Darin and Christina Cunningham | Re/Max Elite
278 Franklin Road Suite 190 | Brentwood, TN 37027
Office: 615.661.4400 | Fax: 615.661.4115
Christina: 615.394.4168 | Darin: 615.456.4086

Things to Keep in Mind When Buying a Property in Nashville, TN

The prospect of becoming a home owner in Nashville is always an exciting time for a first-time home buyer. However, proper planning is the key to lessen the stress involved in the whole process.

We have listed below the most common mistakes that sometimes occur when buying Nashville housing properties (and suggestions on how to avoid them):

1) Not computing other expenses 

This might seem obvious but this happens much more than you might think. Some homeowners might have been too excited about the getting their own house that they fail to factor in future expenses.

What to do: Don’t factor into the equation any future income that is not yet liquid. Be honest with your assessment on your monthly income and expenses. Factor in debt payments and bills.

2) Changing your employment status

Some lenders may take into consideration that you are getting a promotion, and modify the terms of you loan.

What to do: This is actually pretty simple and straightforward. If you know you are being considered for promotion or transfer, just inform the lender beforehand so you both will arrive at the ideal outcome that is beneficial for both parties.

3) Being overly influenced by the price

We understand that if you are on a budget, then a low price is high on the list of your requirements for a Nashville real estate property. But it’s important that homeowners should be wary about being stuck in a money pit or getting into a home that is too expensive to fix up.

What to do: A good realtor will be able to find you a good home that is not going to be a money pit. Price comparison of your neighbors’ houses will provide a benchmark of the true value of the house you are eyeing. It doesn’t mean that if the house is being offered at a lower rate compared to the average listing in the neighbourhood that there are issues concerning the property.  Get a good home inspection before you close the deal.

4) Biting off more that you can chew

HGTV programs like Fixer-Upper or Brother vs. Brother make it seem so easy to buy a dilapidated house for a very cheap price with the main purpose of building it back up to your specifications. Fixer uppers have both their pros and cons. Some take too long to fix up.

What to do:  Trust your realtor to find you a new home that is move-in ready but also within your budget. As long as the house is in good overall shape, then you will most likely only spend for cosmetic changes. In the future, maybe you can also do some major renovations but the important thing is that you can move in right away after the closing sale.

Try not to settle for a house just because you got tired of trying to find the home of your dreams. Have patience and trust your realtor to deliver. Developing some patience is a much better proposition than regretting a decision of buying a house that you don’t like.

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