Making a List. Checking It Twice! | Red Rock Mortgage - Knoxville

Our team at Red Rock Mortgage Knoxville wants to help make your dream of owning your first home come true! But before you go and make your first big purchase, it’s important you know some things before signing on the dotted line.

What You Need to Know as a First-time Home Buyer

First, you want to think about the purpose of your first home. Are you just looking for something for the next five years? Or will your first home be your forever home? If you’re not planning to live in this house forever, you need to have a good understanding of its potential resale value. Or if you’re planning to stay for the rest of your life, is this a home that can age with you or will it need a lot of home renovations in the future?

Second, you want to make a list of your wants and your needs. While you might not find a home with everything on your list, you do want your new home to have the majority of the items. Therefore, make a list of what you want and what you need so that you know what to look for when visiting each home.

Finally, when budgeting for your new home, you don’t want to just think about how much you can afford in terms of your monthly mortgage payment. You need to also take into consideration all the expenses of owning a home, including home insurance, a home warranty, utilities and upkeep. You will no longer have a landlord to fix things that are broken, so you want to make sure your budget allows for the times when the washer and dryer decide to give out.

Are you ready to make your first big purchase? Visit the Red Rock Mortgage Knoxville website to learn how we can help you get pre-approved for your first home!