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Limit your house payment to no more than 25% of your monthly take-home pay. This payment includes principal, interest, property taxes, homeowner’s insurance and, if your down payment is lower than 20%, private mortgage insurance (PMI). Plus, don’t forget to consider homeowner’s association (HOA) fees when preparing your budget. Save at least a 10–20% down payment. A 20% or more down payment helps you avoid PMI—an extra fee added to your mortgage to protect your lender (not you) in case you don’t make payments. Anything less than 10% will drown you in extra interest and fees. Saving a big down payment like this is possible! If you stay patient and motivated, you can save for a five-figure down payment by this time next year.
Have Financial Goals: If you want to accomplish financial goals, you need to figure out what goals are important to you first. Having a clear goal can keep you motivated and help you come up with a plan to reach that goal even faster. Now, don’t think that you need to set outrageous goals. If this is your first time thinking about personal financial goals, start off small and work your way up from there. I’d suggest coming up with a few different goals in each of these categories: What you want to achieve in the next 3-months, In the next year, In the next five years. This way you’ll have some short-term goals to look forward too, and some long-term goals to work towards as well. Your short-term goals may even be small stepping stones towards your bigger goals. So, remember to set long-term and short-term goals, and keep track of them too! Write them down somewhere and set a day each month to track your progress.
Before you get too excited, or worried that time is running out, it might actually be in your favor to slow play this one. Per Zillow, the best time to buy a home may be in late summer, including the months of August and September. Basically, you’ve got the slow, cold months at the start of the year where there isn’t much inventory, followed by the strong spring housing market where everyone and their mother wants to buy. Then you get a lull and perhaps even a dip in home prices during summer, which could be an attractive entry point. You might even get lucky and snag a price cut with a lot less competition while other prospective buyers are on vacation. That being said, get pre-approved NOW and set up your alerts for new listings ASAP and just be ready to pounce whenever.
If you’re going to buy a house it makes a lot of sense to make sure that rush hour traffic isn’t unbearable. The last thing you want is to buy a home and find out that you’re going to be sitting in heavy traffic every day. Time is more valuable than money, you don’t want to spend your time in traffic – I know I don’t. You want to spend your time doing more important things like spending time with your family. We always recommend our buyers check out the commute to and work on different days just to make sure it’s something they are comfortable with. Discover more info at chicagorentclub.com.
This is often the most thrilling part of the process. But, if you’re not careful, it can get out of hand. The best way to proceed is limit the number of homes you look at in a single day. Visiting too many homes back to back will make it difficult to remember one house from another. It’s a good idea to create a checklist of homes to look at, and check them off as you visit them. Not only is this helpful in reminding you of which homes you visited, it allows you to eliminate homes from your search more quickly. Remember, communication is crucial. Explain to your agent why you like or don’t like a particular house. The more you communicate with your agent about your preferences, the better he/she will be able to find exactly what you’re looking for.