This home has been totally remodeled throughout. It offers a nicely landscaped corner lot in a great location; check it out:
Take a look at this home that offers privacy and quiet within a 10 to 15 minute drive of Farragut, Oak Ridge and Lenoir City:
- Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.
- Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
- Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
- Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
- Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
- Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
- Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
Source: National Association of REALTORS®
- Get at least three written estimates.
- Check references. If possible, view earlier jobs the contractor completed.
- Check with the local Chamber of Commerce or Better Business Bureau for complaints.
- Be sure the contract states exactly what is to be done and how change orders will be handled.
- Make as small of a down payment as possible so you won’t lose a lot if the contractor fails to complete the job.
- Be sure that the contractor has the necessary permits, licenses, and insurance.
- Check that the contract states when the work will be completed and what recourse you have if it isn’t. Also, remember that in many instances you can cancel a contract within three business days of signing it.
- Ask if the contractor’s workers will do the entire job or whether subcontractors will be involved too.
- Get the contractor to indemnify you if work does not meet any local building codes or regulations.
- Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.
- Guarantee that the materials that will be used meet your specifications.
- Don’t make the final payment until you’re satisfied with the work.
Source: National Association of REALTORS®
Check-out this home that’s located in a small community adjacent to Melton Hill Lake:
It’s a hidden jewel; take a look:
- They don’t ask enough questions of their lender and end up missing out on the best deal.
- They don’t act quickly enough to make a decision and someone else buys the house.
- They don’t find the right agent who’s willing to help them through the homebuying process.
- They don’t do enough to make their offer look appealing to a seller.
- They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.
•Prices will continue to rise
•Mortgage rates are projected to increase
•You are paying a mortgage either way
•It’s time to move on with your life
Take a look at this house that offers a sunroom over looking a big level backyard: