For those thinking of buying a home in 2020, its time to set new year goals since real estate agents say making and keeping these resolutions will help set homebuyers up for a successful homebuying process.
1. Start saving and planning
Several factors go into buying and finding the right home, including researching neighborhoods and locations to understand what is available within a budget. Doing research over the internet can help homebuyers get an idea of what the market has to offer.
Saving is always a must, especially when you are hoping to purchase a home within a year, remember that a mortgage payment is only part of the monthly cost of homeownership, consider other fees and taxes, home insurance, inspections, upgrades, and maintenance.
2. Create a monthly budget
Once you are aware of how much you are able to afford each month, try to get pre-qualified for a loan (if needed) to finance the investment. By doing this you can create a monthly budget right before the purchase of a new home.
Take this rule of thumb: never exceed more than a third of your monthly income on housing costs.
3. Find a real estate agent
As you can imagine looking to buy a home can get overwhelming, thus working with a real estate agent will make it easier. The agent's job is to accompany you in every home buying process until the closing deal, prioritizing your budget and your needs.
In addition, to helping buyers in the searching and purchase process, an agent will recommend you hire home inspectors, repair and maintenance services, acquire home warranties, and other important services that come on handy especially if you are a first home buyer.
4. Start searching for your new home in the perfect neighborhood
Looking for the perfect home is not just about the house and location, it should be based on the neighborhood as well. Since you will be a new member of the community, you should be aware of what is it like and if it fits in your lifestyle.
Your real estate agent will show you many options but it is up to you in choosing which property feels like home.
5. Repair your credit
Cleaning your credit is a way of gaining time in the home buying process. Start as early as you can, saving and taking action to correct your credit will help you to be ready to close on a house in the minimum time as possible.
Keeping focused on goals will help you purchase the home of your dreams! Happy New Year!