The One Thing You Need To Know When You Buy Your First Knoxville Home
There’s a lot to know about buying your first Knoxville home.
But, when you’re a first time buyer, it can be nearly impossible to know everything. And, that’s okay.
You don’t have to be an expert in real estate to buy your first home.
You don’t actually need to know much about buying a home at all.
There’s really just one thing you need to know about buying your first home. If you know this one thing, you’ll start off on the right foot and help ensure home buying success.
In this post, we’ll share the one thing you need to know when you buy your first home.
The Simple Thing You Need To Know First
The one thing you need to know is simple:
You need to know how much you can afford.
This may sound too simple. But, it really does matter.
Talking with a loan officer first and foremost before starting your home search is important. It lets you know that you can qualify for a loan. It lets you know how much you can afford. It lets you know what kind of home you should be looking for.
It lets you start out your first home search well-informed.
If you do just one thing right in your home search, it’s important that you do this.
Why It Matters
Starting your home search off by knowing how much you can afford can making all the difference in the world.
And here’s why.
You’re an eager home buyer who is sick of renting. You want something of your own, somewhere where you’re not throwing money away every month.
You start looking at homes online just for fun. Then, one day your stumble across a home that you absolutely love. It’s got everything you could possible want. The kitchen is renovated with stainless steel appliances, granite counter tops, and has a quaint breakfast nook. The backyard is private and has a fire pit. You can already picture yourself moving in and making it a home.
On a whim, you call up the list agent to have a look and fall even more in love when you look in person. You think the home is in your price range, so you want to write an offer. Before making an offer, the agent suggests you get pre-approved.
After speaking with a loan officer, you find out that you cannot afford the home. You get pre-approved, but for significantly less. You’re heart broken and as you start looking at homes in your price range, none of them compare.
Most buyers don’t truly know how much they can afford without speaking with a loan office. Sure, there are online calculators out there, but they aren’t really all that accurate.
There is more to how much you can afford than just how much money you make. A pre-approval takes into account your income, debt, and credit score. Based on that information, a loan officer can let you know what types of loans you can qualify for.
As illustrated above, starting your home search of blind can be heartbreaking. You don’t want to fall in love with something you cannot afford. It will only make your home search that much more difficult.
The Difference It Will Make For You
When you start yourself off on the right foot, you set yourself up for home buying success. You don’t need to know everything your first time around, you just need to know where to start and that’s finding how much you can afford.
If you start off by finding out how much you can afford, you’re an informed home buyer. From there, your loan officer can help point you in the right direction of what to do next. That may be helping you find a realtor (if you don’t already have one). Or, offering up some tips to you on what not to do during the loan process.
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.