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Five Habits to Start Now if You Want to Buy a Home in 2017

Home for sale in Tellico Village - Lakeside Real Estate Group - Tellico Village realty

It is the end of another year and buying a new home may be on the top of your New Year resolutions. Now is the time to instill 5 new habits to help ensure your home buying process will be smooth for the coming year.

Even if you are just tossing around the idea of home hunting, there are several things you can do now to make that new home dream happen.

 

Habit No. 1: Start building that down payment. Twenty percent is the recommended down payment and most people find their down payment takes more than they have planned for. An easy way to painlessly increase your fund is to automate your checking account to set aside a small amount of your paycheck into a separate account just for your downpayment. It is much easier to save when you don’t actually see the cash.

Habit No. 2: Build and clean up your credit history. Mortgage rates are tied directly to your credit history and paying bills on time cannot be overemphasized. Credit experts recommend not using more than 30% of your available credit.

Habit No. 3: Adjust your budget. Home ownership usually involves a mortgage that takes a bite from your expendable income. Starting a savings plan helps you adjust to a smaller monthly budget in anticipation of a mortgage payment and allows you to build your down payment. A win-win situation.

Habit No. 4: Repair Replace Refresh. Maintenance of your existing home is key to get the most value on the market. Small things not addressed early can turn into headaches with a much larger price-tag for repair. Look at your home with new eyes so that you see the things that need a new coat of paint, instead of seeing the home you have lived in for years.

Habit No. 5: Be ready to buy. The perfect home for you may only be on the market a few days or a few months and it is to your advantage to be ready to go when the right house becomes available. Familiarize yourself with the neighborhoods you are interested in and get a sense for the homes in your price range.

New habits make a great new year.

Posted: December 30, 2016