10 Ways To Prepare for Homeownership

Working towards your goal of owning a home can be quite the headache if you don’t know what to expect. Things will go much smoother for you if you plan ahead and know just what to expect. Here are 10 ways to prepare for homeownership:


1. Decide what you can afford.
Having an idea in mind of how much you are able to afford is a great place to start. Most lenders will typically approve mortgage payment equal to half of your gross monthly income.

2. Make a home wish list.
From there, make a list of the must-haves and deal-breakers.

3. Decide where to live.
Research neighborhoods and make a list of three or four you’d like to live in. When making your decision, things to keep in mind are schools, area developments, and safety.

4. Start saving.
After factoring all buying expenses, determine how much money you’ll need to save and start now.

5. Get your credit in order.
Request a copy of your credit report to ensure it is accurate. If there are any errors, you will want to address those immediately.

6. Determine your loan options.
You’ll want to talk with a lender to determine how large of a mortgage you qualify for and explore different loan options.

7. Get pre-approved.
Find out everything your lender will need from you in order to pre-approve your loan.

8. Weigh your down payment options.
Check to see if you qualify for down payment assistance programs or special mortgages.

9. Calculate the costs.
Some expenses are often overlooked when planning for homeownership. Be sure to include property taxes, insurance, maintenance, utilities, and association fees, if applicable.

10. Contact a REALTOR®
Do your homework to find an experienced REALTOR who can guide you through the process.

Ready to buy, or need help getting there? Contact us at 619-512-0006

About Daniel Di Matteo

Realtor at CENTURY 21 Award, Daniel was Voted U-T San Diego’s Best Real Estate Agent in 2014. A Husband, Father, and most recently, accomplished Blog writer, which explains your visit today.