4 Habits To Get In If You Want To Buy A House

Successful Columbus, Ohio home buyers not only require healthy finances, but also a healthy state of mind. You don’t want to be driven crazy when trying to buy a home, and you don’t want to fail and end up stuck in your old place. Here are 4 habits to adopt if you want to buy a house.

You might be spending excessive amounts of money. If you want to buy a home, you’re going to need all the cash you can get, so cut your spending. Lower your energy usage, take public transportation if possible, and eat out less often. Make do with what you have as much as possible, and resist the urge to upgrade if you don’t really need to.

Reduce your bills. Many people don’t realize that you can reduce your monthly bills. Take a hard look at the bills you’re paying each month. Some of them you will be able to get rid of completely, and some you will be able to reduce. Every little bit helps.

If you want to buy a home, you’re going to need a credit score that’s at least in the 600s. Check it before you think about buying so you know if you can buy a home. If you aren’t quite there yet, just remember to pay your bills on time and your score should increase.

Check your credit regularly. You can get a free report annually to make sure no one is using your credit. 

You may need to pay down debt before you can really start saving for a down payment. It doesn’t make sense to pay 18% interest on credit card debt while earning 1.5% on your down payment savings. Pay the debt down first. It will help your credit anyway to have lower debt.

We have a credit expert who can help you improve your credit, so get in touch with us for guidance.

Create a separate savings account just for a down payment, and automatically deposit a certain amount per week or month. It will add up. Soon enough, you will have a nice sum of money for a down payment. If you normally get a bonus at the end of the year or a tax refund in April, add these to your down payment savings to reach your goal more quickly.

Find Out How Much You Need For A Down Payment

While 20% down is the standard, don’t assume that you must have a full 20% down payment. There are ways to buy a home in Columbus, Ohio with less money down. Contact a mortgage professional to see if you qualify for any programs that could help you buy a home with little to no money down.

After all, if you’re one of the many Columbus renters spending more on rent each month than you would on a mortgage, it makes sense to go ahead and buy a home if you can.

First time home buyers often underestimate the costs of owning a home. You will also need to pay for maintenance, mortgage, insurance, taxes, and possibly HOA fees should you buy a home. Set aside the amount you will expect to pay every month. You could possibly put this amount in the down payment savings account instead of a fixed amount per week. 

If you’re not sure how much to set aside to simulate home ownership, get in touch with us and we’ll be glad to help you determine an estimate.

If you’re thinking about buying a home in Central Ohio, start by selecting a top Columbus real estate agent. Home buyers who work with a skilled agent typically find their dream home faster.

Buying a home is one of the biggest financial transactions in life, so it makes sense to have someone dedicated to working for you and your best interest. After all, the home seller will most likely have an agent representing them. Plus, it costs you nothing to work with a Realtor.