How to Make and Keep Your Home Buying Resolutions

Now that we’re into the new year, it’s time to stick to those home buying resolutions and make your dream of owning a home a reality. You’re probably wondering where do you start, though, which is where I come in! When it comes to any successful real estate transaction, it all starts with early planning. Let’s take a closer look at those home buying resolutions you should be keeping this year.

Buying a Home in Chicago in 2020

Save Now – If you’re hoping to buy a home in 2020, the time to start saving is now! Home buying requires thorough planning. Start doing your homework, know the market, and know the potential costs that lay ahead. Most buyers get sticker shock when they first start looking at all of the costs associated with the home buying process. So, educate yourself, now. With this information in hand, you’ll fare better once you hit the ground running looking for both your dream home and the financing to acquire your dream home.  

• Prioritize Budgeting – Part of saving and planning is putting together a monthly budget.  Through budgeting, you’ll be able to save more money for a down payment.  One way to get a better sense of what you can realistically afford to budget and save is to work with a mortgage adviser. They’ll help you gain a better understanding of what it will take to get pre-qualified for a loan, which will better determine your monthly priorities.    
• Consider Your Credit – Good credit is key to getting the loan and mortgage approval you need to buy a home.  So, start cleaning up your credit as soon as the thought of home buying enters your mind.  Remember, the debt to income ratio plays a big role in your ability to purchase a home.  
• Consult Experts – Buying a new home can be an intimidating process, so don’t be afraid to consult with experts early. Starting looking around for the right real estate agent who understands not only what you’re looking for but how you can financially achieve your goal of home ownership. Agents are there to help you find the right property and fit just for you.     
• Start Looking – It’s never too early to start looking for your ideal home, neighborhood, and community.  So, make a point to get out there, and explore. Many home buyers think they want one thing but actually find that they want or prioritize something completely overlooked once they’re in the thick of it.  You can’t really make a decision, after all, if you have no point of reference. So, consider what it is that you want in the home itself, yes, but also consider what kind of overall lifestyle you want to live.  
• Inform Expectations – The financial requirements of home buying are often surprising, even shocking, to some potential buyers, as there’s much more than just a mortgage involved.  So, you need to start planning and saving for more than just the down payment. Buying a home also means paying thousands of dollars for things like closing costs, inspections, renovations, upgrades, movers, temporary housing (if waiting to move in), etc.        

By starting early and sticking to a plan, you can keep all of your home buying resolutions and achieve your goal of home ownership in 2020.