When thinking about owning your first home, it’s important to be ready to own. Once you make the decision to go for the gusto, you need to be ready to act fast in this market as homes don’t generally sit on the market for long in Nashville! Here’s a checklist of items or “resolutions” that can help prepare you to take the plunge:
1. Determine your monthly budget. How much are your current expenses? How much can you afford on a mortgage payment and utilities? You may want to consult with a financial planner for help.
2. How much money do you have in the bank for a down payment? The down payment amount can help determine the “sticker” price range when you consider it as 20% of the total.
3. How’s your credit score? If it’s not too hot, you may want to work on it for a few months before going for loan pre-approval.
4. Consider how long you plan on living in your new home – is it long-term? Short-term? Do you want to eventually keep it and turn it into a rental property?
5. Contact a trusted mortgage professional and explore your loan options.
6. Think about what type of property works for your lifestyle and budget. Do you like a lot of land? Do you want to be right in the heart of urban living at its finest? How many bedrooms do you need?
7. Also think about amenities and what you “can’t live without” – things like a community pool or a fireplace or a space for outdoor entertaining.
8. Contact me to help you find your dream home!