7 Lessons Knoxville First Time Home Buyers Must Learn

Buying your first Knoxville home is no easy feat.

It’s a jungle out there. If you’re not properly prepared to buy your first home, you could end up losing on a house you love, paying more for a house than you need to, or even worst.

If you’re thinking about buying your first Knoxville home this year, here are 7 lessons all Knoxville first time home buyers must learn.

(You may have learned a few of these through your research or through sage word from other people, but be sure to check them all out to make sure your prepared to buy your first home.)

Lesson #1 – Talk With A Mortgage Professional First

Before starting your home search, talk to a mortgage professional. This will make everything so much easier. After speaking with a loan officer, you will know how much home you can afford, the types of loans you’r eligible for, and if there are any issues you need to sort through before you are ready to buy.

Unfortunately, many first time home buyers wait until they find a house to talk with a loan officer, only to find out they cannot afford the house or that there are some credit issues that need to be worked through.

So, if you’ve got the itch to buy your first home, go ahead and find a loan officer. A pre-approval is good for 90 days. You’ll thank yourself later on, I promise.

Lesson #2 – Know What You Want

Don’t go into your home search blind. It’s important to have a vision of what you want.

Make a list of the things that you need in a home. Then, make a list of the things you want in  home. When you start your home search, stick to the list. You may edit it throughout the process, but stay true to it.

The ideal home will have everything you need and will include many of the things you want.

Lesson #3 – Find Your Own Agent

You can hire your own buyers agent and it will cost you nothing. Yep, your own agent will cost you nothing. So, you’d be crazy not to find a your own realtor.

Do some research and find someone who specializes in the areas you want to live or works with a lot of first time home buyers.

Ask your friends and family who they’ve used in the past. Then, make your own decision. You don’t have to use someone because your parents did. You want to find someone you’re comfortable with and that you trust.

Lesson #4 – Don’t Get Swept Away

Looking for a place to call home is an emotional experience, particularly when you’re spending a lot of money.  Still, don’t allow yourself to get caught up in the moment, and end up doing something that you regret.

If you find a beautiful house, but it lacks a key element of what you’re needing, walk away from it. You don’t want to move in and find the house is lacking a significant element of what you’re needing. Once you’ve bought the house, you can’t return it like an item of clothing.

Also, don’t get caught up in a bidding war, if you’re not fully committed. You don’t want to pay more for a house and end up regretting it later. Set a price that you’re willing to pay and stick to it.

Lesson #5 – Don’t Cut Corners

Knoxville first time home buyers know buying a home is expensive. There’s not way around it. Whether you’re doing 100% financing or putting 20% down, there are out of pocket expenses.

Many first time home buyers may be tempted to cut some corners where they can to save some money, and there’s nothing wrong with that, just be sure you’re not being foolish.

Don’t skip your home inspection or say no to owner’s title insurance to save a few bucks without understanding what you’re giving up. Both of these are extra items that are well worth paying for.

Lesson #6 – When You Find The Right Home, You’ll Know

When you find the right Knoxville home, you’ll know it. It’s as simple as that.

The right home for you will not force you to compromise on any of your needs and you’ll feel confident in making an offer.

If you’ve been searching for homes, and still haven’t had that feeling, don’t fret. New homes come on the market every day. Be sure you are able to watch what comes on the market, so you can move quickly, if there is something that comes available that you may be interested in.

Lesson #7 – Stay Calm & Be Patient

This may be one of the best pieces of advice for all Knoxville first time home buyers. It may be simple, but it is important.

There are a lot of emotions that go on when you’re buying a house. While you wait for an offer, negotiate repairs, or work through the mortgage approval process, there are things that may not go your way.

When those things happen, you have two choices, you can freak out. Or, you can stay calm, and be patient that things will work out. Either way, the process will be a lot less painful if you choose the latter.

Are you thinking about buying your first Knoxville home this year? If so, please do not hesitate to give us a call. Rick can be contacted at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be contacted at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our Knoxville Home Search Page to see what homes are for sale in the Knoxville area.