1. Decide to buy.Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.

Base your decision to buy on facts, not fears.

  1. If you are paying rent, you very likely can afford to buy
  2. There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
  3. The lack of a substantial down payment doesn’t prevent you from making your first home purchase
  4. A less-than-perfect credit score won’t necessarily stop you from buying a home
  5. The best way to get closer to buying your ultimate dream home is to buy your first home now
  6. Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way

2. Hire your agent.

The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.

Seven main roles of your real estate agentA Buyer’s Real Estate Agent:

  1. Educates you about your market.
  2. Analyzes your wants and needs.
  3. Guides you to homes that fit your criteria.
  4. Coordinates the work of other needed professionals.
  5. Negotiates on your behalf.
  6. Checks and double-checks paperwork and deadlines.
  7. Solves any problems that may arise.

Eight important questions to ask your agent

Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:

  1. Why did you become a real estate agent?
  2. Why should I work with you?
  3. What do you do better than other real estate agents?
  4. What process will you use to help me find the right home for my particular wants and needs?
  5. What are the most common things that go wrong in a transaction and how would you handle them?
  6. What are some mistakes that you think people make when buying their first home?
  7. What other professionals do you suggest we work with and what are their credentials?
  8. Can you provide me with references or testimonials from past clients?

3. Secure financing.

While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.

From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.Six steps to Financing a Home

  1. Choose a loan officer (or mortgage specialist).
  2. Make a loan application and get preapproved.
  3. Determine what you want to pay and select a loan option.
  4. Submit to the lender an accepted purchase offer contract.
  5. Get an appraisal and title commitment.
  6. Obtain funding at closing.

4. Find your home.

You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long-if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.

Questions to ask yourself

  1. What do I want my home to be close to?
  2. How much space do I need and why?
  3. Which is more critical: location or size?
  4. Would I be interested in a fixer-upper?
  5. How important is home value appreciation?
  6. Is neighborhood stability and priority?
  7. Would I be interested in a condo?
  8. Would I be interested in new home construction?
  9. What features and amenities do I want? Which do I really need?

5. Make an offer.

When searching for your dream home, you were just that-a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies (or “conditions” in Canada).

Price-the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision.

Terms-the other financial and timing factors that will be included in the offer.

Terms fall under six basic categories in a real estate offer:

  1. Schedule-a schedule of events that has to happen before closing.
  2. Conveyances-the items that stay with the house when the sellers leave.
  3. Commission-the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
  4. Closing costs-it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
  5. Home warranty-this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
  6. Earnest money-this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.

6. Perform due diligence.

Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important.

A home owner’s insurance policy protects you in two ways:

  1. Against loss or damage to the property itself
  2. liability in case someone sustains an injury while on your property

The property inspection should expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.

  • Your major concern is structural damage.
  • Don’t sweat the small stuff. Things that are easily fixed can be overlooked.
  • If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.

7. Close.

The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done.

You just have a few preclosing responsibilities:

  1. Stay in control of your finances.
  2. Return all phone calls and paperwork promptly.
  3. Communicate with your agent at least once a week.
  4. Several days before closing, confirm with your agent that all your documentation is in place and in order.
  5. Obtain certified funds for closing.
  6. Conduct a final walk-through.

On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following:

  1. Finalize your mortgage.
  2. Pay the seller.
  3. Pay your closing costs.
  4. Transfer the title from the seller to you.
  5. Make arrangements to legally record the transaction as a public record.

As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.
8. Protect your investment.

Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch.

Even after you close on your house, you agent can still help you:

  1. Handle your first tax return as a home owner.
  2. Find contractors to help with home maintenance or remodeling.
  3. Help your friends find homes.
  4. Keep track of your home’s current market value.

Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.

Home maintenance falls into two categories:

  1. Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.
  2. Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.

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3301 Laurel Brook Dr Columbia, TN 38401

Price $509,999
Beds 3
Baths 3
Living Area SqFt 2,100
Status Active
MLS # RTC2753278
Property Type Single Family Residence
 
 

507 Upland Ct Murfreesboro, TN 37129

Price $509,999
Beds 3
Baths 3
Living Area SqFt 2,642
Status Active
MLS # RTC2698050
Property Type Single Family Residence
 
 

810 42nd Ave N Nashville, TN 37209

$509,995 - 3Br/3Ba -  for Sale in Toll Brothers At The Nations, Nashville
Open House
Price $509,995
Beds 3
Baths 3
Living Area SqFt 1,544
Status Active
MLS # RTC2755636
Property Type Loft
 
 

1346 Harmony Hill Lane Mount Juliet, TN 37122

Price $509,990
Beds 2
Baths 2
Living Area SqFt 2,180
Status Active
MLS # RTC2755645
Property Type Townhouse
 
 

5027 Lawler Lane Old Hickory, TN 37138

Price $509,990
Beds 4
Baths 3
Living Area SqFt 2,400
Status Active
MLS # RTC2751598
Property Type Single Family Residence
 
 

6 Turnbull Dr Pleasant View, TN 37146

$509,990 - 5Br/4Ba -  for Sale in Highland Reserves, Pleasant View
Open House
Price $509,990
Beds 5
Baths 4
Living Area SqFt 3,271
Status Active
MLS # RTC2749867
Property Type Single Family Residence
 
 

3055 Wiltshire Park Pl Hermitage, TN 37076

Price $509,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Active
MLS # RTC2744944
Property Type Horizontal Property Regime - Attached
 
