February 5th, 2020

2020 Home Buying Checklist

The new year is a time for new beginnings and, of course, resolutions. Are you ready to make the switch from renting to owning? Here are four things you'll need to consider if you're looking to become a homeowner in the new year.

1. Find your team. You don't want to navigate the homebuying process alone. The better prepared you are the better your experience will be, so consider hiring a trusted team of industry professionals to help you through the homebuying journey.

2. Get your finances in order. Before you start house hunting, you need to get a firm handle on your finances. That means making a budget to help determine if you are financially ready for homeownership.

3. Gather your documents. A lot of paperwork is involved in the buying process, so it's important to get organized as early as possible. Your lender will need both personal and financial documentation to determine your creditworthiness and eligibility for a loan. Being well-organized at the outset of the home buying process will limit mishaps down the road.

4. Understand the Responsibilities. The financial obligations of owning a home go beyond just saving for a down payment. As a homeowner, you will be responsible for:

   • Paying your mortgage on time. You made a financial commitment to your lender to pay your mortgage on time and in-full every month.

   • Home repairs and maintenance costs. You'll need to account for the time and money spent on routine home maintenance. Buying a home is a big investment—and that investment will need regular upkeep.

   • Other housing-related costs. These include homeowner association dues (if applicable), homeowners insurance, property taxes and life's unexpected emergencies.

As trusted professionals we would be happy to assist you and your friends + family in 2020 with your home buying needs. For more real estate and design tips like these, please be sure to subscribe to our blog below!

Information adapted from freddiemac.com