With high rent in the greater Nashville market – I continue to hear from friends “I am so sick of renting, but I’m not sure if I can buy or it is the right time?” So hopefully this will help you decide if you should continue to rent or buy a home in Nashville.
Well – I think that is the first struggle – IS KNOWING. If you don’t know – you also don’t know maybe you CAN buy. My advice is to just ask – reach out to a potential lender to see if it is a possibility. Get recommendations for reputable lenders from your real estate agent, friends, and family. Different lenders work with different criteria and offer different rates so talk to multiple mortgage companies to see where you stand financially. Ask questions and get educated: Do you offer programs for first time home owners? Am I able to get down payment assistance? Which are my loan options? How are these different? If you can’t get a loan now – ask your lender (or accountant) to help you layout a timeline/plan to get your finances in the right position to buy.
I do not recommend that everyone should buy a house now – you need to feel stable and not be overwhelmed by the new costs owning a home will bring. When looking at what you can afford don’t forget extra costs on top of your new mortgage like taxes, home owners insurance, lawn care, all utility costs, and any and all possible repairs costs. Also – think about what is important to you and options? Is it worth it for you to continue to rent to be closer to work or be able to stay in a specific school zone?
Now if you feel comfortable/ready to buy and have been pre-approved from a lender – think of this as a stepping stone. You may not be able to buy your dream home now but by building equity that dream home gets closer to reality. Write down your non-negotiables and then write down things that would be nice but you could do without. And then focus on what fits your budget and work with an agent to find areas/neighborhoods that will work for you.
Either way – if you would like a free consultation with one of our real estate specialists – reach out to us at connect@nashvilleonthemarket.com or call us at 615-310-8661. We would love to sit down and talk about your options and how we can help you either now or whenever you are ready!
-Lisa Stigliano-
