It’s that time of year again where you sit down with that cup of coffee or that glass of wine and take a second to reflect back on the past year. It is also the time to look ahead and plan out the year ahead. Many people make lists of their new year goals. If purchasing a home is on your list here are a few steps to better prepare yourself to reach that goal!
Saving for a downpayment and closing costs should be a top priority. Research the best budgeting strategies or speak with a professional financial expert to help set up a savings plan.
Speak with a lender
Get a rough estimate of the price of a home you can afford. You can build your savings plan around this number. Once you are ready, your lender will help you get pre-approved so that you can begin your home search. Speak to your Realtor about the best lenders in your area.
Consider the things that are important to you
What is important to you when it comes to a home. Is it the school district, distance from work, number of bedrooms, or size of the backyard? Make a list of all your “must have” items. Also consider items that would make a home a definite no go. These lists will help both you and your Realtor narrow down the best possible homes available.
Learn about the process
Research the home buying process and learn important terms, mortgage options, down payment options, homeownership expenses and so on. The more you know, the better and stronger decision you can make when choosing the right home for you.
A study, by Dr. Gail Matthews, found that you become 42% more likely to achieve your goals and dreams, simply by writing them down on a regular basis. Click here for the full article published by the Huffington Post.
Happy New Year! We look forward to helping you reach your goals.