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Essential Things to Know Before Buying Your First Home

Home Essential Things to Know Before Buying Your First Home

If you are a first-time homebuyer who is ready to buy a house in Farragut, TN, then there are a few important things that you should probably know before you take the plunge and purchase your first home! When you choose Phil Cobble Homes, we will be there to guide you every step of the way, but it doesn't hurt to brush up on your own information as well!

With that in mind, here are our tips for first-timers looking to buy a house in Farragut.

Shop Around For Mortgage Lenders

Many first-time buyers are surprised to learn that not all mortgage lenders are created equally! If you want to find the best rates, you need to be prepared to shop around a little. We recommend visiting several different lenders to find out what they can offer you. You are unlikely to buy the first home you see for sale, so why would you sign up with the first lender you come across? Compare the lending rates they can offer you and the fees they are charging, and what will be included in those fees. Nobody wants to be hit with unexpected extra costs at closing! We offer some recommendations on local mortgage brokers that we have worked with previously, but you are also welcome to find your own.

Budget for Transition Costs

If you are currently renting but have decided to take the plunge and buy a house in Farragut, TN, you may find yourself with a gap between the end of your lease and your moving date for the new property. Even if you arrange to rent month-to-month until you are ready to move, you could find yourself in the position where you have to pay both a mortgage payment and rent one month. It is essential to budget for this and any other transitional costs that come up. It's better to save some money and not need it than to find yourself scrambling to make ends meet!

Look at the Big Picture When House Shopping

This is the first time that you are buying a home, so there may be some unrealistic expectations in your mind. You are looking for your dream home, and at Phil Cobble Homes, we will do whatever we can to help you find it. However, it may not be perfect from the outset. We have seen many first-time buyers put off a potential dream home because they are not looking at the bigger picture beyond the superficial details. Decor that is not to your taste is not a deal-breaker! Junk left in the attic or garage by a previous owner is not a deal-breaker! You can easily fix these things. Make your judgments based on the bigger things like the property's layout, the location, a solid structure, the local school district - the things you cannot change. You can change the small stuff if you have an excellent foundation to build on.

Be Willing to Compromise

Following on from the previous point about seeing the big picture, it is essential to know that when you buy a house in Farragut, TN, you need to be willing to compromise. Most buyers have a top 3 features that their home must have! However, very few of them buy a home that has all 3! It would be best if you were willing to compromise a little. Try to think of those items as your 'preferred features' rather than your must-haves! Say you want a home with an attached garage, a fenced-in yard for your dogs, and a location within walking distance of the local school. A near-perfect property comes up that would require a school bus journey and has no fence, but it's in your budget, has an attached garage, and is checking every other box. Are you going to walk away and look for the perfect home? Or are you going to compromise, considering you can build a fence after you move in, and your kids will probably love getting on the school bus with new friends! Don't miss out on a great home by getting too tied to details.

These are just some of the crucial things first-time homebuyers should know before deciding to buy a house in Farragut, TN. Your Phil Cobble Homes Realtor will help you through the process and bring other important notes to your attention during the process, making it as stress-free as possible - that's the Cobble way!

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Phil Cobble Homes and Land is located in the Town of Farragut. We work in every aspect of the Real Estate Industry. We promise maximum service and results to You, the Client. Experience the difference with Phil Cobble Real Estate, where real estate is more than just a transaction.

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