Is this the year to buy your home in Nashville?
Here are five essential tips for making the process as smooth as possible.
1. Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct and fix any problems you find. Next, find a local mortgage lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.
2. Find a house you can afford.
Just like engagement rings, there’s a general rule of thumb when it comes to buying a home: plan on two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs and maintenance. Remember, just because you can pay for it doesn’t mean you can afford it. Think about your quality of life. It’s absolutely no fun being house poor.
3. Hire a professional.
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. Partner with an exclusive buyer agent who will have your interests at heart and can help you with strategies during the bidding process.
4. Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Your agent will have great insight on recommended offer pricing.
5. Think long term.
For tax purposes, you probably shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Check out the school zones for the home you’re considering. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, hire a home inspector, someone who will point out potential problems that could require costly repairs in the future.
Questions? Call me @ (615) 977-8444 or email whereyoulivetn@gmail.com