With West Knoxville and Farragut housing affordability at record highs and mortgage interests rates at record lows, there is no denying now is a great time to buy a home. Before pulling to trigger and making a rash decision, here are a few things to think about before buying that West Knoxville or Farragut home. As with any decision, you may wish you did a few things differently, but here are a few major regrets that can easily be avoided.
Buying because it’s a good time to buy and it’s what everyone else is doing. Don’t be a lemming. Don’t do it just because everyone else is doing it. If you’re in a place in your life where it makes the most sense to buy and you’re sick of throwing money away with you monthly rent, then it could be a great time to buy for you. But, if you’re unsure where you’ll be in a few years or unsure about home ownership, this may not be the time to buy for you. When the time is right, you’ll know, and regardless of what the market is doing, it’ll be the right time for you to buy a house.
Buying a West Knoxville or Farragut home that doesn’t fit your budget. Owning a home is more than your monthly mortgage payment, its the cost of monthly bills, property taxes, insurance and maintaining the home. Before starting your home search, sit down with a loan officer and assess how much you can truly afford. Also, be sure to allow wiggle room for other monthly expenses.
Choosing the wrong home to fit your needs. If you buy in haste, you could end up with a home that doesn’t truly fit your needs. Sure, Knoxville short sales and foreclosures can be great bargains, but you don’t want to end up with a home that will be more work than it is worth. Or, you don’t want to rush through the home search process, and end up with a house that’s too big or small for your needs. Be sure to consider all aspects of what owning that home would mean. Before you start looking at homes, research what areas interest you and what your housing needs are. It’ll make the whole process much easier. And, be sure to get a real estate professional dedicated to helping you meet those needs.
Are you thinking about buying a West Knoxville or Farragut home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. Or, you can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.