A HUGE congratulations to these renting roommates, turned first-time homeowners!
I could not be happier for these two! Over the past few years I’ve worked with them to find rental properties and I’ve recently had the privilege of helping both of them become homeowners. [Check out the post they were previously featured in – How to RENT & Work with RENTERS Successfully]
I admired several things these ladies and other savvy renters have done to achieve their goal of Homeownership and will share to help you do the same.
Set a goal. Whether short-term or long-term, you should be working towards something. Renting should not be a permanent living arrangement. This may ruffle some feathers, but I stand by it. The reality is that you’re paying a mortgage every month. It’s simply a matter of whose mortgage your paying. Yours or your landlords? At some point you should put the money you’re paying monthly towards equity in your own home.
Research and establish a plan. Now that you have a goal, how are you going to achieve it? Some things to consider:
What should your credit score be to qualify for a mortgage?
Can you afford the payment increase of a mortgage?
How much money will you need to buy a home (down-payment, closing costs, etc.)
How will you get the money needed?
When should you start the homebuying process?
Where do you want to live (location)?
What is the real estate market like where you want to live?
Do you want to buy a new home or existing home?
What type of home will suit your needs (townhome or single-family home)?
$AVE! Whether you are getting a gift from a family member or using some form of down-payment assistance, you need to have money of your own. These types of assistance are not guaranteed and there will be some costs you have to cover. *PSA – Do not set out to buy a home with no money / skin in the game. Trust me. You’ll thank me later!
Ways to save – Review your budget and find things to eliminate or decrease. Check out these 100 money saving ideas.
A great tip that is often overlooked is sharing costs. Find a roommate or move in with family to decrease your living expenses. I know this doesn’t sound very appealing because we live in a microwave society that wants everything now, but this short-term sacrifice for long-term gain will allow you to save money. This will be money you will use towards your home inspection, appraisal, down-payment, as well as other expenses like moving, buying furniture, making upgrades and improvements, etc.
If you are tired of renting and ready to become a homeowner, let’s schedule your “Get Home Buying-Ready Consultation”.
Call (404) 857-2508 or email me at info[at]soldbynat[.]com.
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