Buying a home can be a complicated process. While every buyer’s experience is different, there are still some universal themes of things that West Knoxville buyers should and shouldn’t do during the home buying process.
To help make the process easier, we’ve created a list of 10 commandments of buying a West Knoxville home.
I. Thou Shall Get Pre-Approved First
Before you start your home search, talk with a loan officer. You can’t start your West Knoxville home search without knowing how much you can afford. You’ll waste your time, a seller’s time and your agent’s time looking at homes you cannot afford.
Getting pre-approved is quick and painless. By knowing how much you can afford, you start your home search with confidence.
II. Thou Shall Assemble A Team Of Professionals You Trust
You probably don’t have a lot of experience dealing in real estate and that’s okay. A majority of people only buy a couple of rooms in their lifetime. The great thing is that there are people out there who can help you. It’s their job to make buying a West Knoxville house easier for you.
As you start your home search, it’s important to surround yourself with a trusted team of advisors who can help provide you with answers along the way. Two of the biggest people you will rely on our your Realtor and your loan officer. If you are able to find yourself with a Realtor you like, they can help recommend other professionals.
III. Thou Shall Ask Questions Along The Way
As you start looking for a West Knoxville home, you’re about to embark on one of the largest investments of your life. You can hire some of the best people in the business to help you along the way, but if you don’t ask questions along the way, you’re doing yourself a large disservice.
Your loan officer, realtor, among many of the other professionals you work with along the way, are full of a wealth information. Along the way, be sure to ask questions, even if you feel like they’re foolish. You’re buying a house, you’re not supposed to know everything.
IV. Thou Shall Understand The Documents You Sign
Buying a West Knoxville home is a huge financial commitment, and once all of the paperwork is signed, you’re locked into a 30-year mortgage. It’s important that you understand all of your paperwork prior to signing off on it.
As you review paperwork with your lender or realtor, be sure they give you a rundown of what exactly you’re signing. If you have any questions, be sure to ask them prior to signing.
V. Thou Shall Hire A Home Inspector
Even if you’re a handy person, you still need a home inspection. A home inspection provides you with a full understanding of what you’re buying, that way if something comes up on the inspection you’re able to either work out repairs with the seller or walk away.
A home is a huge investment and you don’t want to go buying a home that comes with expensive issues. Even if you love the home, it’s not worth forking out thousands of dollars from the start to remedy expensive issues.
VI. Thou Shall Understand The Art Of Compromise
There are some buyers our there that think that as a buyer they get to call all of the shots. Unfortunately, this line of thinking can get you into some trouble as a buyer. If you’re not willing to compromise with a seller, you could very easily lose out on a house you love.
Any real estate transaction involves some compromise. There’s always a give and a take. You may ask for closing costs, and the seller may ask for a higher price. You give a little to get little and in the end, all parties walk away happy.
VII. Thou Shall Not Buy More Home Than You Can Afford
When you get pre-approved for a home, it is possible that you’ll be approved for more than you’re comfortable with buying. Just because you’re approved for a certain amount, doesn’t mean you have to buy that full amount. Figure out how much you’re comfortable with spending on a mortgage each month and buy within that price range.
It can be easy to fall in love with a home and in the moment splurge on a home that’s out of your price range. This can be a painful mistake for many buyers. There is nothing worst than buying a home that is more than you can afford each month.
VII. Thou Shall Figure Out Monthly Expenses
It’s important to remember that your monthly budget will change when you buy a West Knoxville home. It’s important to figure out what additional expenses you’ll have to pay for as part of your monthly bills. Things like homeowner’s association dues, utility bills, trash pickup, among other things can all cause your monthly expenses to be higher. Just be sure all of these items fit into your budget in addition to your monthly mortgage payment.
IX. Thou Shall Be Prepared To Stay
Buying a home is a great investment if you plan on staying in the home. If you’re unsure of what you’re future may hold, you may want to think twice before buying a home. It can take about 3 to 5 years to recoup your money from buying a house, so buying a home is only worth the investment if you plan on staying in a place for awhile. If you’re unsure, you can always rent to a year or so to figure out what you want to do.
X. Thou Shall Have A Grasp On Your Wants & Needs
If you don’t have an understanding of your wants and needs, you’re going to struggle to buy a West Knoxville home. Create a list prior to starting your search. It’ll make things much easier for your search. If you have no idea what you’re looking for, you’re going to have a tough time finding a home in such a diverse market like Knoxville.
Are you interested in buying a West Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 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.
