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Steps for Buying a House in 2021

January 27, 2021

The new year brings with it an opportunity to wipe the slate clean and start making some dramatic improvements to your life. And what better way to change your life than to move your family into a brand new home? If you’re looking to undertake this adventure, there’s a few things you’ll have to do to ensure you’re meeting your needs and taking the right steps.  

• Figure Out Your Present and Future Wants

While you might want to take advantage of the historically low interest rates we’re seeing, be sure you’re jumping in on a new home purchase for the right reason. Maybe you want a lifestyle change that a move closer to downtown can provide, or you think you deserve a nicer kitchen (don’t worry; you do). However, be sure to plan for the future, not just the present. If you’re a newlywed, think about how many kids you want and what kind of yard and bedroom space you’ll need. If getting older or have mobility challenges, think about making your house’s layout as accessible as possible. 

• Get Your Finances Straightened Out

It’s important to make sure you’re not overleveraging yourself on a mortgage—financial experts recommend that you spend at most 28 percent of your monthly gross income on a mortgage. And even when you’re able to come up with a down payment for your new home, don’t forget to add 2 to 4 percent extra for closing costs. 

• Find the Right Builder 

It’s extremely critical to have the right partner on your side while undertaking the task of finding your dream home. Find someone that communicates well with you, that takes the time to understand your needs and preference, and who has received great recommendations from others in the community. For instance, Ole South was recognized by Tennessee Housing & Development Agency as the “Builder of the Year” for six consecutive years and is ranked #1 of the list of the Top Residential builders by the Nashville Business Journal. Our Founder and Owner John Floyd was previously named Tennessee Home Builder of the Year by the Home Builders Association of Tennessee.

• Tour Multiple Models or Homes

Even if you fall in love with the first home you see, it’s in your best interest to tour as many homes as you can find that meet your minimum requirements. Ideally you can tour four to six homes, as this gives you the best possible idea of what’s available and what the market prices are.