New Year, New Home! Now, how amazing does that sound? But it’s easier said than done! Put together a financial outline that will help you get your dream home.
The New Year resolution to buy a home is not as easy as eating pie. It needs a lot of thought, strategy and most importantly time. Hence, we present to you the best 5 New Year’s resolutions that will help you buy a new home.
But before we venture into those, you need to remember that every small and simple change lays the foundation for major changes and alterations.
So, without further ado, let’s walk through the best 5 New Year’s Resolutions that will increase your home-buying odds.
1. Start exploring right away
When you have identified the need or want of buying a home, there is no point sitting around thinking when is the right time to look around for your ideal home. Start right away! You never know when you could come across something you fall for at first sight.
For instance, you are set to buy a home in the spring season, but you start looking for one in winter itself, you get to explore. Further, you can arrive at a decision as to what you want or don’t want in a home. You will also have a good understanding of the real estate rates in and around the locality you want a home in. So, when you have new sellers coming up to you, you’ll know who’s offering the best deal and that will give you an up against the other buyers.
Exploring at an early stage gives you a headstart in the race of buying homes!
2. Keep a track of your credit score
Paying your bills and debts off on time helps create a good credit history. It is not unusual for someone who is sure they’d qualify for a loan to and then find out that there are some really great problems with their credit.
This embarrassing situation is avoidable- all you have to do is to regularly monitor your credit scores and ensure that you stay on top of your credit scores. If in case you come across any mistakes in clearing off debts, ensure that you get rid of those at the earliest and consistently build your solid credit history.
Because only then can you qualify for a loan, and only when that happens can you be eligible to buy a home!
3. Save for the down payment amount
Ensure you think far into the future while spending magnanimously on things. For buying a home, the first payment is the down payment. You need to start saving as soon as you have thought of buying a home. Here are a few tips on what you can save on:
- Make your morning coffee at home instead of buying it from a local store
- Pack your lunch instead of having a meal outside, the icing on this cake are the health benefits
- Convert to a ‘Things-To-Buy’ list shopper, so that you only buy things you decidedly stepped out to buy
4. Get a pre-approval for loan
To be pre-approved for a loan means the bank or the lender has thoroughly investigated your credit history and hence, determined that you are a suitable candidate for a home loan.
Now why is this pre-approval document necessary?
Well, when you are ready to make a purchase offer on a home, both the real estate agent and the seller would want to see the pre-approval document and only then would you be taken seriously.
Pre-approvals might only be good for some amount of time but it assures of the lender being open to lending you money.
5. Find an expert real estate agent
Lastly, you need to find an expert real estate agent for whom your concerns and grievances take foremost priority. Get yourself a real estate agent who will surpass your needs with his knowledge, professionalism and excellent interpersonal communication.
Ensure that you keep these New Year’s Resolutions at the top of your list, because these will ensure that you have a new home at the end of this year or even before!
All’s good when you have the right partner to get you through this!
Connect with me and let’s see how we can convert your dream into reality!