Is buying a house on your to-do list this 2023? We love helping our clients turn their dreams of homeownership into a reality!
It’s essential to develop good habits right away, so you’re ready when the right home comes along. Here are seven steps you can take right now to help ensure you don’t hit any roadblocks during your home-buying journey.
Getting your finances in order is the very first thing you need to do before you can consider buying a home. Start with these tips:
- Open a “new home savings” account and start making deposits
- Start paying down your debts and avoid opening any new credit accounts
- Resolve to pay all of your monthly bills on time
- Write down your budget and stick to it
- Check your credit report and make sure it’s accurate
Each of these things takes time. The sooner you start, the better shape you’ll be in when you find your new home.
Save for a Rainy Day
Get a better idea of whether you’ll be able to afford the home you want by pretending your bills have already gone up. Set the extra money aside each month to have an emergency fund saved before you buy a home.
Set Realistic Expectations for a Successful Home Buy
Shopping for a home will be much more productive (and more fun!) if you have a clear idea of your goals. Make a list of all the features you want in a home and any that you don’t. This will help keep you from wasting time looking at places that aren’t right for you.
While it’s OK to make a “dream home” list, make sure you’re realistic about your “must-haves.” Trying to buy a champagne house on a bottled water budget will only lead to disappointment.
Get a Great Agent
Whether you’re a first-time or experienced home buyer, working with a great real estate agent can have a considerable impact on a successful home buy. It’s essential to be picky about who you choose. Ask for recommendations from friends and family, check references, and read reviews before committing to a contract.
Give Yourself Plenty of Time
Buying a home is a huge commitment. The last thing you want is to jump into something without thinking it through or feel pressured to buy something that’s not quite right. Make sure this doesn’t happen to you by leaving yourself plenty of time to explore your options.
Homes come on and off the market, so plan to set aside some time every week for home shopping. Visit open houses to have a good idea of what types of homes are currently available on the market.
Be Prepared for a Successful Home Buy
The housing market moves fast, and if you’re not ready, you could miss out on your perfect home. Ensure you’re prepared by shopping for a mortgage ahead of time and making sure you’re pre-approved. Organize your tax and financial documents so you’re ready when it’s time to submit your mortgage application.
While it’s great to have an idea of the type of home you want, don’t be too rigid about it. If you’re willing to have an open mind, you might find that the perfect home wasn’t what you expected. Going with the flow and being flexible is a key components to a successful home buy.
THE BOTTOM LINE FOR A SUCCESSFUL HOME BUY
Buying a home can seem like a scary task. With the right resources and guidance, you can and will be successful in buying a home.