Relocating to Nashville? A Guide to Realize Your Dream of Homeownership

Nashville saw phenomenal job growth in 2014. Nearly 14,388 new jobs were created with over 100 businesses expending or relocating to Music City, adding almost $2 billion in capital investments. The job growth and subsequent increase in investment has resulted in lots of young professionals relocating to Nashville. Many are looking for rentals, while many others want to take advantage of the ongoing boom in the Nashville property markets by buying a home.
If you’re one of those looking to make Nashville your home, you need to make sure that you don’t take any wrong step during the process. Here are some tips for you to follow so that you can protect yourself financially as well as emotionally while making probably the biggest investment of your life:
Start your search with an experienced, local real estate agent
If you are new to the area, it’s very important that you work with a local real estate agent who has firsthand experience of assisting buyers and sellers in property transactions in all Nashville neighborhoods. Hiring a real estate agent becomes more important if you have a specific budget for buying a home. The agent will guide you about the neighborhoods where homes will fit your budget. Instead of mindlessly browsing online listings in the neighborhoods which you don’t know anything about, you should hire an agent as he has to constantly keep a tab on local multiple listing service (MLS) as part of his professional obligation.
If you are relocating from another state, the real estate agent can also guide you about the Tennessee-specific laws governing property transactions. You don’t have to worry about your lack of knowledge about various contingencies. For example, seller’s disclosure laws may be a bit different from those in the state from where you are relocating. An experienced agent will help understand your various obligations.
Are you selling your existing home to buy a new one in Nashville?
If you need to sell your existing home so that you can buy a new one in Nashville then you need to determine how you will about these two property transactions simultaneously. Are you ready to bear two mortgages if you want to buy first and sell your existing home later? You need to look at your finances to decide that.
Be ready for real estate bidding wars
Due to low inventory and high demand for homes in Nashville, you may often find yourself in middle of real estate bidding wars. Make sure you are pre-approved from a lender, so that you can establish yourself as a serious buyer. If you have joined your new job just recently, then you may find it a bit difficult to get a mortgage. Understand your financial obligations in advance to avoid troubles at the last moment.