Buying a West Knoxville home in a seller’s market isn’t a walk in the park. The competition is tough and good homes are hard to find and disappear quickly.
So, what’s a buyer to do when they simply cannot find the right home?
You can try and wait. But, you may not have time for that and living somewhere temporarily may not be ideal.
Or, you can try and settle on a home. Unfortunately, when you buy a home it’s a big investment. It’s not just picking a different menu item at a restaurant. If you’re going to spend that kind of money, you might as well be happy with what you’re getting.
While flexibility can be important when you buy in a seller’s market, there are certain things that you shouldn’t sacrifice. Here are 5 things you shouldn’t settle on when you buy a West Knoxville home.
One big thing you shouldn’t settle on when you buy a West Knoxville home is property condition. Don’t buy a fixer upper if you want to buy a move-in ready home. If you’re not willing to put in the work and don’t have the cash on hand, you’ll find yourself in a home that feels like a money pit.
Some buyers want move-in ready and some don’t mind to spend a little money to fix a place up. There’s nothing wrong with either of those situations, but if you don’t buy a home that fits your overall plan, you could find yourself very unhappy.
For example, if you love historic home, but end up buying a home that’s brand new, you could find yourself in a home that isn’t fit for what you’re looking for. If you were looking forward to spending less so that you could fix a place up, then end up spending more to buy a brand new home, you could end up buying a place that you regret.
You should never settle on the things that you absolutely need in a West Knoxville home. The number of bedrooms, bathrooms, or having a bonus room are all things that are essential. If you have them on your list of things that you need, that’s not something that you should have to sacrifice.
If you’ve got 3 kids, don’t settle for a 3 bedroom house, when you really need a 4 bedroom house. Space is something that will become dauntingly important once you move in. When you buy a home that doesn’t have what you’re looking for space wise, you’ll be reminded of that every day that you live there.
Be sure that you get especially what you need space wise.
Schools are another thing that you shouldn’t sacrifice when you buy a West Knoxville home. Even if you don’t have kids or your kids are grown, the school system does make a difference when you consider resale value.
It’s one thing to consider multiple school systems, but a totally different story to buy in a school system that’s not rated well. School systems do have an influence in resale value so it’s not a sacrifice that you want to take lightly.
Location is another item that you don’t want to sacrifice when you buy a West Knoxville home. Location is an important aspect when you think about buying. It’s how to close work, schools, and other attractions. If you find yourself too far from the important things you won’t be happy when you buy a home.
Location matters much more than you think. Even if you love a house, if you hate the location, you’ll cringe every day at how far you are away from the important things. This is something you absolutely don’t want to sacrifice.
Finally, the price is one area that you should never compromise on when you buy a West Knoxville home. When you spend more than your budget is comfortable with, you put yourself in a compromising situation. Not only would you put your monthly budget at risk, you’d also make it more likely that you miss payments. This is why the price is never something you could sacrifice.
You may be able to afford up to $350,000, but your monthly budget is a bit more comfortable spending $250,000. Though you may be approved to spend that much, you have some monthly expenses that would suffer if you end up spending more on a home. Unfortunately, when you’re looking in the $250,000 price range, you’re not quite finding the home you want. So, you consider upping your price range in hopes of finding the right home. Just keep in mind as you consider doing this what would happen to your monthly budget.
Before writing an offer on a home that’s more than you want to spend, consider the future implications. If you like to put a lot of money into investment or retirement, maybe spending that much isn’t worth it if those items will suffer. Or, if this mortgage would make it hard to afford dinners out or future vacations, you may want to consider what the possible implications are. You can only enjoy a home if in the end, you can afford it.
Are you thinking about buying a West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our West Knoxville Home Search Page.
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