Keep Your New Year’s Resolution to Buy a New Home in 2020
The list of New Year’s Resolutions people attempt runs miles long. But, if you’ve been considering buying a house, then it is important to realize that now is definitely the time to get focused and organized. Interest rates are low and the economy is strong, and that means there has never been a better time to jump in. If you want to own your own home, then you need to take steps today to meet your 2020 New Year’s resolution. You’ve got 11 months and counting, so come on.
Save Up for Your Down Payment
At the top of the list is to save for your down payment. Saving a substantial amount of cash can be time consuming. The sooner you begin the process, the better off you’ll be. If you don’t have enough for a down payment right now, don’t worry. Most people have to save for quite some time in order to get a down payment together.
The key point is that you begin now and consistently save every month. Since this is the beginning of a new year, consider sitting down and carefully evaluating your finances. Think outside of the box. Look at things like unnecessary monthly subscriptions, buying used items, cutting down frivolous spending, and lowering utility costs. You may already have a “lean and mean” budget, but you might also get creative and find ways to further reduce it. Then be sure that those funds go directly into your down payment savings account.
Get Your Credit Cards in Order
Next, you’ll want to deal with credit card issues. If you do have a lot of credit card debt, you will definitely want to focus on paying that down. In fact, reducing credit card debt is even more important than saving for a down payment. If you are carrying too much debt, it will be difficult or even impossible to get a home loan.
On the flip side of the coin, if you’ve never had a credit card before, then you should get one in order to help establish your credit history. Just make sure you manage it carefully.
Consult the Professionals
Once you’ve tackled Steps 1 and 2, consider finding a good lender, builder, and/or real estate agent. Buying a house can be a complex and time-consuming experience, so having the right professionals on your side will help substantially. Ask trusted friends and family members for recommendations and conduct interviews. Good professionals will be more than happy, at no cost, to provide information, resources, and education to help you make wise decisions.
Do Your Research
New home builders are building a wide variety of homes, and you’ll want to be sure you find one that meets your needs, not just now, but in the future as well. For example, if you are considering having children down the line, then you’ll want to research schools, parks, and playground options.
Spend time in different parts of town and see how they feel to you. In this way, if your real estate agent has a recommendation in the future, you’ll know instantly whether or not you want to live in a given area. This will help streamline the process and save everyone time and energy.
New home builders are building homes at near record paces; this fact combined with record low interest rates translates into real opportunities for those buying a house. Knowing what you want and having your own financial house in order are vital. Take those steps, and you’ll be able to fulfill your 2020 New Year’s resolution.