CITIES SERVED:

Camp Pendleton South - 92058

Absolutely, Positively, Caring Attitude, Quality Service, Guaranteed!

Real Estate Agent

Alicia R. Chase

(619)727-1244
Ca DRE License #00758097
alicia@teamchase.com

Things Come Up; Don’t Put All Your Money Into Your New Home

Plan on having several months worth of income put away in your savings account just for emergencies. You should allow for money towards start up costs. Inevitably when you move into your new home you’ll be spending money on paint, new furniture, window treatments, new tools and equipment - these things should be factored into your housing plan.

Think Down The Road:
What’s in your future? Are you considering growing the family a bit? College in your plans? What other major expenses are you considering? Take into consideration such unforeseen events like job lose or health challenges. Having thought through these may result in a more conservative approach to buying your first home. On the other hand if you foresee an increase in your income you may want to borrow the maximum if you are willing to stretch your monthly budget for the first couple of years.

How to Buy the Most Home for Your Money:

Consider moving up to a bigger home in steps rather than all at once:

By lowering your expectations and starting out modestly can get you to your dream home. Consider the things that you want, need, and must have. The attached checklist can help you organize your thoughts:

Start saving:
Once you have committed to the idea of buying a home start putting away money and cutting back where you can. This may mean a few less dinners out and but getting started on saving towards a down payment will help you in the long run. Make owning your own home a priority. The majority of lenders want to see you put up at least a portion of the money used in buying a property.

Keep your credit clean:
Your credit rating will be paying a part in if and how much a lender will let you borrow. Make it a point to pay your bills on time. Now may also be a good time to pay off some debt if possible, but do not close the accounts. Closing an account can actually hurt your credit score according to some experts.

Get some financial assistance:
This assistance may come in the form of a monetary gift from your parents or other relative that can be used towards a down payment. Or a parent, relative, or unrelated investor may be willing to either co-sign or share ownership in the house. With shared ownership you would be the resident but the co-investor may share specified expenses as well as tax advantages, along with receiving a share in your profit on sale of the property.

Look for starter homes and bargains:
Although your first home will probably not be your dream home, it is an important step on getting you there. Your first home will start you on the equity building path that leads to your dream home. Condos, townhouses, and duplexes are often much less expensive than detached houses and buying one in a good area can serve as a good stepping stones. Likewise a bargain home in a good area that needs fixing up can be a good trade up in a few years if you are willing to give the fixer upper home the attention it needs.

Let Me Help You Get Started Today
(619)727-1244

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Let Me Help You Get Started Today
(619)727-1244