One of the most significant purchases one can make over the course of his or her life is buying residential property. It is the dream of many to own a home, but the process of actually buying a home can be difficult, confusing and incredibly expensive. Estimates suggest that a potential Tennessee buyer now needs approximately $50,000 more than they did to buy a home in previous years. It is more important than ever to protect one’s investment and legal interests in this type of transaction.
Rising housing costs
Over the previous few years, the costs of buying a home have risen by approximately 80%, but the average income has only risen by around 23%. That means for buyers in many areas, it is necessary to earn $100,000 more per year to comfortably afford a home. Mortgage rates have also risen, which makes it even more expensive for buyers to purchase property.
To be able to afford a home, many buyers are moving to less expensive areas. There is also a growing number of individuals who are combining financial resources with friends and family members to buy. Some buyers are also purchasing properties to rent rooms or rent the entire home for short periods to offset their costs.
Protecting oneself as a buyer
When buying a home in Tennessee, the stakes are high. It is a significant financial investment to buy a home, and it is critical to ensure the full protection of one’s legal and financial interests at every step. It is helpful to have the support and guidance of an experienced attorney while navigating the residential real estate process.
