For many West Knoxville home buyers, spring and summer are among the most popular times to buy a home. With so many great deals in the West Knoxville real estate market and home prices and mortgage interest rates at record low, it is a great time to buy a home in West Knoxville. If you are among one of the many first time home buyers thinking about buying a home this spring or summer, here are a few things your should know.
The cost of owning a home is more than just the purchase price. While owning a home comes with many tax benefits and it currently costs less to own a home in West Knoxville than it does to rent, homeownership can come with its own share of costs. You will want to make sure you are prepared for for all costs associated with owning your first home. Be sure to check how much property taxes are, if there are any homeowners association dues, and how much utilities run. Also, be prepared for any unanticipated repairs.
There are programs for first time home buyer’s in Tennessee. With the help of Tennessee Housing Development Agency [THDA], you could purchase your first West Knoxville home with no money down. THDA offers programs for first time home buyers to either help cover closing costs or help with the down payment. If you are considering buying a home in West Knoxville for the first time, their programs are definitely worth checking out.
Know the pros and the cons of buying a foreclosure or short sale. While short sale and foreclosures in Knoxville offer many great deals, you want to make sure you know what you are getting yourself into. Be sure you know what it means to buy a home in “as is” condition and that you get the home inspected so you truly know what you are getting yourself into.
You are buying for the right reasons. There is no denying now is a great time to buy a home. But, you will want to make sure you are doing it because it is the right time for you.
Do you have questions about buying your first home? Please let me know if there is anyway that I can assist you in your home search, you can give me a call at 865-696-9002 or send an email to [email protected]. Also, be sure to check out my home search page to see what is currently available in the West Knoxville real estate market.