3 Smart Financial Moves To Make Before Buying Your First Knoxville Home
Buying your first home is a huge financial step for first time home buyers. Prior to starting your Knoxville home search, it is important to have your finances in order.
Here are 3 smart financial moves to make prior to buying your first Knoxville home.
Determine How Much You Can Afford
Talking with a loan officer is one of the smartest financial moves your can make before buying your first Knoxville home. Knowing how much you can afford will be a huge help before starting your home search. It can also be helpful to do this early on so if there are any issues they can be worked through.
A loan officer can give you a clear picture of your monthly payment, how much you can afford, and what loan options you may have, that way you can start your home search off with all of the facts.
Come Up With A Budget
Sticking to a budget is important when you buy a house. You don’t want to buy something that overextends you financially. Come up with a list of your monthly expenses and what your ideal monthly mortgage payment would be.
While you may be able to be approved for a higher monthly payment than what you’d like, it doesn’t mean you have to spend that much. Be sure to consider the extra money you’ll need for maintenance, utilities, and any homeowner’s association dues.
Plan For A Rainy Day Fund
Unfortunately, when things break in your home, the money for repairs come out of your pocket. It’s important to have money set aside as a rainy day fund for those situations. Prior to starting your home search, it can be helpful to already have this money put away in advance.
Are you thinking about buying your first Knoxville home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Or, you can contact Kati at 865-392-5880 or via email at Kati@KnoxvilleHomeTeam.Com.