if you have some favorites among the homes that you look at. However, if you are buying a home in Knoxville, one of the best pieces of advice we can give you is to try to avoid falling in love with one property! It’s a mistake that many first-time buyers make. They see what they decide is ‘the one’ and immediately disregard the other options. However, this puts you at a distinct disadvantage. If you have your heart set on that one property that has captured your heart, you don’t have much room for negotiating as you have no backup plan. You may also be inclined to overlook defects as you are wearing rose-colored glasses.
Similarly, if you make an offer that isn’t accepted, you will be heartbroken. It is best to keep your heart out of the transaction and try not to pin all your hopes and dreams on one property. There is plenty of time to fall in love once you move in and start making the house into your home!
2 - It’s Better to But With Resale in Mind
If you are buying a home in Knoxville for the first time, you are likely not thinking beyond this being your ‘forever’ home. However, the reality is that for most first-time buyers, their first property is a stepping stone. It is likely that, in time, your family will outgrow your first home or that lifestyle changes mean it no longer meets your needs. Because of this, whenever you are buying a home in Knoxville, or anywhere else for that matter, you should always have the resale value in the back of your mind. It is best to buy in neighborhoods that are seeing increasing property values. You might also want to look at the local amenities like parks, shopping opportunities, recreation, and schools that can add value. These may not matter to you right now, but when you sell the property a few years later, the next buyer might consider them dealbreakers!
3 - Always Budget For Repairs
Once you have chosen a property you want to make an offer on, repairs may be discovered during the inspection process. You may negotiate to have these fixed by the current owner or ask for a reduction to cover the expense of doing the work yourself. Either way, when you are buying a home in Knoxville, you must budget for repairs. If you are already stretched to the limit with mortgage payments, there won’t be much left to carry out repairs or renovations. It is always better to allow a cushion for this from the beginning.
4 - Have Your Finances In Good Order
Following on from the previous tip, when you are buying a home in Knoxville, it is important to start by getting your finances in order before you even start viewing properties. Take time to review your credit report and pay down your debts before you start talking to lenders. This will give you an accurate picture of your financial position and let you decide how much you can afford when it comes to buying a home in Knoxville. Getting pre-approved for a mortgage is also a great idea, as this can be an advantage in the negotiation process when you are ready to make an offer on a property.
5 - Research Incentives For First-Time Buyers
If you are buying a home in Knoxville as a first-time buyer, you may be eligible for a variety of local, state, or federal government programs. Various assistance programs and incentives are available to help first-time buyers get onto the property ladder. Some of these programs can help with down payments, while others will help with more favorable financing.
As a first-time buying a home in Knoxville, getting the support of a local realtor who understands the real estate market can be invaluable. At Wright Realty, our customers are our priority, and we are here to help you through every step of the process of buying your first home.
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Wright Realty is a full-service real estate concierge with a wholistic approach to buying and selling property in East Tennessee. We are your trusted advisor and keep open communication throughout your entire buying/selling process. Real Estate done "Wright" means more than just a 'transaction'.
Finding Your Property the "Wright" Way!
Visit www.realtydonewright.com or call 865-556-8599
