Being a property owner at this day and age is quite an accomplishment. Considering that you’re thinking of purchasing a home or any sort of space is impressive. It means that you’ve worked really hard to get to the position you’re in. It also means that you have some prior experience and are good at handling finances. However, there’s much more to buying a property than just knowing how to cut the costs, even though this knowledge will certainly make the process easier for you. Going the distance and figuring out ways to make your experience as best as possible is probably second nature to you by now. Buying your first property is bound to have some difficulties. Worry not though, we’ve gathered some tips and tricks for buying your first property in Tennessee to make it significantly easier for you.
The basics are pretty much the same
When buying your first property in Tennessee, some of the things won’t really vary from your ordinary estate purchase. This makes your job much easier. The reason being that you’ll have a larger amount of insight into all the different approaches.
Whether the purpose of your property is going to be, you’ll need to look into a few things. Being a first-time buyer can be overwhelming in the sense of having to figure out ways to pay for your property. Not a lot of people actually save up in advance and pay for everything at once. This isn’t because people are irresponsible, but because the market prices are going up and the standard of, well, living, is much higher than ever before.
There’s quite a number of ways, apart from taking out a bank loan, that can make you help ends meet when buying your first property in Tennessee.
Ask for a loan from your friends or colleagues when buying a home in Tennessee
This might sound a bit unconventional, we’re aware. But just try to see it through. Gone are the days of having to worry about mixing business and friendship. If you and the person who you’re going to borrow the money from are both responsible adults, there’s really no reason why the arrangement wouldn’t work. An advantage that this way of getting your money has over a bank loan is quite obvious. They’re also your friends, so if they have any experience in the matter, they might help you achieve your goals as well. The interest is either nonexistent or significantly lower, depending on what kind of a deal you make. All this can work with the power of a simple, yet effective contract. This way you won’t have to worry about the other side not honoring the deal and vice versa.
Other purposes of your first-time Tennessee buy
What makes a bit of a difference is if you’re looking to buy your first property in Tennessee for other needs. They can be anything from commercial real estate to a start-up business. Purchasing space for these reasons gives you a much broader table of opportunities. It’s quite simple. People who have money want to invest in something that can pay off later.
Although at a first glance unorthodox, this methods’ popularity is on the rise. To put it in simpler words, crowdfunding is having a few or more investors with the addition of the internet as a mediator. Its popularity is well justified. Having more investors means that the risk of their failure is, or better yet feels less significant, thus they are more likely to take you up on your idea. The addition of the internet is also a big relief for it saves both time and money.
- Partner up
If you do have a capital that you’re looking to invest through buying your first property in Tennessee but it’s just not as much as you’d like, here a great option. Although it has its downsides, partnering up means always having a helping hand. Besides, both the risk of failure and your overall responsibilities will be reduced by a lot.
Let’s talk about numbers
Naturally, what’s not the same in every market is the prices. They differ from one place to another. Understanding the ever-changing housing market is anything but easy. There are also some factors besides the location alone, that can make all the difference. For example, time or context. As a result, the property purchase business isn’t a really steady flow one.
What to expect when buying your first property in Tennessee?
Property costs in Tennessee have been on a rise for quite some time. According to NeighborhoodScout, the average home value in Tennessee is somewhere around $170,801. The same source stated that from 2013 to 2018 there’s been a rise of cumulative 36.56%. What’s more, Zillow predicts that the prices will rise 3.3% within the next year.
Other factors of buying your first property in Tennessee
It’s quite obvious that market prices aren’t the only thing you need to focus on when buying your first property in Tennessee. There are a lot more factors that’ll come up during your move and after it.
Insurance that’ll cover any damage that could happen is a very smart investment. It’ll reduce any risk you may experience when investing in rental real estate property or any kind for that matter. Your body corporate fees cover everything from building insurance and maintaining common areas to shared utilities, building works, repairs, etc. It might seem like extra work and a bother right now, but just imagine what it’ll mean for you in the long run. It can make a lot of unpredictable situations better. There’s a number of reasons for you to opt for body corporate insurance.
The moving process
After you’ve put the down payment for your first property in Tennessee, it’s time to make it your own. Whether you’re buying or building a home that you’ll be spending all of your time in or a working space, this step is a must. You can, of course, opt for organizing your own move and everything that goes along with it. There’s a huge number of different ideas and advice online that can help you achieve this. If you’re considering renovating, you could buy everything that you need online and then not even have to organize the transport.
However, not all of us are organizational moguls. There’s no shame in admitting that you need help. And when you cut the factor of surprise costs that are bound to come up, you might even end up saving a few bucks. There are many international and local moving companies all around that can make this experience much simpler and comfortable for you. Especially when buying your first property in Tennessee and moving there, finding them will be no trouble at all. There’s a variety of well rated moving professionals in TN, you just need to decide which one’s your cup of tea.
After the move-in day
Now, when deciding whether to buy your first property in Tennessee or not, it’s not only the home itself you need to be thinking about. Other factors are just the same, if not more important in the long run.
When talking about life after you’ve bought your first property in Tennessee, this is the first thing you should be thinking about. Utilities must be paid regularly. Considering the average monthly energy bill in the US, the one in Tennessee is higher. This, of course, all varies depending on the size of your space.
When talking about a single adult in Tennessee, around $3.000 goes to food. If we’re talking about a family of two, that number is around $8.800.
- Healthcare and education
According to a study by the Health Care Cost Institute, prices of healthcare are lower in Tennessee than the national median. When it comes to education, attending The University of Tennessee on a full-time basis costs $30,930 yearly.
If you’ve stuck with us this long, congratulations! This can only mean one thing, you’ve decided to go through with buying your first property in Tennessee. Depending on the purpose of your property, you’ll now have to, in a lower or higher degree, work on keeping up the good work. All that’s left to do is enjoy as much of it as possible.
Lisa Roberts is a long-time real estate expert. For the past two decades, Jack has worked for a large real estate company and he is an expert when it comes to investing in rental real estate. Currently, he lives in Brooklyn with his stay at home wife and two daughters. On the weekends, he prefers to spend time with his family, since on workdays he works long hours. Jack’s plan is to invest in rental real estate and retire early.