Are You Ready to Buy A West Knoxville Home?

ForRentDeciding whether or not you are ready to buy a home in West Knoxville is a big decision. Despite the many great deals available in West Knoxville and record low interest rates, the choice to buy a home is a personal one. So, how do you know if you are ready to buy a West Knoxville home?

  1. You are ready to make a long term commitment. That means you are planning to stay at least 3 to 5 years in the home, which is typically how long it takes to earn the money back that it cost to purchase the home. If you don’t plan on staying long in your West Knoxville home, renting may be a better decision.
  2. Your finances are in order. You will want to make sure you have your debts under control and you’ve taken a recent look at your credit report to make sure everything is in order. [A free copy can be obtained here or through any of the three major credit bureaus.] Also, you will want to talk to a loan officer about getting pre-approved for a loan, so you know what price range you can afford.
  3. You are prepared to be your own landlord. Are you prepared to deal with the costs of replacing a broken furnace? Or, to deal with the basement flooding? Owning a home comes with many benefits, however, home repairs can be expensive and unexpected. You will want to make sure you are ready to deal with the good and the bad of homeownership.
  4. You have a stable source of income. Buying a West Knoxville home is a long term commitment. You will want to make sure that you have enough income to cover the payment now and in the future. Major life changes like going back to school, changing jobs, or having kids can all play a big role  in your finances.
  5. You have an emergency savings fund. Life can throw you curve balls and you will want to make sure you are ready for the unexpected. Will you be prepared if you unexpectedly lose your job? You will want to have 3 to 6 months worth of emergency funds on hand just in case. That way, you will know you have a reserve of funds to cover your monthly bills, just in case.

Right now is a great time to buy a home in West Knoxville, if you are personally ready to. Please let me know if there is any information I can provide for you, feel free to give me a call at 865-696-9002, shoot me an email, or leave a comment on this post. Do you think you’re ready to buy a home?