Three New Year’s Resolutions for Home BuyersPosted 01/15/2015
New year, new resolutions. If this is your motto, you’re in good company. Roughly half of all Americans make New Year’s resolutions, according to a 2014 study by the University of Scranton. But did you know that according to this same study, only 8 percent of those who make resolutions actually keep them?
This month, while your motivation is high and your failure rate is zero, take stock of your personal inventory. If “buy a new home” is on your list of goals for 2015, act now to increase your chances of success by the end of the year. Here are three steps that will help put you on the path to homeownership in 2015:
- Decide what you want. How big of a home will you need? In what part of town do you want to live? Are certain school districts a consideration? What amenities are on your “must have” list? If you’re planning to stay in the home long term, remember to take into account certain design features, such as the single-story layouts for active adults at our Victory at Verrado neighborhood, and suites or casitas that can accommodate multigenerational households.
- Get your financial house in order. Once you have an idea what type of home you’re looking for, figure out how much home you can afford. Since 90 percent of buyers finance their purchase, according to the National Association of Realtors, it’s important to take care of this piece of the process up front. Develop a budget that includes money for a down payment, closing costs and taxes, as well as the monthly mortgage payment. Meet with a loan officer to get pre-approved before you start house hunting.
- Choose a homebuilder. Visit recently constructed homes and communities in your target areas. Leisurely walk through the models, visit the sales centers and talk with sales associates. Ask plenty of questions and write down your impressions. Buying a new home can be an exciting journey. Partnering with the right homebuilder can make the trip even more enjoyable.
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