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5 Habits To Start Now If You Hope To Buy A Home In 2017
Dated: January 10 2017
It’s the end of another year (thanks for nothing, 2016), which means it’s also time for our end-of-year new resolutions series for home buyers. This installment: good habits to start!
Have you vowed to buy a home this year? It’s time to get moving!
Even if you’re months away from hiring an agent and touring homes, there are things you need to do now to make that dream happen. After all, this is a huge purchase and it requires some preparation. Getting the building blocks in place will ensure a seamless transition from renting to buying, both financially and mentally.
To make sure you hit the ground running once you start checking out houses in earnest, here are some good habits to start now that will pave the way to the home of your dreams.
Habit No. 1: Automate your down payment savings
If you’re trying to squirrel away the recommended 20% down payment, that works out to about $40,000 for a $200,000 home. That’s a huge chunk of cash, so unless you’ve been the recipient of an inheritance or have recently won the lottery, you can never save too early or too much.
“The down payment takes more money than 99% of people plan for,” warns Joshua Jarvis of Jarvis Team Realty with Keller Williams Realty Atlanta Partners in Duluth, GA.
Yet one practically painless way to get started is to automate your checking account to regularly set aside a small amount of your paycheck into a separate savings account dubbed your “house fund.”
“Amassing enough for a down payment takes discipline and perseverance, but setting up automatic savings can make it easier,” points out Realtor® Marcia Goodman with Re/Max Gateway in Gainesville, VA. “If you never see the cash, you won’t spend it.”
And you don’t have to put down the full 20%, either—there are other options. But it’s best to save as much as you can.
Habit No. 2: Build your credit history and keep it clean
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....
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