Purchasing your first home is a big deal. Knowing all the right steps doesn’t have to be! Today we are helping you navigate the home buying experience by offering a checklist for first-time homeowners.
- Know Your Limit
After calculating your debt to income ratio, utilize an affordability calculator and check your credit score. These numbers will help you accurately decide on an appropriate down payment, and budget. According to Fannie May, it is recommended to spend no more than 28% of income on housing.
- Get Pre-Approved
When shopping for your first home, get pre-approved for a mortgage. A pre-approval will review your assets and debt, income, and credit score and offer an estimate on how much you can be approved for. Pre-approvals expire after 90 days, so be sure to plan your timeline accordingly.
- Create a Wish List
Creating your home wish list will help you begin to narrow down the seemingly endless list of options available. Choose your location, home type (townhome or single family home), size, price range, and list of must-haves. Your wish list will help you choose the best home as a first-time homebuyer.
- Find the Best Partner
Partnering with a trusted real estate agent and a quality builder ensures your homebuying process will be smooth from start to finish. Seek out referrals, and choose a builder backed by integrity. As Tennessee’s #1 builder, we pride ourselves in offering a wide selection of quality move-in ready homes across Middle Tennessee. All Ole South homes are designed to be energy efficient in voluntary compliance with TVA’s Energy Right® program guidelines, which provides a taste of our enduring commitment to quality.
- Make an Offer
After determining the purchase price of your ideal home, list out all of your special requests to the seller along with any contingencies you may have. Define your move in date, and have the agreement drawn up. Sign your Purchase and Sale Agreement, and prepare to move into your first home.
Whether you are moving into your first townhome or traditional home, you are taking an exciting step. We hope you allow Ole South homes to be the first to congratulate on these next steps, and wish you luck in the first-time home buying journey!