Buying your first Farragut home can be an overwhelming, exciting, and nerve-wracking experience. Throughout the process, there is a whole slew of decisions that a buyer must make, so it can be easy to become overwhelmed. Before making one of the biggest purchases you can make, be sure you are not making one of these common first time buyer mistakes.
Farragut First Time Buyer Mistake #1: Failing to get pre-approved or pre-qualified before starting your Farragut home search.
Securing financing prior to starting your Farragut home search is essential, it will allow you to know how much you can afford and identify an potential problems down the road. There is nothing more heartbreaking that finding the perfect Farragut home, only to discover that it is out of your price range. Meeting with a loan officer prior to starting your home search will save both you and your Realtor a lot of time.
Farragut First Time Buyer Mistake #2: Failing to calculate the full expense of owning a Farragut home.
Owning a Farragut home is more than just your mortgage payment. There are utility builds, maintenance, cable bills, among many other monthly expense you have to take into account. When you meet with a loan officer, they should be able to advise you on what you monthly payment will be, just be sure that you have enough money left over to cover the rest of your monthly bills and still put some money away for the unexpected. While owning a home can be a great investment, there are times where things break and you need to be able to afford necessary repairs.
Farragut First Time Buyer Mistake #3: Falling in love with a house too soon.
When buyers finally find the perfect Farragut home that meets their needs, buyers will often do anything to get the house. Still, it is important to keep a level head and step back and make sure the home not only meets your needs but is also a good investment. If things are found in the home inspection that could mean expensive repairs or if the price is going to stretch you financially, it may not be the right home for you.
Are you thinking about buying a Farragut home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our Farragut Home Search Page.