Tips for First-Time Home Buyers in Shelby County

 

First-Time Homebuyer Tips for Shelby County

Buying your first home in Shelby County can be an exciting yet daunting process. Here are some tips to help you navigate the journey smoothly:

  1. Consider Your Needs and Wants and Your Why

Before you start your home search, take some time to define your must-haves and nice-to-haves as well as your motivation for buying a home. Depending on the market conditions when you’re looking to buy, finding a home can be a challenging task. Clearly identifying your goals in homeownership can help you stay grounded and focused no matter the market condition. Consider factors such as the number of bedrooms and bathrooms, square footage, lot size, and location. By clearly understanding your priorities, you can avoid spending time and energy on properties that don’t meet your criteria. Remember, sometimes the perfect home might not look exactly like you imagined. Be open to unexpected possibilities and trust your Realtor’s expertise to help you find the right fit. It’s not uncommon for first time home buyers to fall in love with a home quite different from what they had planned.

2. Get Pre-Approved with a Local Lender

While online pre-approval is easy, working with a local, reputable lender offers numerous advantages. Local lenders are more invested in your community and often provide better communication, personalized service, and potentially more favorable rates. They also are more likely to be familiar with local and state down payment assistance programs that can help you find funds you didn’t have access to before. 

  1. Compare Closing Costs

When shopping for a lender, don’t just focus on interest rates. Be sure to inquire about closing costs, such as origination fees and other charges. Sometimes, a lower interest rate might be offset by higher costs out of pocket at the closing table, so it’s important to compare the total cost and terms of the loan. 

  1. Hire a Qualified Home Inspector

A thorough home inspection is crucial. A skilled home inspector can identify potential issues, assess the overall condition of the property, and provide valuable insights into future maintenance needs. In Shelby County depending on where you’re buying it’s quite easy to find very charming 100 year old homes, so picking the right home inspector is especially important

  1. Choose a Title Company with an Attorney

Title companies in Tennessee are not required to have an attorney on staff. A title company with an attorney on staff can provide additional legal protection that their competitors cannot. While any closing company can offer acceptable services, there are a few key differences and advantages to working with a licensed attorney. Non-attorneys can draft closing documents, but attorneys must draft any other documents, such as easements and rights of way and so on. Non-attorneys also cannot provide legal advice about any part of the transaction. Attorneys can provide guidance and expertise throughout the process, and they’re simply better equipped to identify and handle any problems that arise

6. Future-Proof Your Home Purchase

When buying your first home, it’s essential to think long term. Consider your goals and potential lifestyle changes over the next 5-10 years. Do you want to grow your family? Will you be working remotely? Are you planning to downsize or upsize?

By carefully considering your future needs, you can make a more informed decision about the size, location, and features of your home. As well as plan for later disposition or upgrades. A home that can adapt to your changing circumstances will provide you with greater peace of mind and long-term satisfaction.

  1. Choose a Knowledgeable Realtor

A skilled Realtor can be invaluable in your home-buying journey. Not only will a good Realtor help you find the home you’re looking for, they will also provide expert advice regarding the general process, the state of the market, negotiation, vendors and more. Look for a realtor with a strong track record, local market knowledge, and excellent communication skills. Don’t hesitate to ask for references and reviews from past clients.