Are you finally ready for the next step? Buying your first home is one of the biggest purchases we make in our life. We spend our life dreaming of our future home and then one day we can finally make it a reality. Before you jump into this huge financial decision, it\u2019s best to step back and evaluate you circumstances. Taking the time to determine how much you can afford is a big first step. You will want to calculate the costs before you even go to your first open house. We want to help set you up for success, so we\u2019ve gathered a few tips to help you to review and adjust your finances prior to taking the leap into being a first-time homebuyer.<\/p>\n
Focus on your income<\/strong> Be aware of your current expenses<\/strong> Get an idea of your new regular expenses<\/strong> Some things that are important to take note of:<\/p>\n Strengthen your finances<\/strong> Start building your down payment<\/strong> Budgeting for a new home is one of the smartest moves you can make as you move toward homeownership. You may occasionally have to revisit and adjust over time as your financial situation changes. One more thing to remember is to try and build an emergency fund of 3-6 months of expenses. If you have any other questions or concerns about budgeting for a new home, we are happy to help!<\/p>\n","protected":false},"excerpt":{"rendered":" Are you finally ready for the next step? Buying your first home is one of the biggest purchases we make […]<\/p>\n","protected":false},"author":5,"featured_media":1375,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[41],"tags":[290,285,291],"class_list":["post-1374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-tips","tag-budget","tag-first-time-homebuyer","tag-money-tips"],"yoast_head":"\n
\nBudgets are important for everyone to have. Sometimes it can feel intimidating to look at your finances, but it\u2019s an important first step. The first step is to calculate your income sources after tax for the month and this will be your starting point.<\/p>\n
\nEvery dollar should have a home. Take a moment to list all your monthly expenses so you can see where your money goes each month. It\u2019s important to include any debt such as car payments, credit card payments, student and personal loan payments, etc. Once you have these basic expenses calculated you will have the dollar amount you have remaining for housing costs.<\/p>\n
\nHomeownership comes with some additional costs that you weren\u2019t responsible for previously. You will need to factor this into your usual household expenses such as mortgage and utilities.<\/p>\n\n
\nAfter you are aware of where your money is going, it\u2019s time to take charge and make it go where you want. Take a moment to review any areas where you can adjust your spending. Evaluate if you can save money in any areas or pay down debt in order to increase the amount of money available for housing costs.<\/p>\n
\nTake a moment to get pre-qualified for a mortgage and then create a savings plan. Once you know how much money you\u2019ll need for a down payment you will be able to plan accordingly and avoid one of the biggest challenges to overcome.<\/p>\n