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Tips to Prepare for Homeownership
Katie Browder-Person • May 3, 2023
Soaring rental prices have many renters considering buying a home. If you are one of them, here are a few tips to help you get ready to buy your first home. According to recent data from ApartmentList.com:
“The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . .”
Rising rental costs may make it seem impossible to prepare for homeownership if you’re a renter. However, don't be discouraged. There are ways you can – and should – prepare to purchase your first home. Here’s some expert advice on what to do if you’re ready to learn more about how to escape rising rents.
Start Saving – Even Small Amounts – Now
Experts agree, setting aside what you can – even smaller amounts of money – into a dedicated savings account is a great starting point when it comes to saving for a down payment. As Cindy Zuniga-Sanchez, Founder of Zero-Based Budget Coaching LLC, says:
“I recommend saving for a home in a ‘sinking fund’ . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense.”
Zuniga-Sanchez adds saving in smaller increments can help make a large goal – such as saving for a down payment –achievable:
“Breaking up your goals into smaller bite-sized pieces by saving incrementally can make a large daunting number more manageable.”
Assess Your Finances and Work on Your Credit
Experts recommend that you take a look at your overall finances and credit score and find ways to reduce your debt. According to the HUD, the average credit score of first-time homebuyers is 716. 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 that average, don’t fret. Remember that an average means there are homeowners with credit scores both above and below that threshold.
If you find out your score is below the average, there are several ways to improve your credit before you apply for a loan. HUD recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.
Start the Conversation with Your Advisor Today
Finally, it’s important to talk to someone who understands the market and what it takes to become a first-time homebuyer. That’s where we come in. Greg and Evan Skinner at VIP Realty can help you navigate your specific market and talk you through all the available options.
Having the right network of real estate and lending professionals in your corner can help you plan for the homebuying process as well as determine what you can afford and how you can get pre-approved when you’re ready.
Most importantly, we can help you understand how homeownership is achievable. As Lauren Bringle, Accredited Financial Advisor with Self Financial, says:
“Don’t write home ownership off just because you have a low income . . . . With the right tools, resources and assistance, you could still achieve your dream.”
Bottom Line
If you’re planning to be a homeowner one day, the best thing you can do is start preparing now. Even if you don’t think you’ll purchase for a few years, let’s connect today to discuss the process and to set you up for success on your journey to homeownership.
At VIP Realty, we can help you find a home with the perfect home office. We have helped thousands of people achieve their dream of owning a home. Greg Skinner and Evan are the undisputed leaders in 43123 sales area. They take pride in the relationships they build while working relentlessly on their client's behalves selling commercial, industrial and high-quality residential properties. Give them a call at 614-537-1994.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. VIP Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. VIP Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
As the new year approaches and talk of the housing market in the new year approaches, rest assured that no matter your plans or goals, the Skinner Group will be here to serve you! Check out some common housing goals or plans and how we can help you: Find a bigger home: If 2025 is the year your family needs more space, we’ve got you covered! We can help you narrow your Central Ohio real estate search based on location or housing needs, and we can also work with you on a new a build. A new build is another excellent option for those seeking more space. Move to Central Ohio: Reading this from out of town? Welcome! We’d love to serve you in your search for finding your new place to call home in Central Ohio. The region boasts numerous communities, towns, and neighborhoods all with their own benefits and unique characteristics. Contact the Skinner Group today to inquire about serving as buyer representation. Sell your current Central Ohio home: No matter the reason, if you’re looking to sell your Central Ohio home in 2025, give us a call as soon as possible. The sooner the Skinner Group can chat with you about seller representation, the better we can serve you. Downsize: Just as many families and home owners might be looking for more space, many families and home owners are now on the opposite end and looking to downsize. We know this can be a tricky and delicate process, whether navigating the emotions of selling the family home, or finding the place that’s ‘just right’ (maybe downsize means a ranch layout or a smaller yard), but we’re here to serve you and your family. Relocate around/across Central Ohio: New schools. Closer to work. Have a home with a basement. Any of those reasons and countless more have been reasons why a family might move across town or just a couple of zip codes over without a significant change in home size. You likely have a key reason to want to move, but might need some help in sorting through the details whether on the buying or selling side. No matter the reason, the Skinner Group is eager to hear from you about buyer or seller representation in 2025! Until then, we wish you the happiest of holiday seasons and all the best in the new year!
