Resolving to Buy A New Home | Journey Home Lending

Did you make resolutions for the new year? Even if this is a practice you don’t partake in at all, the start of a new year is the perfect time to dream about what we want to do and where we want to be as the calendar starts again.

Buying a new home is a great goal to set for yourself in the coming year, and unlike some other common resolutions we make, getting into the house of your dreams is attainable. With a little planning, you can be in a new home faster than you ever gave up on trying to quit eating chocolate.

Do Your Homework

The first step you should take toward reaching your home buying goals is to do your homework. Spend some time researching the homebuying process. Make sure you understand what it takes to get approved for a mortgage and how a realtor can help you. There are even online courses you can check into that can be especially helpful if you are a first-time homebuyer.

Along with researching the process of getting into a home, you need to dig into the area you are hoping to live in as well. If you have kids, take a look at the area schools and recreational activities that are offered. Check into how property taxes have fluctuated over the years for the area so you have an idea of what you could be facing.

Spend some time doing your homework on your personal finances as well. Even if you think you have a solid hold on your budget, savings and income, spend some time taking a look at a variety of scenarios.

How will your budget need to shift to cover mortgage payments? Do you have enough of an emergency fund to cover your new home costs in the event of a job loss? Are there other large expenses you are facing soon that could cut into potential down payments or change your credit status?

The research process is crucial for keeping your resolution of buying a new home in the new year. Educate yourself as much as possible so you are walking into every situation with a solid game plan.

Make It a Reality

Once you have done your homework, take that next step toward making your resolution to buy a home a reality. Find a reality team that you can trust and rely on, and make sure you fill them in on all your desires—even those that may feel a little far fetched.

Get pre-approved for a loan so that you know exactly how much house you can afford. This is also a great time to make some other cuts on your spending as well.

Cut some subscriptions that you aren’t using, or go with a lower plan to put a little money back in your bank each month. Skip that weekly meal out on the town and spend some time cooking at home. This is a great opportunity to remind yourself of just what you will need in your new kitchen, too.

When you have a plan, keeping a resolution can be simple. If you are ready for more space, a new space or a space of your own—resolve to buy a new house this year. And maybe when you prove to yourself you can keep a resolution, giving up chocolate will be a little easier next year.

Ready to start your process? Contact us to get the help you need.