Buying a Knoxville home is an exciting experience, but can be at times a bit overwhelming, particularly if you’re a first time home buyer. For many first time home buyers, the transition from renting to buying isn’t always easy, and the change is often underestimated. Here are a few tips to help you survive the transition from renting to buying a Knoxville home for sale.
Consider The True Cost Of Owning A Knoxville Home
Owning a Knoxville home is more than just your mortgage payment, which usually will include property taxes, interest, insurance, and your principal payment. There are also the maintenance costs of owning a home. Will you have the funds to fix the AC if it breaks or if an appliance needs to be repaired? One thing first time home buyers often forget about is having an emergency fund for the unexpected.
Consider The Long Term Investment
Prior to buying a Knoxville home for sale, it is also important to consider the long term investment of the home. It is important to consider the resale value of a home. Is the location good? Does the home have qualities that will make it desirable to buyers down the road? In addition, consider if you’ll be there long enough to recoup the investment you put in the Knoxville home, generally it takes 3 to 5 years to do so.
Being Your Own Landlord
One the biggest adjustments homeowners face when making the transition from renting to buying is being their own landlord. As a renter, when something breaks, you call your landward, but as a homeowner you are the landlord. For some, this is an exciting thing and for others it can be stressful. Just be sure that you are prepared to take on the full responsibility of being a homeowner.
Are you ready to buy your first Knoxville home for sale? If there is anyway Knoxville Home Team can assist you, please let us know, you can give Rick at call at 865-696-9002 or send an email to [email protected]. Kati can be contacted at 865-392-5880 or via email at [email protected]. Also, be sure to check out our Knoxville home search page to see what homes are for sale in the area.