A real estate purchase can be one of the most rewarding, yet stressful, transactions you could make in your lifetime. While rewarding, it is also a complex matter involving you, the buyer, the sellers, real estate agents, mortgage lenders, and lawyers. Here are five tips to help first-time homebuyers navigate an ordeal that can sometimes be met with setbacks and hiccups along the way.
To get through this lengthy process, homebuyers have to imagine the end goal: sitting across from the table to sign on the dotted line for that stunning home you fell in love with — a new space where you will create beautiful memories.
Here are 5 tips to help homebuyers stay encouraged while buying a new home:
1. Transform your mindset to prepare for the home buying process
The road to homeownership will be filled with emotional highs and lows, and at times, you may feel overwhelmed. Therefore, it will be important to maintain a positive outlook and mentally prepare yourself for the journey. Sacrifice and discipline are major components of making your home-buying dreams a reality. Write down affirmations and take about a minute every day to say them aloud. This will help you stay focused on the wonderful home waiting at the finish line.
2. Create a budget to prepare to buy a home
Only you know your spending habits and what you can afford based on the lifestyle you are comfortable with living. Take the time to create a realistic budget with all of your monthly expenses. So, here are two budgeting tools we recommend to get started:
Home budget calculator – Bankrate.com
Budget Planner Worksheet – Nerdwallet.com
3. Take control of your spending habits
Creating a budget is not easy. Sticking to the budget is even more challenging. To save money, set spending goals or complete monthly savings challenges: Try saving $100 per week. Or set up an automatic bank transfer to go into your savings account directly from your paycheck. Make savings a regular part of your lifestyle. Then, by the time you move into your new home, you’ll be more financially prepared for unexpected expenses.
4. Review your credit report regularly during the homebuying process
Scour your credit report for any discrepancies that you may have to dispute. Also, refrain from making large purchases or applying for new credit during the home-buying process — as certain purchases can impact the deal you may have on the table. Due to Covid-19, you can monitor your credit reports from all three major credit bureaus for free until April 2022. Review your credit report at AnnualCreditReport.com.
5. Boost your savings with a side gig to help prepare for home ownership
The sky is the limit with the number of ways you can earn extra cash via digital apps and freelance opportunities. And, you can earn extra cash via ride-sharing, making food deliveries or working as a virtual assistant. Here are a few side gigs based on specific skill sets:
As your trusted boutique real estate firm, we guarantee that you will have direct access to first-hand insight and practical real estate knowledge. Do you need more tips for first-time homebuyers? Schedule a no-cost consultation today to speak with Healthy Real Estate and Associates. We will be with you every step of the way on this journey.