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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311 Timberlane Dr Franklin, KY 42134

Price $499,999
Beds 4
Baths 4
Living Area SqFt 3,686
Status Under Contract - Not Showing
MLS # RTC2629541
Property Type Single Family Residence
 
 

1087 Achiever Cir Spring Hill, TN 37174

Price $499,999
Beds 3
Baths 3
Living Area SqFt 2,023
Status Active
MLS # RTC2746981
Property Type Single Family Residence
 
 

321 Harvest Farm Lake Rd Mc Minnville, TN 37110

Price $499,998
Beds 3
Baths 3
Living Area SqFt 2,156
Status Active
MLS # RTC2667307
Property Type Single Family Residence
 
 

3305 Laurel Brook Ct Columbia, TN 38401

Price $499,998
Beds 4
Baths 4
Living Area SqFt 2,198
Status Active
MLS # RTC2757369
Property Type Single Family Residence
 
 

368 Huntington Ln Sparta, TN 38583

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,500
Status Active
MLS # RTC2698564
Property Type Single Family Residence
 
 

2295 Kemp Dr Hermitage, TN 37076

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,295
Status Active
MLS # RTC2754792
Property Type Single Family Residence
 
 

5080 Mifford Drive Smyrna, TN 37167

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,011
Status Under Contract - Not Showing
MLS # RTC2707464
Property Type Single Family Residence
 
 

112 Trefethen Dr White House, TN 37188

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,269
Status Active
MLS # RTC2760544
Property Type Single Family Residence
 
 

8417 Turnbull Dr Pleasant View, TN 37146

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2759856
Property Type Single Family Residence
 
 

1507 Vanner Road Mount Juliet, TN 37122

Price $499,990
Beds 2
Baths 2
Living Area SqFt 1,507
Status Active
MLS # RTC2761316
Property Type Single Family Residence
 
 

4173 Lively Street Columbia, TN 38401

Price $499,990
Beds 3
Baths 3
Living Area SqFt 3,006
Status Active
MLS # RTC2761412
Property Type Single Family Residence
 
 

1480 Autumn Leaf Lane Mount Juliet, TN 37122

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2686145
Property Type Other Condo
 
 

1350 Harmony Hill Lane Mount Juliet, TN 37122

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,023
Status Under Contract - Not Showing
MLS # RTC2698863
Property Type Single Family Residence
 
 

5076 Mifford Drive Smyrna, TN 37167

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,011
Status Under Contract - Not Showing
MLS # RTC2707461
Property Type Single Family Residence
 
 

2485 Williams Ridge Drive Columbia, TN 38401

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,155
Status Under Contract - Not Showing
MLS # RTC2705036
Property Type Single Family Residence
 
 

3117 Arbor Valley Road Spring Hill, TN 37174

Price $499,990
Beds 5
Baths 4
Living Area SqFt 2,344
Status Under Contract - Not Showing
MLS # RTC2754832
Property Type Single Family Residence
 
 

1203 Shady Pines Dr Mount Juliet, TN 37122

Price $499,990
Beds 3
Baths 3
Living Area SqFt 1,972
Status Under Contract - Not Showing
MLS # RTC2744016
Property Type Single Family Residence
 
 

2128 Mackinac Bend Gallatin, TN 37066

Price $499,990
Beds 3
Baths 2
Living Area SqFt 2,129
Status Active
MLS # RTC2749972
Property Type Single Family Residence
 
 

5010 Lawler Lane Old Hickory, TN 37138

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,400
Status Under Contract - Not Showing
MLS # RTC2750134
Property Type Single Family Residence
 
 

6133 Saxlingham Circle Smyrna, TN 37167

$499,990 - 3Br/3Ba -  for Sale in Blakeney, Smyrna
Open House
Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,231
Status Active
MLS # RTC2753846
Property Type Single Family Residence
 
 

308 Granville Way Spring Hill, TN 37174

$499,990 - 4Br/3Ba -  for Sale in Barton Hill, Spring Hill
Open House
Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,641
Status Active
MLS # RTC2752316
Property Type Single Family Residence
 
 

3812 Lantern Lane Columbia, TN 38401

$499,990 - 5Br/3Ba -  for Sale in Independence At Carters Station, Columbia
Open House
Price $499,990
Beds 5
Baths 3
Living Area SqFt 2,836
Status Active
MLS # RTC2758216
Property Type Single Family Residence
 
