Planning For Homeownership in 2022 - Making A Budget, Finding Your Home Buying Team, & First Steps

Опубликовано: 09 Октябрь 2024
на канале: Fairway Independent Mortgage Corp, Mid-Atlantic

As we gear up for the new year, you’re liking creating a list of new goals you want to achieve. While things like working on making healthy choices or advancing in your career are great goals, a big one you may be considering is achieving homeownership. If you are dreaming of a place to call your own, instead of putting it on a list and wishing for it to come true, you can create an actionable plan to turn that goal into reality.

Needs vs. Wants - The first thing to define is exactly what you’re looking for in a home. Whether this will be your first time buying a house or you’re looking to upgrade your current home, getting clear about what you want and need is the perfect place to start.

Consider things like location, type of home, community, and lifestyle when making your list of wants and needs in your new space. Where you live is super important as you will likely stay in this home for a long time (the average home buyer stays in their home for at least 10 years!)

Assess Your Finances - A common new years goal is getting your finances in check. While this is a great stand-alone goal, it is also an important part of the homebuying process. Looking at your current financial picture as well as your future finances can help you create a realistic budget for buying your home.

Downpayment and closing costs make up the bulk of the initial home buying investment. The next thing to consider is budgeting for your monthly mortgage payment and regular home maintenance once you become a homeowner. Planning for these costs in your plan can help you better determine your home-buying budget and what makes the most sense for you and your current situation.

Research Agents & Lenders - Buying a home can be a complicated process that you don’t have to do alone. The best advice in finding your real estate agent and a loan officer is to ask family and friends for their referrals. This will give you a list of people you can trust as they are already vetted by the people you know best.

Make Your Plan & Go - Once you’ve created your plan to achieve homeownership, it’s time to hit the ground running. Whether your first step is saving for your downpayment or finding your home buying team to get pre-approved, taking the first step is the most important part.

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