Look, it’s 2020 already! Perhaps, it’s about time to kick start your year with goal setting and careful planning. If you plan to go on trips in the next couple of years, you would start planning ahead of time for those trips, you should do the same things if you’re considering owning a home soon. But, if you’re wanting to own the dream home within this year or the next, then you will want to plan now, plan smarter, and think about the integral parts of homebuying and home ownership. 

Unless you have a good amount of cash set back for the purchase of a new home, you might want to check and verify your credit score. It’s best that you know that your credit is clean before you start the buying process. This way, you don’t have to worry and your loan process will be much smoother. 

If you don’t keep an eye on what you owe, you will find it much harder to quality for your home purchase. Make sure that you record and keep track of money borrowed that needs to either be paid off or paid down to a lower balance. The sooner you lower your debt or pay them off, the better your record will look lon a home loan application. 

Admit it, some are good savers of their money and some are not. If you belong to the latter, then you should consider an automated savings plan to ensure that you can actually save for your dream home. Make sure to allocate a certain amount or percentage from your regular pay. Best that you think of it as nonexistent/no longer part of your monthly earnings so it goes directly to your savings and not used elsewhere. 

You may not like to hear the word “downpayment” but when you think of it, it will actually help in the process. The bigger your downpayment, the less your actual loan is. Your downpayment can be your best friend when buying a home. 

Who you choose can lead you to two things – dream house or worst nightmare. You will want a real estate agent who is
(a) knowledgeable of the current market trend to help you make an informed buying decision
(b) who can help you clearly navigate a real estate contract
(c) who you can consider as an emotional bank because buying a home can be Pretty overwhelming and you do not want to push yourself through a roller coaster of emotions, and most importantly,
(d) a professional who understands that every real estate market is different

Now that the New Year is here, start writing down your goals and plans for this year and the years to come for your home buying process. If you work your plan and take your time to prepare your finances, you’ll be ahead of the game of home buying. It’s best that you are prepared when the time comes and you set eyes on your soon-to-be humble abode. 

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