Wednesday, October 6, 2021 / by Flr Team
The rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. But the truth is, there are ways you can prepare to purchase your first home. Here is some expert advice on what you can do to learn more about how to escape the rising costs of rentals.
Start Saving Now
Set aside what you can, even if it is small amounts. Putting some money into a dedicated savings account is a great starting point when it comes to saving for a down payment.
Assess Your Finances and Work On Your Credit
Take a look at your overall finances and credit score. Find ways to reduce debt. If you’re not sure what your credit score is, there are numerous online tools that can help you check. If your score is below the average, don’t fret. Remember that the average credit score means there are homeowners with credit scores above and below the threshold.
If you find out your score is below the average, there are ways you can improve it before you apply for the loan. Housing and Urban Development (HUD) recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.
Conversation with Your Advisor
You may want to sit down and talk to someone who understands the market and what it takes to become a first time home buyer. A trusted advisor can help navigate your specific market and walk you through your available options. Also, having the right network of real estate and lending professionals in your corner can help you plan the homebuying process as well as determine what you can afford and how you can get pre-approved!
If you are planning to become a homeowner one day, the best thing you can do is start preparing now. Even if you don’t think you will purchase in a few years, meeting with a trusted real estate advisor to understand the process will set you up for success. Contact us today to start the conversation.
Florida Lifestyle Realty