Buying a home can be a stressful time in life. This is especially true if you’ve never purchased a home before. After all, a home will probably end up being the most expensive thing you’ll ever buy! Not to fear though, our Nashville real estate team is here to help guide you.
Before you start looking at homes, we recommend getting pre-approved for a home loan. This will help you out once you’re ready to start putting offers on a house. It will also help you understand how much house you can actually afford. Be sure to keep all of your documents in one place as well! Once you’re ready to put an offer in on a house, you’ll want all of your ducks in a row.
Determine Your Down Payment Ahead of Time
Down payments on homes can vary depending on how much cash you have saved up and on your lender. Most lenders have options as far as percentages go for how much you put down. This is why you will want to be sure you talk to them to see what the best option is for you.
Remember though, that you will end up needing more cash to close on your home since there can be extra fees involved such as closing costs and prepaid expenses. This is something your real estate agent can educate you on as well!
This brings us to lenders. Your lender can help you determine how much house you can actually afford based on your income, savings, and any other assets you have. He or she will walk through the process with you and get you pre-approved to purchase a home up to a certain amount so that once you find your house, you will have already done the legwork.
Shop Around – Know the Area
Many first time home buyers may not know much about the area they are wanting to buy in. Wouldn’t you want to live in a home where you like and/or are familiar with the area? Us, too. Maybe a house you like is right off of a super busy street, but you were wanting to live in a quieter neighborhood. Or, maybe you were wanting to live within 5 minutes of local hot spots, but the house is not that close to any.
Make sure you do your research before determining exactly where you want to live. Take notes, too, so you remember what you like and don’t like! Your realtor will do the same. Your Nashville real estate agent can help you determine what areas fit your criteria, price range, and help you find the perfect fit.
Never, and we mean never, hesitate to ask questions! If you are wondering how the home buying (or selling!) process works, your agent went to school for this and would be happy to answer any questions!
If you or someone you know is looking to purchase their first home, let us know. We are happy to help! We have an awesome team of agents who would love to grab a coffee with you or with them.