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December
19
19
New Year's Resolution: Tips for Buying a Home in 2023
With 2023 almost here, it's time to think about your New Year's resolution. If your resolution is to become a homeowner in 2023, our real estate agents suggest getting an early start on your resolution by following these tips.
- Learn What You Can Afford
While there are calculators online that estimate how much home you can afford, the real answer as to what's an affordable monthly payment depends on your budget and lifestyle. If you have a large daycare bill, want to spend more on traveling, or have other financial goals, an online tool won't take these priorities into account. Begin by tracking all your spending so that you know how much money you're spending each month and what you're spending your money on. This will help you identify areas where you can reduce your spending so that you have more money to use towards your resolution. For example, if your spending reveals that you're spending $400 a month on eating out, reducing this figure to $200 a month gives you $200 to use towards a mortgage payment or save for a down payment. You can use a money-tracking app, spreadsheet, or pen and paper to see where your money is going.
- Save for Your Down Payment
Depending on what type of mortgage you're planning to use to finance your home's purchase, you'll need to save anywhere from 3.5 percent to 20 percent of the home's purchase price for your down payment. For a $300,000 home, this means that your down payment will be between $10,500 and $60,000. Meet your down payment goal by reducing expenses, increasing your income, or combining the two. If you increase your income by $500 a month by working overtime or completing freelance work, this gives you $6,000 over the next year to add to your down payment savings. Reducing your expenses by $500 for a year gives you another $6,000 to add to your savings fund.
- Improve Your Credit Score
Before you start shopping for Augusta homes for sale, you'll want to secure pre-approval for your mortgage loan. It's essential to make sure your credit score is as high as possible to get the best possible loan terms for your mortgage. See that you make all your loan payments on time and work on paying down your credit card balances. Ideally, you shouldn't use more than 30 percent of your total available credit to maximize your score. Review your credit report for any inaccuracies that may be impacting your score.
If your New Year's resolution is to become a homeowner, it's important to start working towards this goal as early as possible to help you fulfill your dreams of becoming a homeowner. Ready to start looking at potential homes? Contact us to get started.