5 Tips To Make Your New Year’s Resolution To Buy Your Dream Home In 2022 Come True
Tuesday Dec 28th, 2021
What’s a better resolution to have than to own your dream home in 2022. Buying your dream home is a resolution for many, a goal that can take years of saving and planning. However, if you feel like you are ready to make your resolution come true in 2022, then we have some 5 tips that can help ensure you are prepared for the journey:
Save, save and save some more
Having a large amount of savings is vital when you start your home buying journey. Cutting back extra expenses and saving for years will provide you with a great advantage. For example, a 20% down payment makes sense because you'll pay less interest on your mortgage overall, less mortgage default insurance, and your monthly mortgage payment will be more affordable. Not to mention you have to also budget for moving costs and any repairs or renovations that might come your way.
Organize your finances into order
Take into consideration your monthly income along with your monthly expenses, an emergency fund for a rainy day, and extra money to save. Ideally, you shouldn’t take more than 30% to 32% of your gross annual income for mortgage expenses. Other than your personal expenses, you need a great credit score to qualify you for better interest rates and the budget you need, make sure to fix any credit issues (if you have any) and keep up with your payments.
Find the right real estate agent
Your real estate agent will be your best friend on your home buying journey. You should always pick someone who is reliable, trustworthy, knowledgeable, and transparent with you. Check their reviews, consider their knowledge and experience in the industry.
Check out the neighborhood
When hunting for a home, determine your ideal location and which great neighborhood lies there. If you are flexible with your location, then make sure to try to talk to the neighbors and check out the demographics to match your preference before deciding on a home. Your home is where your comfort lies and neighbors can be a big factor in ensuring peace and enjoyment in your home.
If you find the perfect home for the perfect price then don’t hesitate to make an offer right away. Usually, finding a great home means the competition will be tight with other buyers. Therefore, hesitating to make an offer can mean losing out on a great home or entering a bidding war with other buyers. Make sure you present a great offer that the homeowners can’t refuse.