Should You Buy Your First Knoxville Home?
Buying your first Knoxville home is a big decision. It’s not a decision that you want to take lightly if you’re not ready.
In this post, we’ll take a closer look at the question: should you buy your first Knoxville home?
We’ll help you breakdown some of the key aspects to see if you’re ready to buy your first home.
What Is Motivating You To Buy?
Buying your first home is a big step. Before you embark on this journey, consider what is motivating you to buy.
Are you sick of renting? Are you sick of throwing money away on rent? Are you doing it because you feel like it’s the right move? Are you doing it because all of your friends have?
The key here is that you’re buying your first home because you want to. You’re at a point in your life where it makes sense. Maybe you’ve been a renter for a few years and would like to have a place over your own. Or, you’re ready to put your rent money towards a better investment.
Regardless, buy a home because you’re ready to buy, not because you’ve seen all of your friends do it or you feel like you should.
Do You Have Your Finances Figured Out?
You don’t need to be a financial aficionado to buy your first home. Still, you need to have stable finances before you consider buying a home.
Here are a few signs that you’re finances are stable.
- You have a regular paycheck. A regular paycheck shows that you’ll have enough income to pay your monthly mortgage. If you rely on commission, you’ll have to show 2 years worth of income.
- You have a solid credit score. Generally, you’ll want to have a 650 or higher to buy your first home. A solid credit score shows that you’ve been responsible with your finances.
- You have your debt under control. There’s nothing wrong with some debt. If you have a car loan or student loan debt, that’s okay. But, if you’re maxing out your credit cards every month, that may not be a good sign.
Do You Know Your Future Plans?
Buying your first home only makes sense if you plan to stay in the home. The general rule of thumb is roughly 3 to 5 years to recuperate your initial investment and closing costs.
While life has a crazy way of changing, most people generally know whether or not they intend to move. If you aren’t sure if you’ll stay in Knoxville, buying your first home may not be the best decision. If you’re at a point where your not one hundred percent sure you want to settle into Knoxville, it may not be time to buy.
On the other hand, if you plan to be in Knoxville for the foreseeable future, it probably makes sense to buy a home. When you think about buying a home, be sure to buy a home that will fit your future needs. For example, if you’re a newlywed, it may be wise to buy a home large enough for a growing family or with a backyard if you get a dog.
A future home is an investment. Be sure to buy one that will fit your future needs.
If you’re unsure of where your current finances put you, there’s nothing wrong with talking with a loan officer. That’s the best way to see if you can buy a home and how much you can spend. If there’s some work that needs to be done, they can help guide you in the right direction.
Are you thinking about buying your first Knoxville home? Are you unsure of where to start? Don’t worry – you’re not alone. We’ve helped countless Knoxville first time buyers buy their first home and we’d love to do the same for you. Shoot us a text, email, or give us a call today. Rick can be contacted 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.