Offered by Scott and Laura Nordby, Berkshire Hathaway HomeServices
With 2018 behind us and a fresh year ahead, many people find themselves creating resolutions. Some people focus on physical and mental health; others focus on financial goals. If any of your resolutions relate to buying a home in 2019, these are some tips to get you set up for success.
Declutter Your Space
A great way to prep for a new year, in general, is to work on decluttering each room in your home. If you start this process now, you won’t feel rushed and overwhelmed when the time comes to move into your new home. Additionally, you can find time to sell valuables that you don’t want to keep, or find a quality non-profit for donation.
Create a Budget
Take a look at your income and your monthly spend so you can create a realistic budget. Looking at all aspects from household bills to entertainment costs gives you a full picture of your current lifestyle, which may shape the houses you look at to purchase. Remember, even if you are qualified to purchase a home for $650,000, if your lifestyle affords a $350,000 home, it’s best to stay in that range.
Taking the time to create a budget will allow you to trim the spend on unnecessary things, while allowing a surplus to be saved for down-payment or to fund moving costs.
Review and Build Credit
The first thing you’ll need is your most recent credit report. Contact the credit reporting agencies if you find any inaccuracies and ask them to be removed from your report. From there, you should focus on paying every bill on time, and limiting increases in debt. Most importantly, once you are qualified for a home loan, consult your lender and REALTOR before opening/closing any additional credit lines, changing or quitting a job. Stability is extremely important when determining a home loan, and you don’t want to find yourself scrambling if something within your control changes.
If you have questions about buying a home, it’s important to have a resource you can trust. Call me at 720-422-9320, and I’d be happy to walk you through the process so you know exactly what to expect. Additionally, we can discuss timing and market conditions so you’re able to make the move when its best for you.
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