Are you planning to become a homeowner in the year 2020? New Year is all about new beginnings and what could be the better way of starting the year with the resolution to own a house. Owning a home can be a wonderful experience especially for the first time buyers. No matter how difficult the journey to buying a house seems to be, it is manageable by simply making these 4 New Year resolutions:
Build up your credit score
Your credits play an important role when it comes to investing in a property. Set a budget for your dream home and start working towards amplifying your financial capabilities. Without having a good credit score, securing a home loan could be challenging. Build up a positive credit history by ensuring timely payments of your bills, existing loans and rents. A low credit score can lead to less interest rate and a reduction in home loan lender options. And the minor variation in interest rates could be heavy on your pocket. You can also monitor your credit score via various financial websites. It would not only help you to keep track of your credit history but also keep you one step ahead when it comes to financial planning.
Besides your credit score a stable employment history is another contributing factor in getting a decent home loan. Ensure a minimum of 2 years of job stability while applying for a home loan. Be honest about your job history and plan out the best possible loan available in the market. Avoid making major job changes if you plan to buy a house in the upcoming months.
Once you are sorted with your credit history and loan options, the next resolution you need to make is saving up for the deal. Decide on the down payment and the monthly EMIs you could afford. On the basis of the figure, make a plan of action for saving up the amount. Consider the time before making the final deal and set your monthly savings goal. Avoid making any big purchase in this period that could lead to financial destabilization and could impact your credit score in the upcoming months. Hold on your vacation plans and purchase of luxury items and focus on save buffer for the investment of your life. As this is the era of money management apps, take help from the various apps available online to keep a tab on your expenses.
De-clutter your home space
As moving into a new home could be stressful, plan your way into the new house by beginning to de-clutter your home space in advance. Get rid of the items that are extra in your house. It will not only enable you to avoid the hassle of packing up old belongings but also ease out the pressure at the time of the final movement.
If you cannot wait to be a homeowner in the year 2020 then commit yourself to these new-year resolutions and make your home buying journey more enjoyable.