We’ve talked before about how big, lofty goals with no concrete plans on getting there rarely get us to the finish line. This can be said of getting in shape, eating better, improving finances, and more. Making a goal of finding a new home in 2017 is no different. Deciding you’re going to buy a place is not enough. This is why we’ve broken it down for you into mini goals, little things you can do, and check off your list to help you find a place this year. These are 11 mini resolutions that will bring you closer to your home ownership goals.
- Make a decision on whether or not buying a home is financially viable or worth it for you
Is it a good investment, and will it be cheaper than renting for you? Sometimes it’s not, depending on the city you live in, how much you have saved for a down payment and where you want to live.
- Ensure you really understand everything you need to know about the home buying process
Knowledge is key. There are so many wonderful blogs, articles, and websites you can follow to learn the basics and beyond. Follow them, learn, and keep learning.
- Make a list of your home wants and your home needs
And be prepared to adjust them as needed, sitting down with your list at least every other month to determine whether or not you are being realistic about what you can afford. Consider flat out deal breakers that will make a home a no go for you, whether it’s knob and tube wiring, proximity to a hydro field, or more.
- Hire a real estate agent to help you find the right place for you
You’ll be spending a lot of time with this person. Click here to find out how to hire the right agent for you.
- Make a realistic budget that will help you save money
Also keep one in mind that will help you once you buy a place that you will actually be able to stick to. Make a concentrated effort to remove other debts and save up for emergencies before you take on more.
- Research the area you want to live
Find out about potential pitfalls like flooding, nearby transit, schools, and other things that will be important to you when you live there.
- Hire a mortgage broker
Want the best possible rate on your mortgage? A great broker can get you there, provide valuable advice on what you can really afford, and save you money each and every month.
- Take a deep breath, and your time
Hunting for a home can be competitive and frustrated. It’s easy to be tempted to give in and settle. Keep the end goal in mind and understand that settling can lead to expensive repairs, and having to start the whole process all over again because you aren’t happy with your selection.
- Buy for your life tomorrow, and beyond
This is a big picture kind of situation. Think about how long you plan on staying in your current job, whether or not you want kids. If you aren’t sure that this home will be the right fit for your needs in as little as five or six years, you may want to keep on looking.
- Buy a home you can afford, for real
Know your lifestyle, and what you’ll really need to make to be able to afford your home and the life you want to lead. Or else you’ll fall into debt, or be downright miserable!
- Remember you don’t have to buy a house this year
Maybe you want to go on a trip or two first. Maybe the commitment is just too much for you right now, or the right place hasn’t come along. All of these things are valid reasons for not buying. If you complete any or all of the resolutions above, odds are you’ll be a lot more financially solvent and prepared for future financial opportunities in 2017, which as far as we are concerned is a great thing! New home, or no new home.
Happy New Year!
Are you looking to buy your residential property and wondering how you can pay for it? We can tell you how much you can afford to borrow, which is the best mortgage for you or how much you could save for your down payment. Click here to get help choosing the best mortgage solution for you.