Oak Grove, TN, is a haven for those seeking a beautiful place to live, a warm and welcoming community, and plenty of outdoor activities like hiking and fishing. Even better, it has among the lowest cost of living in the United States. Here, housing expenses are a whopping 30% lower than the national average!
So, if you're in the market as a first-time house shopper, look no further than the Oak Grove real estate market. We've shared our top home-buying tips to help you get started, so read on.
Prioritize Your Needs
One of the most vital first-time homebuyers' tips to abide by is to create a list of your non-negotiables. These essential features can affect your and your family's health, safety, and well-being. Some examples are:
- A heating, ventilation, and air conditioning (HVAC) system in good condition
- A working plumbing system without leaks or clogs
- A roof that doesn't leak
- An electrical system that meets building, fire, and safety codes
- Having enough bedrooms for comfort and privacy
The last thing you want is to buy a home for hundreds of thousands of dollars and then spend more on repairs. You might pay thousands more on maintenance and repairs if you aren't careful. In 2022, these costs amounted to around $6,000.
Determine Your Budget
A critical piece of home-buying advice, especially for first-time shoppers, is getting a mortgage pre-approval. It can help you determine your potential budget more accurately, as you'll know how much lenders will likely let you borrow. It also assures home sellers that you're ready and qualified to buy.
You can obtain a mortgage pre-approval from your preferred banks. Before you apply for one, prepare your identification and employment or income documents.
Explore Rent-to-Own Homes
Some first-time home buyers don't immediately qualify for a mortgage as they may have no credit history. If this applies to you, you may want to consider a rent-to-own home.
A rent-to-own home comes with a lease agreement, similar to a typical house for rent. The chief difference is that it also features a clause in the contract that usually gives you the option to buy the property before the lease ends. In some agreements, the clause would indicate an obligation to buy after a specified period.
This path to homeownership may be ideal if you want to "lock in" the house you want to own while gradually paying for it. In most agreements, part of your rental payments would go toward the purchase price. Check out this real estate buying guide on rent-to-own homes to learn more.
Follow These Home-Buying Tips
As you learned in this first home purchase guide, you must prioritize your homeownership needs. Then, you can get a pre-approval mortgage to determine your budget better. You can also explore rent-to-own homes, an option if you can't qualify for a mortgage yet.
If you follow these home-buying tips, you can make a more educated decision once it's time to buy.
You can also count on us here at PMI Eagles, a veteran-owned property management company serving the Oak Grove, Hopkinsville, and Clarksville, TN/KY area. With our expertise, skills, and network, we can help you find your dream home soon.
Speak with us today to get started on your home-buying adventure!
