Are you ready to buy a home this year? Then watch this video to see how you can make homeownership a reality in 2023:
As rent prices continue to rise, many renters want to know what they can do to get ready to buy their first home. Recent information from ApartmentList.com shows that:
The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . .
If you rent, the rising cost may make saving up for a home seem impossible. But the truth is that you can and should do things to get ready to buy your first home. Here’s what to do if you want to learn more about getting out from rising rents.
Even small amounts should be saved. Now, experts agree that putting away what you can, even if it’s just a tiny amount, into a savings account is a great way to start saving for a down payment. The founder of Zero-Based Budget Coaching LLC, Cindy Zuniga-Sanchez, says:
I recommend saving for a home in a ‘sinking fund’ . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense.
Work On Your Credit And Assess Your Finances
Experts also say that you should look at your overall finances and credit score and find ways to pay down your debt. The average credit score of first-time homebuyers is 716, according to the HUD. Many online tools can help you determine your credit score if you don’t know it. Don’t worry if your score is less than that. Remember that an average means that there are homeowners with credit scores both above and below that threshold.
If you find out that your credit score is below average, you can improve it in a number of ways before you apply for a loan. HUD says that you should get as much of your debt paid off as you can, pay your bills on time, and use your credit card wisely.
Now Is The Time To Start The Conversation With A Real Estate Professional
Last but not least, it’s important to talk to someone who knows the market and what it takes to buy a house for the first time. We can help with that. A trusted advisor can help you find your way around your market and explain all of your options. Having the right network of real estate and lending professionals on your side can help you plan for the home-buying process and figure out what you can afford and how to get pre-approved when you’re ready.
Most importantly, we can help you see how you can own your own home. As Accredited Financial Advisor Lauren Bringle from Self Financial says:
Don’t write home ownership off just because you have a low income . . . . With the right tools, resources and assistance, you could still achieve your dream.
Summing It Up
If you want to own your own home someday, the best thing you can do is start getting ready now. Even if you don’t think you’ll buy for a few years, let’s talk today to talk about the process and help make you ready to be a homeowner. You can reach us at 404-410-6465 or visit CompleteRealtyTeam.com