Matching Your Dream Knoxville Home To Your Budget
You’ve got your perfect dream home all laid out in your head. It’s got all the upgrades you want, a great location, a private backyard, and so much more.
Unfortunately, matching your dream Knoxville home to your budget isn’t always easy. Here are a few ways to match your dream home with your monthly budget.
Take A Reality Check
Prior to starting your first Knoxville home search, it can be important to have a true understanding of how much home you can afford. Start the process off by talking to a loan officer and see how much you are able to get pre-approved for.
From there, see what types of homes our out there in your price range. What typical amenities do they come with? What is the typical number of bedrooms, baths, and square footage? Are you getting more home than expected or less?
By having an understanding of what your price range offers from the get go, it can save you a whole lot of heartache from the very beginning of your home search, since you’ll have realistic expectations.
Know Your Housing “Needs” Vs. Housing “Wants”
For many first time home buyers, it can be difficult to separate their housing “wants” and their housing “needs.”
Items that typically end up on a needs list include: a certain number of bedrooms and baths or square footage.
Items that typically end up on a want list include: a completely remodeled kitchen, a home office, or huge customized walk-in closet.
Be sure you are clear on your housing needs and don’t end up spending more than you need to in order to get all of the things that you want.
Cost Of An Ideal Location
Are you finding very quickly that the ideal location you wanted to be in doesn’t quite fit into your monthly budget?
Unfortunately, for many first time home buyers, this is a reality that must be faced. If you can’t afford everything you want in a certain location, don’t be afraid to look elsewhere.
You may be pleasantly surprised. There are many areas of Knoxville that make you just as close to the locations you want to be near, but don’t come with as high of a price tag.
Come Up With A Monthly Budget
Prior to starting to look for your Knoxville home, it’s important that you’ve laid out a budget for yourself.
Think of all the current monthly debts you have, and how much wiggle room you have in there for a house payment.
In addition, think about how much you want to be stuffing away in savings every month. Also, don’t forget to put some money away as a rainy day fund.
Are you interested in buying a Knoxville home for sale? If so, please do not hesitate to let us know. 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 area.