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Making a plan to Homeownership

93% of Millennials say they would “Like to Buy a Home Someday“. Statistically,  roughly 1/3rd of those people are going to fail to ever buy a home, and another 1/3rd aren’t going to buy a house until after they turn 35.

Whether you are 18 or 88, home-ownership doesn’t have to be far away!

  •  Give yourself a time-frame. Examples: 2-Year, 5-year, before your 30? 
  •  Determine how much you can afford to pay monthly. Typically you will not want more than 25% of your income to go towards housing. Translate that payment to what price-range you are looking at with this tool. Use discretion, this tool is just a calculator, and doesn’t know your financial abilities!
  • Realize Other Expenses Home-ownership comes with other expenses such as home-owners insurance, property taxes, upkeep and repairs. Make sure to consider these expenses into your budget.
  • Develop a plan to save at least 10% down. If you have a 5-year goal to buy a $80,000 and have no savings, you will need to put away a minimum of $134 a month to save the down-payment. Calculate this number by finding 10% of your target house price, and divide by how many months until you reach your goal. Add on a little bit more so you will be able to cover closing costs, and escrows.
  • Get your finances in a row. In order to qualify for a loan, you will need a strong credit history and work history. Start now! If you don’t have credit, it might be a good time to get a credit card to show your responsibility. Always pay off the card on time. This will strengthen your credit history as well as your chances of qualifying for a loan!
  • Talk to a Loan Officer. After you have done this, it is time to speak with a loan officer, they will help you understand what else you might need, or what you now qualify for.
  • Talk to a Realtor. At this point, you should be ready to start your house-hunt! You can give me a call, or shoot me an email anytime. I would love to help you find the home you have been working for! Angie Uttecht 605-350-2553  angie@soldbyangie.com

 

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