Are you looking for tips to help you afford a new home? There are a lot of different parts that go into searching for and then purchasing a new home, and it can become overwhelming for the average homebuyer with a limited understanding of the entire process. To ease some of that anxiety and set you up for success, let’s go over 5 tips to help you afford a new home in Northern Kentucky:
Make a Realistic Plan
Before getting carried away with anything else, it’s critical that you take a deep breath, relax, and deal with the bigger picture.
Start by creating a reasonable budget that helps you understand how much money you can save every month. Once you know the amount of money you currently have saved along with your future savings plan, do everything you can to put that into action while also dreaming up a timeline for your home purchase.
Give yourself enough time to accrue savings to cover both a down payment as well as additional moving costs and some leftover funds as a buffer. Creating a longer timeline means saving more money and giving yourself more breathing room to help you afford a new home in Northern Kentucky.
Check Your Credit
It’s likely that you’re going to use the services of a mortgage lender to finance buying your home, and they’re going to be interested in your credit history along with your current debt to credit ratio.
Order your free annual credit report and go through the resulting document from cover to cover, checking for any errors. You may discover debts you had forgotten about entirely or a complete mistake that is dragging your credit score down.
If you do happen to find anything inaccurate, go through the official channels of the source of your credit report to dispute the inaccuracies and keep documentation of every communication. If everything is accurate and you’re simply finding yourself with a low score due to previous debt issues, factor into your budget the ability to reduce any existing debts and do not make any avoidable large purchases.
Hire Some Help
Buying a house can be made a lot easier by hiring a qualified and experienced real estate agent, and we highly recommend shopping around for the agent that best works for you.
Find at least three agents, meet with each of them, and get an idea for how comfortable you are discussing your home-buying journey with them. Ask any questions you may have and gauge their responses to get a feel for if they have your best interests at heart.
This provides you an opportunity to determine which agent you feel will represent you best.
Look into Mortgage Programs
A lot of buyers are under the impression that the only financial assistance someone will receive is if they are a first-time buyer, but that’s not necessarily the case.
Call your local Federal Housing Administration office and ask them about the possibility of you qualifying for any state, city, or even county assistance programs or tax credits.
You may be pleasantly surprised to find out that you qualify for a reduced down payment or closing costs, making it that much easier for you to afford a new home in Northern Kentucky.
Have a Backup Plan
As you move forward with putting in an offer on a home that feels right for you, always have a second option ready to go.
The reason for this is it’s very easy to get your heart set on a single property, only to hit a roadblock and be left starting all over if the deal falls through. Having a backup plan will help keep your mind clear during the negotiation and make walking away from a nasty inspection result that much easier.
Guidance to Help You Afford a New Home in Northern Kentucky
If you’re buying a home or Northern Kentucky area property Team Sztanyo has the experience you need to help make the buying process easier, less time consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local home owners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
If you have questions like : How much should you have saved up before buying a house?
What are tips for first-time home buyers? How can I afford a house fast? Then give us a call! We take the time to listen to your concerns and answer any of your questions here at Team Sztanyo, with no obligation. Contact Team Sztanyo at (513) 813-6293 today!