Top Things to Know Before Buying a New Home

Have you been thinking about buying a new house in Monteagle, TN? If this is your first time, it can be an incredibly overwhelming process. In fact, it’s still overwhelming for buyers who are going through their second or third home purchase. For many of us, it’s the most expensive investment we’ll ever make, which simply adds to the pressure.

Here are our best tips and things you should know before you take the plunge:

  • Know your budget and stick to it: Buying a home is a major investment, which means it’s important to figure out what you can afford before you start searching. Do you have a down payment saved up? How much can you afford to pay per month? What happens if you get laid off and can’t pay the mortgage for a few months—do you know what you’ll do then? Once you’ve figured out the answers to these questions, you should have a realistic number in mind. Now be sure to stick to it, even if your dream home is “only” $50,000 over your budget.
  • Remember to consider all the costs of homeownership: One reason you need to stick to a budget is that homeownership can come with a lot of unexpected expenses, especially if you’re a first-timer. Property taxes, sudden repairs, utility costs and more can make that dream home less affordable than you initially thought.
  • Understand the commitment you’re agreeing to: If you’re married or buying a home with a partner, make sure you understand what kind of commitment you’re in for. For example, what will you do if the two of you split up? Whose name is on the deed? Whose name is on the mortgage? Creating a plan for the worst can come in handy—even if you stay together forever, it’s still a good idea.
  • Find a great realtor: Next, you’ll need a great realtor to help guide you through the process. A good realtor who works for you—not merely the listing agent—is worth their weight in gold.
  • Buy a home that will grow with you: When buying a home, look far into the future. Do you plan to stay in the home until your old age? Do you plan to expand your family? Look for a home that can adjust as your needs change. For example, you might need a home office now, but that room could be repurposed into a child’s bedroom when the time comes. If you’re planning to stay in this home for the rest of your life, you might want to pick one with aging-in-place considerations.
  • Don’t be afraid to negotiate: Finally, don’t be afraid to negotiate your contracts. (This is another thing a great realtor can help with.) There’s no “standard” home-buying agreement, so any and all terms are potentially negotiable.

A great realtor can teach you everything you need to know about how to buy a house in Monteagle, TN. Gooch-Beasley, Realtors are here to help guide you through the process. Call today to get started!