Prepare for Homeownership
Posted 03-19-2017 at 09:14 PM by DIVA Brenda
Hooray! the weather is getting warmer and the season is changing. Naturally, you can't help but think about outdoor adventures, barbeques and family gatherings. Yes, homeownership has its advantages! If you are not yet a homeowner, be encouraged because with preparation and strategy, you too can own a home. In fact, in my Roadmap to Homeownership workshop that I teach at local libraries and churches, I share ways that one can prepare for homeowner success.
Buying a home is a process that can take years for some and a short time for others. Either way, preparation should begin the moment that the desire arises. The best thing that you can do for yourself and for your family is to make informed decisions during the process, empower yourself with knowledge and choose to NEVER make an impulsive decision. Owning a home is a 15-30 year investment unlike leasing an apartment where you can leave after the yearly agreement is over. So you want to get ready now so that you can enjoy your long term investment.
If you fail to plan, you plan to fail. Here are some ways that you can prepare for homeownership:
A.) Stay motivated. It is easy to get discouraged when you are working to achieve any goal. Which is why you must define your WHY or your purpose for wanting to become a homeowner and then keep the images of homes in front of you so that you can stay motivated. Watch television shows that target prospective and current homeowners; visit open houses; keep pictures of your family and of homes in front of you; create a home dream board; become a home buyer student (read about the home buying process, join forums and attend seminars); visit websites so that you can view virtual tours; and walk through home improvement stores.
B.) Gather information. Meet with a Loan Officer whether you think that you are ready now or not. If you don't know of any loan officers, you can get referrals from a real estate agent, bank or credit union. The loan officer will take down your salary information, etc.. and give you a ballpark figure in terms of the prequalified dollar amount or your buying power. This amount will tell you in what price range to start your search but please be advised that you do not have to purchase at the top of the quoted amount. Also keep in mind that the bank does not factor in your lifestyle or future expenses/plans. If you are not ready to purchase because you need to do credit repair, know that some loan officers can assist with credit repair and so can nonprofit organizations or private companies.
C.) Conduct Research. Whether you are ready to purchase a home now or not, you should begin doing your research the moment that you desire to become a homeowner. Your research should include learning about communities, schools, crime, neighborhoods, safety, and any other information that you deem pertinent. You should always be responsible for your safety and for defining your needs and goals.
D.) Save. Save. Save. It would be nice if it were possible to purchase a home and not have to pay anything out of pocket but that is just not realistic so you should start planning ways to save or pull money from resources. Because unfortunately, there are many fees and costs associated with purchasing a home but as a rule of thumb, you should save at least $7k-$15k. And NO a buyer does not pay the buyer's agents commission and YES you should always ask for closing help. Ask your agent to complete an estimated net sheet of closing costs and be prepared. Honestly, you may not need all thst you save but the money that doesn't go towards closing can be used to purchase new furniture or pay for a house warming party. Either way, be prepared. For a list of creative ways to save money to purchase a home, contact Brenda Douglas at realestatedivabrenda@gmail.com
E.) Mind conditioning. Being a homeowner means that there is no on-call maintenance team. You are responsible for the maintenance and care of your home. You can get mentally prepared for homeownership by taking do it yourself classes; developing the habit of saving money for unexpected repairs; becoming a problem solver; and by being determined, resourceful and adamant about preserving through any trial.
In short, prepare for where you are headed. No one takes a trip without planning. The moment that you decide to be a homeowner, you should begin planning your journey. Careful planning, patience, and persistence can make your journey to homeownership a short pleasant trip around the block instead of a 40 year journey in the wilderness. I hope that this helps. Don't forget to stay connected @realestatedivabrenda
Buying a home is a process that can take years for some and a short time for others. Either way, preparation should begin the moment that the desire arises. The best thing that you can do for yourself and for your family is to make informed decisions during the process, empower yourself with knowledge and choose to NEVER make an impulsive decision. Owning a home is a 15-30 year investment unlike leasing an apartment where you can leave after the yearly agreement is over. So you want to get ready now so that you can enjoy your long term investment.
If you fail to plan, you plan to fail. Here are some ways that you can prepare for homeownership:
A.) Stay motivated. It is easy to get discouraged when you are working to achieve any goal. Which is why you must define your WHY or your purpose for wanting to become a homeowner and then keep the images of homes in front of you so that you can stay motivated. Watch television shows that target prospective and current homeowners; visit open houses; keep pictures of your family and of homes in front of you; create a home dream board; become a home buyer student (read about the home buying process, join forums and attend seminars); visit websites so that you can view virtual tours; and walk through home improvement stores.
B.) Gather information. Meet with a Loan Officer whether you think that you are ready now or not. If you don't know of any loan officers, you can get referrals from a real estate agent, bank or credit union. The loan officer will take down your salary information, etc.. and give you a ballpark figure in terms of the prequalified dollar amount or your buying power. This amount will tell you in what price range to start your search but please be advised that you do not have to purchase at the top of the quoted amount. Also keep in mind that the bank does not factor in your lifestyle or future expenses/plans. If you are not ready to purchase because you need to do credit repair, know that some loan officers can assist with credit repair and so can nonprofit organizations or private companies.
C.) Conduct Research. Whether you are ready to purchase a home now or not, you should begin doing your research the moment that you desire to become a homeowner. Your research should include learning about communities, schools, crime, neighborhoods, safety, and any other information that you deem pertinent. You should always be responsible for your safety and for defining your needs and goals.
D.) Save. Save. Save. It would be nice if it were possible to purchase a home and not have to pay anything out of pocket but that is just not realistic so you should start planning ways to save or pull money from resources. Because unfortunately, there are many fees and costs associated with purchasing a home but as a rule of thumb, you should save at least $7k-$15k. And NO a buyer does not pay the buyer's agents commission and YES you should always ask for closing help. Ask your agent to complete an estimated net sheet of closing costs and be prepared. Honestly, you may not need all thst you save but the money that doesn't go towards closing can be used to purchase new furniture or pay for a house warming party. Either way, be prepared. For a list of creative ways to save money to purchase a home, contact Brenda Douglas at realestatedivabrenda@gmail.com
E.) Mind conditioning. Being a homeowner means that there is no on-call maintenance team. You are responsible for the maintenance and care of your home. You can get mentally prepared for homeownership by taking do it yourself classes; developing the habit of saving money for unexpected repairs; becoming a problem solver; and by being determined, resourceful and adamant about preserving through any trial.
In short, prepare for where you are headed. No one takes a trip without planning. The moment that you decide to be a homeowner, you should begin planning your journey. Careful planning, patience, and persistence can make your journey to homeownership a short pleasant trip around the block instead of a 40 year journey in the wilderness. I hope that this helps. Don't forget to stay connected @realestatedivabrenda
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