Nashville is a wonderful place to call home. In moving to this diverse and dynamic place, you will find a wide range of home choices to match your needs and preferences.
A home is probably the single biggest purchase you’ll make in your life. Buying a home is much more than just a financial transaction – it is an emotional journey as well. Amid the excitement and stress that come with the process, costly errors could happen if you are not being diligent in all stages of the buying process.
Nashville, TN Real Estate Market
Here are some pointers to help you avoid common home buying mistakes:
Work with a real estate professional
Going it alone may seem easy enough. After all, in the end, all important decisions will be made by you. However, working with an experienced and qualified agent who knows the market, has resources available, and can represent your best interest is invaluable.
In searching for the right home, you will likely find an overwhelming number of choices. It’s a common mistake to get carried away by a home’s impressive features or attractive price, and latch onto the sale without looking into other options. Working with a professional who can assess things more objectively will enhance your chances of finding the right home that will give you the best value for your money.
An experienced agent will know the market well. They can help you identify prospective homes much faster than if you do it alone. This will save you considerable time and effort.
Homes today are selling at an accelerated rate. Finding the right representation is key in knowing how to negotiate in this market and ensure that your offer is among the ones selected as you search for property. In many cases, sellers hesitate to negotiate directly with buyers. A realtor with your best interests in mind will have the training, resources, and experience in order to close the deal
You also need to consider the mountain of paperwork involved in a real estate transaction. Working with a real estate agent will help take this burden off your shoulders and give you peace of mind that all documents are submitted correctly within the appropriate timeframe.
A realtor can also assist you in getting the right financing for the home. Most agents work with a network of contacts in the industry, including mortgage brokers or financers, and can help connect you with the right professionals.
Find the right financing
While your agent can help facilitate the home selection process, it’s important to research financing options before you begin home shopping. You may want to consider getting mortgage pre-approval as this will benefit you in several ways.
By getting pre-approval, you will know how much home you can afford, and set your budget accordingly.
Pre-approval will also reassure sellers that you have the financial ability and serious intent to buy a home.
In finding the right financing, you need to identify the type of loan you are eligible for, and to look into various loan products to find one that best matches your financial situation and long-term prospects.
Know your needs and preferences
Once you have narrowed down your budget, you can begin searching for your new home. It is helpful to make a list of what is important to you, as the buyer, when looking for a house. The list may be divided into two parts: the must-haves and the extras.
The “must-haves” would include essential features, such as the number of rooms, location, security, maintenance, schools, parking space, storage, and others.
The “extras” would be things that will help make living more comfortable and enjoyable. These include features like an outdoor kitchen, a pool, a home theater, walk-in closets, a game room or man cave, stainless steel appliances, and other similar amenities.
After fulfilling your must-haves, you can then move on to your list of “extras”, and weigh how badly you want them against the added price you may have to pay.