If you want to purchase a home in 2019, you should get started now. While the home buying experience can be exciting, being unprepared can leave you frustrated and even cause delays. At Daybreak, we want to help make one of your largest purchase experiences as smooth as possible. The guide below will help you prepare now to buy a house in 2019.
Check your Credit and Make Improvements if Necessary
Knowing your credit score is home buying 101. It can mean being able to qualify for a low interest home loan versus a high one, it can also impact how much home you can afford or how much a lender is willing to loan to you.
You can check your credit online at Experian, Equifax or TransUnion. Depending on your credit card company, you can also check your credit score by logging into your online account.
After checking your credit score, if the number is less than desirable, there are a few steps you can implement to help fix your score. Unfortunately, just like losing weight, improving your credit score doesn’t happen overnight.
- Spread out debt: Do not max out your credit cards. It is better to spread out your debt onto multiple existing cards than to max out a single card.
- Open new accounts sparingly: You should apply for and open new credit accounts only as needed.
- Review your credit report: The Fair Credit Reporting Act allows you to obtain a free credit report every 12 months from each of the three consumer reporting companies (Experian, Equifax and TransUnion). Reviewing this report will inform you of missed payments, credit inquires and more.
- Dispute any credit report errors: Errors on your credit report may negatively impact your credit worthiness. To correct any mistakes on your report, contact both the credit bureau and the organization that provided the information to the bureau. You can also implement an alert on your credit that will notify you anytime a change occurs. This helps prevent any fraudulent inquiries.
Once you know where you stand with your credit, it is time to start figuring out what you can afford. There are plenty of online mortgage calculators you can use to help you do the math. If you have a relationship with a local credit union or bank you can also talk to them about getting prequalified for a mortgage.
Start Saving for your Down payment
Saving money can be extremely hard, but it is a necessity when anticipating the purchase of a new home. There are several innovative ways to save money according to Forbes.com, like HomeFundMe. This is a crowdsourcing platform that allows you to tap into your social network to raise money. Or you could try the old-fashioned method and save a little out of each paycheck.
Find your Tribe
This isn’t your grandfather’s housing market. (And, of course, you’re not your grandfather.) So, there’s a good chance you’re not so keen on the conventions of conventional new neighborhoods, such as lookalike exteriors. Or having to drive everywhere. Or un-neighborly neighborhoods. The answer? Find a place created with exceptional community design. Here’s what to look for: healthy leg-powered living, appealing architecture, headache free commuting and a genuine sense of community.
One place you can find all of these things is Daybreak! Here you’ll discover neighborhoods that are walkable by design, with parks, shops, cafés and a big lake all connected by an extensive trail network. The homes have an eye-popping level of architectural authenticity and variety. And with Daybreak’s two light rail stations, community downtown is smooth and easy. Explore new homes in Daybreak and then stop by our community, we would love to help you get started finding your dream home.
Model homes in Daybreak are open Monday-Saturday, 10 AM-6 PM. Our Information Center concierge will be happy to give you directions to the homes and help you narrow down your home search. Get directions to a Daybreak Information Center, here.