to avoid the “risk” and stick with the familiar and keep renting. After all, choosing to purchase a home is a big decision, and a major investment, and likely to be the most significant purchase of your life. However, this doesn’t need to scare you away. All you need is to make sure you’re ready. Switching from renting to homeownership comes with challenges, but also many, many rewards. It’s an exciting and amazing decision, one that you won’t regret, but one that requires significant preparation. If you don’t think you’re quite ready to buy your first home, start by figuring out what you can do to get yourself there. A little preparation goes a long way! There are several steps you can take to get you started on your journey to purchasing a home. • Improve your credit score. • Start saving up for a down payment and closing costs. • Build up your savings account. • Research recent home sales in your area/neighborhood, and see what options are available as well as what you might be able to afford. Note: If you currently own a home, consider upgrades that could net you a positive return on investment when you do decide to sell your home.
STEP 1: IMPROVE YOUR CREDIT SCORE
First, you must improve your credit score if you hope to get a mortgage loan to purchase your home. The higher your credit score rating, the better deals you’ll be able to grab. With a credit score of “below 660 or 680, you’re either going to have pay sizable fees or a higher down payment,” says Barry
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