If making home ownership a reality in 2024 is on your radar, here are some proactive steps you can take now to ensure a smooth journey when the house hunting begins.
Assess Your Finances:
- Establish a Budget: Take a seat and calculate your budget, considering how much you can comfortably afford for a mortgage payment, including taxes and insurance. A general guideline is to keep your monthly house payment around 25%-28% of your monthly income.
- Check Your Savings Account: While a down payment and closing costs may not be mandatory when achieving home ownership, having $1000-$1500, at a minimum, readily available is advisable for upfront expenses like appraisals and home inspections.
- Review Your Credit Score: Evaluate your credit score, and if it’s below 620, consider settling some outstanding bills before applying for a mortgage.
Define Your Vision of Home Ownership:
- Create a Wishlist: Compile a list of must-haves and nice-to-haves for your new home. Be practical, focusing on current needs rather than distant future plans. Don’t forget to consider the importance of location, county, or school district.
- Explore Housing Options: Understand that home ownership extends beyond single-family homes. Decide whether a single-family home, townhouse, or condo suits your lifestyle. Be sure to factor in Homeowners Association (HOA) or condo fees.
Turn Your Resolution into Reality:
- Consult a Trusted Realtor: Reach out to me at April@AllStarSC.com to discuss your home ownership resolutions. We can delve into your preferences and guide you to reliable professionals who can assist you throughout the process.
- Connect with a Trusted Loan Officer: Speak with a reputable loan officer who can present various options, assess your financial situation, and help you make informed decisions along your home ownership journey.
Ready to kick off your 2024 home ownership resolution? CLICK HERE find out what you can expect during the buying process! 🏡✨
