Buying a Home in Middle Tennessee? 7 Things to Know Before You Start Looking

“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.”
~ Mary Angelou

Buying a home is exciting, and it can be tempting to start scrolling through listings and scheduling showings right away. But a little preparation before you begin looking can make the entire process much easier.

Whether you're considering Murfreesboro, Smyrna, Nolensville, Columbia, Clarksville or another Middle Tennessee community, here are seven things worth knowing before you start your home search.

1. Talk to a Lender Before You Start Shopping

Unless you're paying cash, financing should be one of your first conversations.

A lender can help you understand the loan programs available to you, estimated monthly payment and how much cash you may need for the purchase. Once you formally apply for a mortgage, your Loan Estimate provides information including the estimated interest rate, monthly payment and closing costs. The Consumer Financial Protection Bureau's Loan Estimate guide is a helpful resource for understanding those numbers.

Most importantly, decide what you are comfortable spending each month, not simply the maximum amount you may qualify to borrow.

2. Your Down Payment Isn't the Only Money You'll Need

One of the biggest surprises for some buyers is discovering how many expenses can be involved between making an offer and receiving the keys.

Depending on your transaction, you may need funds for earnest money, inspections, an appraisal, closing costs, prepaid expenses, homeowner's insurance and your down payment.

The CFPB notes that closing costs vary based on factors such as the home's price, loan type, lender, down payment and location.

Knowing your estimated cash to close early can prevent an unwelcome surprise later.

3. Decide What You Need - and What You Simply Want

Before touring homes, make two lists: must-haves and would-be-nice-to-haves.

Number of bedrooms, commute, lot size, garage space, accessibility needs and location may be priorities. Granite countertops or a particular paint color might not be.

No house is perfect. Knowing where you're willing to compromise makes comparing homes much easier.

4. Choose the Community, Not Just the House

Middle Tennessee isn't one single real estate market.

A home in Rutherford County can offer a very different lifestyle, commute and surroundings from one in Williamson, Bedford, Robertson, Sumner or Montgomery County.

Think about your everyday life. Where will you work? Where do you regularly travel? Do you want more land, newer construction, an established neighborhood or convenient access to shopping and major roads?

A beautiful house isn't necessarily the right house if the location doesn't work for you.

5. Understand Buyer Representation

Your real estate agent does much more than open doors.

Buyer representation can include helping you identify properties, understand market information, prepare and negotiate an offer, navigate contract deadlines, coordinate inspections and appraisal issues, and work through the transaction toward closing.

In Tennessee, buyer representation should be discussed and documented so you understand your agency relationship and how your real estate professional will be compensated. Tennessee REALTORS® maintains standardized buyer-representation forms used by its members.

Ask questions before you begin so you understand exactly who represents you.

6. Don't Spend All Your Available Cash on the Purchase

Closing isn't the end of the expense of owning a home.

You may need money for moving, utilities, furnishings, maintenance or an unexpected repair shortly after closing. The CFPB specifically recommends considering moving costs, renovations, furnishings and an emergency cushion when determining how much cash you can devote to purchasing a home.

Leaving yourself some breathing room can make those first months of homeownership much more comfortable.

7. Be Ready When the Right Home Comes Along

You don't have to rush into buying a house, but preparation allows you to act confidently when you find one that fits.

Have your financing in order, know your priorities, understand your budget and establish your relationship with your real estate professional before you need to make an offer.

Ready to Start Your Middle Tennessee Home Search?

Buying a home involves a lot more than finding a property you love. From financing and showings to inspections, appraisal, negotiations and closing, understanding what comes next can make the process much less overwhelming.

That's exactly what From Contract to Closing is here to help you do.

Thinking about buying a home in Middle Tennessee? Let's talk about what you're looking for and where you'd like to begin.

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