A new year means new goals. With 2017 just weeks away, many of us our planning our resolutions for the new year. While New Year’s resolutions are very common, completing those resolutions is not.
But that doesn’t have to be the case. You just need a plan.
If one of your resolutions for 2017 happens to be buying a home, we can help with the planning. That way, by this time next year, you’ll be sitting in a wonderful new home.
Check Your Credit
Your credit is going to be a big factor in your homebuying process. It will determine how big of a mortgage you can take on, what kind of down payment you’ll need, what your interest rates will be like, and more.
In order to plan your finances and search for homes, you will need to know your credit.
You can also try and strengthen your credit score as much as possible. Improving a credit score isn’t something that can be done overnight, but if you’re not planning on buying a home till later in the year, you have a few months.
Make sure to pay all bills on time starting now. Pay extra on credit owed if possible. You could also try increasing credit limits so that you have a lower percentage of used credit on any debts. Now is the time to be very wise and frugal with your money.
Regardless of what type of mortgage you get, you’re going to need some cash to put down. This will be for the down payment, inspection fees, closing costs, and more. Plus you’re probably going to want to update a few things once you move into the house.
Simply put, you need to start saving every extra dollar you can. If possible, it doesn’t hurt to take on some side work. In the long run, you’ll be glad you did.
There are a number of mortgage options out there from different lenders. Each comes with its pros and cons. What works best for you largely depends on your personal situation. Pre-approval applications allow you to vet different options without having to pay or commit to anything.
In order to determine the house you can afford, you’ll need to know what your budget looks like with mortgage payments. As you start to save up and learn more about the mortgage options available to you, you can begin to see what you’ll own each month.
From there, you can determine what you’ll actually be able to pay and act accordingly.
Start Your Shopping
Now, the thing you’ve been waiting for. This doesn’t have to wait entirely until you’ve done the other steps. You can begin to look at options, areas, prices, etc. You’ll just have to keep it casual till you have your information sorted.
In order to properly shop for a home, you’ll need a good idea of what you need in a home. What are the must-have features? What are the deal-breakers? Figure these out before you start looking heavily.
Don’t Wait to Contact a Realtor
Some will try to save contacting a real estate agent for the end. This is a mistake. A realtor can help you early on in the process. Consider them your guide for the homebuying journey.
At Metro San Diego Realty, we’ve had clients who we’ve gotten into a new in a month or two, but we’ve also had clients that we’ve gone back and forth with for a year or more. The pace is up to you. Whether you’re looking for homes or condos for sale in San Diego, if you’re looking to be in a new place by the end of 2017, we can help you achieve that goal.
Contact us today!