Updated: Jul 12
If you are planning on buying a home in the near future, you want to start taking steps today to make that dream a reality.
But what, exactly, are those steps? What can you do today to set yourself up to buy in the next 12 months?
A recent video from realtor.com outlined habits to establish now if you plan on buying a home in the next year, including:
Cut your expenses.
The more you can save up for a down payment, the better—so look for ways to cut your expenses (like taking public transportation, or skipping your morning latte).
Create a dedicated savings account for your down payment.
In order to save for a down payment, you need to get into the habit of putting money away every week—and the best way to do that? Set up a dedicated savings account for your down payment and commit to making regular deposits. (You could even set up a direct deposit each week to make saving automatic.)
Take care of your credit.
Your credit score will determine if you qualify for a mortgage (and what kind of interest rate you are able to secure)—so, if you are planning on buying a home in the next year, start taking care of your credit now. Monitor your credit score and do everything you can to boost it before applying for your mortgage (like paying your bills on time and paying down high balances).