Setting Yourself Up to Purchase a Home in the New Year: Tips and Tricks

As the new year approaches, many of us are making resolutions and setting goals for the upcoming months. For some, buying a home is at the top of their list. Purchasing a home can be an exciting yet daunting experience, but with proper planning and preparation it’s possible to make your dream a reality in 2023. In this blog post, we will discuss tips and tricks on how to set yourself up to purchase a home this year by creating achievable goals and understanding what you need to do in order to prepare for buying a house.

1. Finding an Experienced Realtor - Finding an experienced realtor is the most important step in buying a home. A good real estate agent will help you find the right lender to get you preapproved, knows the ins and outs of the market, and will find you the perfect home!
2. Start Saving for a Down Payment - When buying a home, it’s important to consider the budget you’ll need for your purchase. A good starting point is to save up around 3.5-20% of the overall purchase price for a down payment. If you're struggling to save up for a down payment, don't let this stop you! There are TONS of programs (like grants) that can provide down payment assistance!
3. Getting Pre-Approved for a Mortgage Loan - Your next big step towards buying your dream home is getting pre-approved for a mortgage loan. It sounds scarier than it is! You will need to fill out a quick application (most of the time it is done online) and provide your lender with various requested documents (such a past tax filings and paycheck stubs).
4. Consider Additional Costs of Home Ownership - Buying a home is an exciting venture that comes with many benefits, however, there are additional costs to consider beyond the purchase price. As a new homeowner, you are responsible for paying taxes, maintenance and upkeep of your property, insurance expenses and more. It’s important to be aware of these costs. A great Realtor can help provide insight to these expenses.

Buying a home can be an exciting and rewarding experience, but it is important to plan ahead in order to set yourself up for success. By finding an experienced realtor who knows the ins and outs of buying a home, saving for a down payment, getting pre-approved for a mortgage loan, and considering additional costs of homeownership you will have taken all of the necessary steps on your journey towards buying your dream house this year! With proper preparation and planning, buying a home doesn’t have to seem like such an overwhelming task. The key is taking one step at time until you reach your goal - owning that beautiful new property in 2023!