October is just a few days away and that means it's time to start planning for next year. Goal setting is a plan for your life and very useful tool. Without goals life just happens and you will find yourself wandering aimlessly through it.
If one of your goals for next year is to buy a new home, start planning now. Below are a few steps you should take to make it happen.
Work up a budget and save for the expenses you will incur. When purchasing a home you will need to have a down payment along with closing costs. Depending upon the type of financing you receive you will need approximately 3.5% - 10% of the cost of the home for down payment and another 3% - 6% for closing costs.
- Pay off any and all small bills you have lingering around. When qualifying for a home loan your house payment should not exceed 31% of your gross income and other bills an additional 12% of your gross income. If your other bills are in excess of the 12% limit the difference will be deducted from the amount of house payment you may qualify for.
- Find a Realtor. A Realtor can help you pre-qualify with a lender, show you homes in your price range and specifications, assist in negotiating your offer and setting up inspections. The best thing about a Realtor is there is no charge to you as the Buyer.
Setting a goal and planning in advance helps take stress and disappointment out of your life. Planning ahead to purchase one of the largest investments in your life is the best advice a person can receive.
When the time comes to achieve your goal, give me a call and I will be happy to assist you. I give you my commitment to make the journey of purchasing your new home a pleasant and joyful one.
Tammy Carpenter, Broker
Home Team Realty, llc