Deciding when and if you are ready to buy your first Knoxville home is a huge decision. For every Knoxville first time home buyer, the equation to little bit different. If you’re one of the many first time buyers considering buying Knoxville homes for sale, here are a few questions to ask yourself to help determine if you are ready to buy your first home.
Why is this not the time to buy a Knoxville home? [While it would make sense to ask, why are you ready to buy? Figuring out the reasons why you aren’t can help bring any potential issues to the forefront.]
Here are a few answers that should make you proceed with caution if you are considering purchasing a home:
-Your employment is uncertain. You are either in the position where you may be changing jobs or considering relocation.
-You are unsure if you will be staying in the same place for awhile.
-You are buying for the wrong reasons. For example, your friends are all buying, it seems like a good investment, or you’re doing it based on what the real estate market is doing it.
Are your finances in order?
Here are few answers you should answer affirmatively. If you have questions or concerns about qualifying for a loan, don’t hesitate to talk to a loan officer. They will be able to let you know how much you can afford to borrow and help identify and potential credit or financial issues that need to be dealt with before buying a home.
-You have good, established credit.
-You have steady income and a reserve for emergencies.
-You don’t have an insane amount of debt.
What is your five year plan?
Before buying your first Knoxville home, it is important to consider where you see yourself in the next five years. While this may sound like a cliched question you answer when you graduate college or high school, it is something important to consider before buying a home. Do you see yourself relocating? Getting married and having kids? Buying a home is a huge investment and you want to make sure you have a home that will suite your needs over the coming years.
Do you feel like you are under pressure to buy a home now?
Buying a home in haste is a bad idea. It’s not something that can be returned. So, if you feel like you’re under pressure to buy now because homes for sale in Knoxville are at historically low prices, you may want to proceed with caution. Finding a home can take time and you want to make sure you find the right home for you. Never try timing the market. It’s best to buy a home when you’re ready.
While there is no denying now is a great time buy a Knoxville home, you just want to make sure you are financially in a place to buy a homes and are motivated by the right reasons to buy. Are you thinking about buying a Knoxville home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. Or, you can contact Kati at 865-392-5880 or via email at [email protected].
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