 

612 Lyla Drive Lot 302 Spring Hill, TN 37174

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,282
Status Active
MLS # RTC2758426
Property Type Single Family Residence
 
 

704 Hancock Lane Lebanon, TN 37087

$499,990 - 5Br/4Ba -  for Sale in Averitt Landing, Lebanon
New
Price $499,990
Beds 5
Baths 4
Living Area SqFt 3,075
Status Active
MLS # RTC2761824
Property Type Single Family Residence
 
 

142 Oasis Dr La Vergne, TN 37086

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,426
Status Active
MLS # RTC2756614
Property Type Single Family Residence
 
 

617 Lyla Drive Lot 280 Spring Hill, TN 37174

Price $499,990
Beds 4
Baths 4
Living Area SqFt 2,540
Status Under Contract - Not Showing
MLS # RTC2750411
Property Type Single Family Residence
 
 

540 Lyness Drive Smyrna, TN 37167

Price $499,990
Beds 4
Baths 3
Living Area SqFt 2,460
Status Under Contract - Not Showing
MLS # RTC2755900
Property Type Single Family Residence
 
 

4032 Gracious Dr Franklin, TN 37064

$499,990 - 3Br/3Ba -  for Sale in Simmons Ridge Sec3, Franklin
New
Price $499,990
Beds 3
Baths 3
Living Area SqFt 1,685
Status Active
MLS # RTC2761725
Property Type Townhouse
 
 

7643 Rookers Bend Drive Smyrna, TN 37167

Price $499,990
Beds 3
Baths 3
Living Area SqFt 2,002
Status Active
MLS # RTC2694067
Property Type Single Family Residence
 
 

325 Glenpark Dr Nashville, TN 37217

Price $499,990
Beds 4
Baths 2
Living Area SqFt 1,686
Status Active
MLS # RTC2751507
Property Type Single Family Residence
 
 

120 Ridgeview Trace Hendersonville, TN 37075

Price $499,980
Beds 3
Baths 2
Living Area SqFt 2,456
Status Active
MLS # RTC2760171
Property Type Single Family Residence
 
 

3123 Arbor Valley Rd Spring Hill, TN 37174

$499,977 - 4Br/3Ba -  for Sale in Arbor Valley, Spring Hill
Open House
Price $499,977
Beds 4
Baths 3
Living Area SqFt 2,269
Status Active
MLS # RTC2754835
Property Type Single Family Residence
 
 

140 E Harbor Hendersonville, TN 37075

Price $499,975
Beds 3
Baths 3
Living Area SqFt 2,534
Status Under Contract - Showing
MLS # RTC2695777
Property Type Single Family Residence
 
 

5780 Berry Rd Cypress Inn, TN 38452

Price $499,950
Beds 4
Baths 2
Living Area SqFt 2,500
Status Active
MLS # RTC2691540
Property Type Single Family Residence
 
 

947 Mansfield Ave Nashville, TN 37206

Price $499,950
Beds 1
Baths 1
Living Area SqFt 2,915
Status Under Contract - Showing
MLS # RTC2755928
Property Type Single Family Residence
 
 

10065 Sparta Hwy Crossville, TN 38572

Price $499,929
Beds 3
Baths 3
Living Area SqFt 1,953
Status Active
MLS # RTC2705218
Property Type Single Family Residence
 
 

3301 Walters Court Cornersville, TN 37047

Price $499,900
Beds 3
Baths 3
Living Area SqFt 1,956
Status Active
MLS # RTC2708473
Property Type Single Family Residence
 
 

198 Creekside Dr Lewisburg, TN 37091

Price $499,900
Beds 3
Baths 3
Living Area SqFt 2,043
Status Active
MLS # RTC2744535
Property Type Single Family Residence
 
 

Maple Gove Rd Cadiz, KY 42211

Price $499,900
Beds 4
Baths 4
Living Area SqFt 2,790
Status Active
MLS # RTC2746603
Property Type Single Family Residence
 
 

201 Lewis Grant Lane Southside, TN 37171

Price $499,900
Beds 3
Baths 2
Living Area SqFt 2,050
Status Active
MLS # RTC2701903
Property Type Single Family Residence