Here are three key things you can do on your way to homeownership.
As rent prices continue to soar, many renters want to know what they can do to get ready to purchase their first home. Here are three tips that are either going to help you right now or sometime in the future:
1. Start saving. Even if it’s very small amounts, just begin saving right now and it’ll help you tremendously. I recommend that you set up a separate savings account from your primary checking account that you put small amounts into and never touch until you go to buy a house. Depending on your loan, you could get as low as 3.5% down.
2. Assess your finances and work on your credit score. According to Housing and Urban Development, the average credit score for a first-time buyer is 716. If you don’t know what yours is, you can check at most banks. If your credit score is below 620, there are still options for you, like an FHA loan. There are many programs online that can coach you on how to get your credit score up.
3. Start talking with a trusted Realtor. It’s never too early to reach out to a Realtor. If they’re good at what they do, they will want to help you even if you’re far out from wanting to make your purchase. The advice that they can give you is going to be invaluable for when you are ready. Reach out and tell your favorite realtor that you want to set up a buyer consultation.
Homeownership can be in your future if you prepare now. It’s one of the best ways to build wealth. If you have any questions or if you want to set up a buyer consultation, don’t hesitate to reach out to me. I’d love to answer any questions and help you reach your real estate goals.