Signs You May Not Be Ready To Buy Your First Knoxville Home
There’s not doubt that owning a Knoxville home is a smart investment…
But, that doesn’t mean that owning a home is the right choice for you. In order for a home to be the right investment for you, you need to be at the right place in your life.
In this post, we’ll explores 4 signs you may not be ready to buy your first Knoxville home.
Do You Like The Safety Net Of A Landlord?
One of the many perks of renting is having the safety net of a landlord. When something breaks as a renter, it’s not your responsibility to pay with fixing it. That can offer a great deal of comfort when you don’t have a large emergency fund to deal with fixing things in a home.
There’s a lot that can go wrong when you own a home. Without the proper savings, owning a home can be a risky move. It’s important that you’re prepared to deal with the expense and maintenance of a home. If you’re unsure about this, you may want to wait to buy a home until you’ve got an emergency fund.
Could You Move In 6 Months?
Do you think about moving to another city? Do you have the desire to move from place to place? If so, this may be a sign that owning a Knoxville home at this point and time in your life isn’t a smart financial move.
If you don’t plan on living in the same place for at least 3 to 5 years, it’s probably not worthy your time to buy a home. In order to recoup some of your original investment, you’ll want to stay in your home for at least that long. It’s much easier to get out of a least than it is to sell your home. Just before you commit to owning a home, you’re ready to stay in the same place.
You Don’t Have A Lot In Savings
Buying your first home is an expense. Even if with the ability to buy a home with no money down, it’s still important to have a safety net. When you buy a Knoxville home, a lender will want to see you have some kind of reserves, in case of emergency. Lenders want to see this to show your financial stability. Without proof of this, you may struggle to get approved for a loan.
In addition, owning a home can be expensive. There will be times that things break and need to be repaired or replaced. Without a stash of emergency funds, you put yourself at risk of making things worse or hurting your investment.
Prior to buying a home, it’s important that you show you have the financial stability to be a homeowner. If you’re not stashing money away in a savings account, you may not be ready to buy a home.
Your Credit Score Needs Some Work
Finally, your credit score is an important aspect of whether or not you’re ready to buy a Knoxville home. Without a decent credit score, you’ll be unable to secure a loan to buy a home in the first place.
If your credit score is low, then there’s probably some work to be done before you’re ready to buy a home. Late payments or missed payments can negatively affect your credit score. If you’re credit score has been hurt by one of these items, you may need sometime to improve your credit.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first-time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.