Whether you want to buy your first home in Southwest Florida or San Francisco, there are a few steps you can take to make your journey easier. As a Realtor, I’ve worked with numerous first-time buyers over the decades, and in every case, there were several tips that have worked for many of them. After all, this decision will be one of the biggest financial decisions of your life. And not only do you want it to be headache-free, you also should be able to enjoy it as well. Let’s find out a few ways you can do just that!
Prioritize Your Monthly Spending
Regular eating out, premium coffee drinks, and extravagant trips. When you’re getting ready to buy a home, even years ahead of time, it’s time to prioritize your monthly spending, Of course, I recommend this tip often, but if you’re a first-time home buyer, it is the very first step I recommend. And I can’t stress it enough. Sure, sacrificing now can be a challenge, but doing so will get you to something even bigger and better: your dream home.
Set a Budget for Yourself
Next, after you tackle those items that are weighing down your monthly spending and see what matters most, you can set a budget. It may sound simple, but you’d be surprised how many people overshoot their earnings on a regular basis. This problem can lead to a situation, and very quickly, where you’re unable to save a down payment and even destroy your credit rating.
Start Saving… Right Now!
It is never, ever too early to start saving for your first home. I recommend starting a separate fund for your down payment, so every time you add to it, you aren’t thinking about emergencies or anything. This way, through visualizing the joy your first home will bring you, you’ll have a powerful motivator to continue saving. And every little bit counts. $50 a month might not seem like a lot, but after a few years, you can save up a couple of thousand dollars.
Make All Your Monthly Payments
And I do mean all of them! While it’s possible to repair a credit score that’s been damaged, having a good score can go a long way toward an easier home buying experience. It doesn’t matter if we’re talking about credit card payments or car payments, the fact remains the same: all your monthly payments matter and impact your score.
Watch Your Credit Score
Finally, keep an eye on your credit score. Although you don’t need to check it constantly, knowing where it’s at means you can make strategic decisions to boost it further as you get closer to purchase time. These strategies are something I teach regularly in my seminars, but for now, just remember, you can do a once yearly credit score audit with a professional.
And in Southwest Florida, if you’re buying your first home or need advice on credit scores, I’m always ready to help. Send me an email, and let’s look at some properties!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service