As we arrive at the time of year prime for holiday gatherings, if you’re also in (or will be in) the season of home buying, you may want to factor in your future holiday hosting plans. Do you always throw the best dinner parties? Or, maybe at least the best take-out pizza parties? Maybe you’d like to ease the hosting duties from an older family member once you have the space to do it? Let’s walk through some of these thoughts in a room-by-room format, just as if you were doing a real home walk-through with your experienced realtor. Having notes and preferences will later make your home buying experience smoother and give your realtor more to work with, and more options to show you. Open floor plans: Those serious about hosting family and friends, and especially larger parties, might want to zero in on homes with open floor plans allowing for guests to always feel part of the action and no one ‘cut off’ when in another room. Your buyer representing realtor can help you narrow down the search for this style of floor plan. Sometimes sellers will even mention a home is ideal for hosting. Guest bedrooms: Don’t forget to consider how often you currently host overnight guests, or how often you could host once your new home is purchased or even as other family members or close friends make their own life moves in the coming years. Seasoned realtors of your area can also keep an eye out for properties with in-law suites or other guest room features. Living/family rooms: Where does everyone end up during a holiday party other than the kitchen? The living room. If you have dreams of your big extended family one day holding their gift exchange in your living room, or having epic holiday party games with friends, make sure they can all fit! Fireplaces are also great considerations and for some could be the make-or-break feature in two otherwise similar homes. Kitchen: Serious home chefs will want to let their buyer representation realtor know that they’re looking for well-equipped and spacious kitchens, while others may want the counter space for slow cookers or pizza boxes. Whether you cook in or take-out, parties have food and if you plan on throwing many parties, you’ll want to plan ahead for how to make and arrange those meals. Outdoor space: Thinking of being the summer party house in your family or friend group? Tune your home search toward properties with ample outdoor space and even features such as spacious patios, outdoor living and cooking areas, or even a pool. An experienced realtor can also lend thoughts on how much outdoor space is needed to bring those outdoor living dreams to life if the home's backyard is a blank slate. Want a little more control in these areas of your future home? A custom new build can be a great option for having a blank slate and a little more say in the home’s features. Here at the Skinner Group, we work with numerous Central Ohio new build partners and would love to bring a new build dream to life! Whether it’s also buying season or not right now, we wish you a happy holiday season from our family to yours!
If you’re planning to, or know you’ll be selling and moving in spring/summer of 2025, some of your prep work could start now to save you stress later. As experienced realtors here at The Skinner Group, we’re all in favor of reducing stress for our clients! As 2024 winds down, what are some things you could begin working on now in advance of selling (or even buying) in 2025? Identify Fixes: Identify the places in your current home that must be addressed before placing on the market, and create a plan of action for addressing those fixes. If outside help (plumber, etc.) is required, it’s best to be in touch with those professionals early to get on their schedules and get the needed financial estimates and conversations underway. Plan Upgrades: “Fresh” is always a great selling point, so start making notes and plans for simple refreshes. Holiday breaks can make for ideal times for simple and fun upgrades… and surely your out-of-town aunt would love to give you her opinions on refreshing your kitchen as you pass the gravy on Turkey Day! All of that adds up to knowing what refreshes you’ll make and when you’ll do it. Don’t forget the outside: You wrote down the leaky faucet and better cabinet handles on your to-fix list, but don’t forget about the part of your home that others see first! Exterior improvements could be as simple as overgrown garden control, or more complex like cracked patio steps. Similar to interior fixes or improvements, create a list and a plan of action for addressing. Some of this will likely need to wait until spring, but you can still plan out how you’ll do it and even browse for the most cost-effective methods to carry out your project. Find a realtor: Here at the Skinner Group, we’d love to work with you to sell your Central Ohio home. Reach out and simply say “hello”, or we’d also love to chat about your ideal selling timeline now so that it can come to life. Reaching out to an experienced realtor early allows for everyone to have more time to achieve the common goal of buying or selling with the best outcomes possible. Research future needs: If you’re planning to sell the home your currently live in and have no next residence lined up, then you're probably going to experiencing the buyer life as well in looking for a new home. If you haven’t already, take some time to consider not just your current, but your future needs in your next home. An experienced realtor can be great to chat with and make sure you haven’t overlooked a future need. Our next blog post will actually help you consider these future needs in the context of the holidays-- so stay tuned! Just like many other things in life where success begins in the ‘off season’, so can be true for preparing to sell your home. Preparing ahead of the spring and summer real estate selling season can put you ahead, save some stress, and lead to the best outcomes. Reach out to an experienced realtor, reach out to the Skinner Group today!