 

3067 Wiltshire Park Pl Hermitage, TN 37076

Price $509,990
Beds 3
Baths 3
Living Area SqFt 2,122
Status Under Contract - Not Showing
MLS # RTC2699036
Property Type Horizontal Property Regime - Attached
 
 

10065 Sparta Hwy Crossville, TN 38572

Price $509,929
Beds 3
Baths 3
Living Area SqFt 2,575
Status Under Contract - Not Showing
MLS # RTC2705218
Property Type Single Family Residence
 
 

3413 John Richards Dr Murfreesboro, TN 37129

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,800
Status Active
MLS # RTC2703741
Property Type Zero Lot Line
 
 

2940 Kirkwood Rd Clarksville, TN 37043

Price $509,900
Beds 3
Baths 3
Living Area SqFt 2,572
Status Active
MLS # RTC2647436
Property Type Single Family Residence
 
 

45 Crown Gardens Court Hermitage, TN 37076

$509,900 - 2Br/2Ba -  for Sale in Wembley Park, Hermitage
New
Price $509,900
Beds 2
Baths 2
Living Area SqFt 1,411
Status Active
MLS # RTC2757215
Property Type Single Family Residence
 
 

1210 Kennesaw Blvd Gallatin, TN 37066

Price $509,900
Beds 2
Baths 2
Living Area SqFt 2,200
Status Under Contract - Not Showing
MLS # RTC2665071
Property Type Single Family Residence
 
 

2112 Rotorua Dr E Antioch, TN 37013

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,688
Status Under Contract - Not Showing
MLS # RTC2651263
Property Type Single Family Residence
 
 

353 Macbeth Ln Spring Hill, TN 37174

$509,900 - 3Br/3Ba -  for Sale in Glen Oaks Sec 2, Spring Hill
New
Price $509,900
Beds 3
Baths 3
Living Area SqFt 1,718
Status Coming Soon / Hold
MLS # RTC2757364
Property Type Single Family Residence
 
 

2038 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697660
Property Type Townhouse
 
 

2045 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697656
Property Type Townhouse
 
 

2039 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697655
Property Type Townhouse
 
 

2032 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697658
Property Type Townhouse
 
 

2044 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697663
Property Type Townhouse
 
 

2041 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697666
Property Type Townhouse
 
 

2034 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697659
Property Type Townhouse
 
 

2040 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697661
Property Type Townhouse
 
 

2050 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697667
Property Type Townhouse
 
 

2046 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697669
Property Type Townhouse
 
 

2047 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697665
Property Type Townhouse
 
 

499 Pettus St Lawrenceburg, TN 38464

Price $509,900
Beds 5
Baths 4
Living Area SqFt 3,066
Status Active
MLS # RTC2702642
Property Type Single Family Residence
 
 

2033 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,729
Status Active
MLS # RTC2697653
Property Type Townhouse
 
 

2035 Grace Johns Cir Murfreesboro, TN 37128

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,781
Status Active
MLS # RTC2697654
Property Type Townhouse
 
 

312 Double Eagle Dr Summertown, TN 38483

Price $509,900
Beds 3
Baths 3
Living Area SqFt 2,436
Status Active
MLS # RTC2708953
Property Type Single Family Residence
 
 

905 N 12th St Unit D Nashville, TN 37206

Price $509,900
Beds 2
Baths 2
Living Area SqFt 920
Status Active
MLS # RTC2749493
Property Type Horizontal Property Regime - Attached
 
 

4939 Hopedale Dr Nashville, TN 37211

Price $509,900
Beds 4
Baths 3
Living Area SqFt 2,200
Status Active
MLS # RTC2739329
Property Type Single Family Residence
 
 

1509 Cedarbrooke Ln Lebanon, TN 37090

Price $509,900
Beds 3
Baths 3
Living Area SqFt 2,067
Status Active
MLS # RTC2750904
Property Type Zero Lot Line
 
 

137 W Harbor Hendersonville, TN 37075

Price $509,900
Beds 4
Baths 3
Living Area SqFt 2,724
Status Active
MLS # RTC2748942
Property Type Single Family Residence
 
 

518 Kipton Trl Lebanon, TN 37087

Price $509,900
Beds 2
Baths 3
Living Area SqFt 1,997
Status Active
MLS # RTC2699942
Property Type Zero Lot Line
 
 

4854 Byrd Ln College Grove, TN 37046

Price $509,900
Beds 2
Baths 1
Living Area SqFt 712
Status Active
MLS # RTC2754338
Property Type Single Family Residence
 
 

221 Oak Point Ln Mount Juliet, TN 37122

Price $509,900
Beds 3
Baths 2
Living Area SqFt 1,824
Status Active
MLS # RTC2753945
Property Type Single Family Residence
 
 

203 Huntington Pl Tullahoma, TN 37388

Price $509,900
Beds 4
Baths 3
Living Area SqFt 3,088
Status Active
MLS # RTC2748175
Property Type Single Family Residence
 
 

636 Shelley Dr Mount Juliet, TN 37122

Price $509,900
Beds 3
Baths 4
Living Area SqFt 2,427
Status Active
MLS # RTC2744452
Property Type Single Family Residence
 
 

427 Jen Hollow Rd Clarksville, TN 37040

Price $509,900
Beds 4
Baths 3
Living Area SqFt 2,547
Status Active
MLS # RTC2679377
Property Type Single Family Residence