3 Best Tips for Home Ownership in 2023

Consider these tips and advice for becoming a homeowner in 2023 and start your planning now. Consider hiring a reputable real estate agent who knows the area where you want to live and can help you find homes that meet your tastes and lifestyle.

couple in front new house

By

Bridget Houlihan

on

Jan 21, 2021

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A family's need for affordable housing is a mainstay that doesn't come and go as housing trends change in the real estate market. However, buyers have seen unprecedented challenges during the past two years. Indeed, home ownership now seems to require additional skills in navigating the real estate scene, and strategic financial planning is at the forefront of the home ownership "must-do" list. But prospective buyers can gain renewed confidence in their home-buying ability when they design a plan that organizes their timeline and buying potential.

Consider these three tips for home ownership in 2023.

Get Your Credit Score in Top Shape

One of the first items on your home ownership preparation list needs to be making sure that your credit score is in top shape. Do what you can now to increase your score, like paying down credit cards or, better yet, paying them off completely. You might consider consolidating revolving accounts for a better interest rate, and remember to close any accounts that you won't be using. You'll likely see an instant credit score increase and with that comes buying power. If you'll be paying down credit cards, focus on the lowest balances first. Not only will you feel a quicker sense of financial freedom, but you'll also see your credit score edging upward as those balances are being reduced.

Maintain Ample Savings

Having an account or source of savings is a must when planning to buy a home. It also strengthens your application toward that final approval stamp. You should plan to have at least 20% down unless you are qualified for a first-time home buyer program with a reduced- or no-down-payment requirement. 

Be sure to consult with your mortgage lender for all your buying options and be prepared to pay a variety of fees and settlement costs that are the standard when buying a home. You'll also want to take an inventory of your assets such as stocks, bonds, or jewelry that add equity to your financial portfolio. And having an ample savings account ensures that you'll have the necessary funds you'll need when it comes time to move to your new home.

Get Pre-Approved and Establish a Budget

If you've done the preliminary preparations needed to start the home buying process, choose a mortgage lender or financial institution and start the application process. Getting pre-approved speeds up the home-buying process weeks ahead of the game and puts you in the driver's seat when it comes to putting on offers on homes that meets your family's needs. You'll also feel more confident when you know how much house you can afford.

In addition, establish a mortgage budget that you're comfortable with. Perhaps your lender has approved you for an $8,000 per month mortgage payment, but you enjoy traveling several times a year and don't want to give up any part of your travel fund to make the new mortgage payment. Decide how much you want to spend on a home and then tailor your choices accordingly.

Start Your Planning Now

Consider these tips and advice for becoming a homeowner in 2023 and start your planning now. Consider hiring a reputable real estate agent who knows the area where you want to live and can help you find homes that meet your tastes and lifestyle. With the right agent and a strategic plan, you'll be turning the key to your new home in no time.

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October 22, 2022
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