10 Tips for First Time Homebuyers

First-time homebuyers looking for homes in Nashville TN can take steps now to get ready to purchase a house in 2021. Making a few smart financial moves will pave the way toward success as a homeowner.

1. Find out how much house you can afford. Talk to your lender to find out what would be reasonable for your budget. Remember that you can’t make a direct comparison between monthly rent and mortgage payments. You’ll also need to pay property taxes, homeowners’ insurance, possible homeowners’ association fees, and other expenses.
2. Decide what you need and want. Taking your family size, lifestyle, and personal tastes into account, decide what type of home is best for you. Consider such things as the number of bedrooms and bathrooms you’ll need, whether you prefer a large or small yard, and what community amenities you’d like to have. Answer these questions early to narrow down your search.
3. Start or continue to save for a down payment. The more you can put down, the less you will pay in the long term. Put money aside for closing costs as well.
4. Get prequalified. Getting prequalified for a mortgage can help you act quickly to close a deal when you find the house you want.
5. Shop around for a mortgage. Especially if you have good credit, you should be able to get competing offers from several lenders.
6. Look into special programs for first-time homebuyers. There are numerous programs for different types of buyers and locations. You may get lower interest rates or be able to make a smaller down payment if you qualify.
7. Hire a good real estate agent or attorney. A seasoned professional will guide you through the process of purchasing your first home. Ask friends and family for recommendations.
8. Shop for homes. This is the fun part! Take your time until you find one that feels right, suits your needs, and fits into your budget.
9. Have the house inspected. Your real estate agent or attorney will be able to recommend an inspector in your area.
10. Set aside funds for ongoing maintenance. Especially when you’re buying a brand new home, you’ll want to take care of it to keep it looking good for many years to come.

Looking for new homes in Nashville TN? Delvin Downs Estates by Capitol Homes has built 23 newly finished homes that families call home. Sites are being prepped for 13 new homes in 2018. The Delvin Downs community offers a country feel within minutes of city amenities!

Categorised in: Finance Tips, Market News, New Home Tips

This post was written by Capitol Homes