Top 5 New Year’s Resolutions to Help You Save for Your Dream BK Home
Jan 12, 2022 Brooklyn homebuyers,brooklyn homeowners,brooklyn real estate,brooklyn realty,buying into brooklyn,first time homebuyers,homeowner
If you’re anything like us, you have a whole set of dreams lined up for the new year. If one of those ambitions is to buy your very own place in Brooklyn, try not to fret — we’ll be here for you. Check out the home buying prep tips below to guide you through the process and set yourself up for success.
#1 — Set Clear Goals
First things first, what do you want out of your home buying process? Is it your goal to get into a starter home to leave rent payments in the past? Or are you looking for your dream home — a place you’ll stay in for as long as you can see forward? When do you want to move? What actions do you need to take to get ready for the big day?
The best goals are specific, measurable, achievable, realistic, and timely (S.M.A.R.T.). And this acronym fits in perfectly with home planning, too. Be sure you know what you want and when, and set goals that will improve your lifestyle but still feel realistic with everything else you have going on.
#2 — Figure Out Finances
Buying a new home involves a lengthy financial process, and you’ll need to be prepared before you begin. The tips below can help every step of the way:
- Figure out if your debt-to-income ratio will allow for approval at your desired amount (a good mortgage loan officer can help with this – and this should be the first step of your process)
- Decide how much you’re comfortable spending on your house payment every month
- Look into your credit score — does it need to be raised to earn your desired approval amount? (and what steps you need to take to fix it)
- Get creative — are there any monthly payments you can reduce or eliminate to help you afford more? Maybe that car loan can be paid in full, or maybe your phone bill could be lowered a little bit or maybe you cancel cable?
- Boost your income — do you have any hobbies or skills that could be monetized? Maybe taking action in this space could help you get your finances in order for your future move.
#3 — Plan Your Down Payment
Perhaps the biggest financial aspect of buying a home is the down payment. Some tips for saving this up include:
- Cutting costs or adding additional income, as we mentioned above.
- Set aside a certain amount of money every month until you have your goal amount saved.
- Sell anything you can afford to get rid of, or look for money in likely and unlikely places.
- Remember to add closing costs, as well as expenses like inspections and appraisals into your goal amount.
#4 — Find Your Buyer’s Agent (And Assemble the Rest of Your Team)
The home buying process is tricky. It has so many moving pieces, and that’s not even to mention the crazy speeds things move during today’s hot market. The right agent can help you from the moment you even consider buying a home, all the way through the closing process.
The same goes for finding a mortgage professional and a real estate attorney. They are supremely important to every stage of the process so they should be on the same page as you. In the end, you need as many people on your side as possible to get you the best deal possible.
#5 — Be Ready to Move Fast
Even with all the bells and whistles in place, the market is moving quickly these days. When you begin looking at homes, be ready to follow your buyer’s agent through a fast-paced process. Your lovely home reward will be well worth the hustle!
No matter what your buying goals are this year or maybe even next – it is never too early to start working to reach that goal , the tips above can help you make it a reality. And don’t forget to bring us along on the journey with you — we’re ready to serve as your Brooklyn home-buying expert every step of the way.