{"id":7253,"date":"2021-09-01T06:00:55","date_gmt":"2021-09-01T10:00:55","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7253"},"modified":"2021-09-01T06:00:55","modified_gmt":"2021-09-01T10:00:55","slug":"what-you-can-do-right-now-to-prepare-for-homeownership","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7253","title":{"rendered":"What You Can Do Right Now To Prepare for Homeownership"},"content":{"rendered":"
\n

\"What<\/p>\n

As rent prices<\/a> continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com<\/em><\/a>:<\/span><\/p>\n

\n

\u201cThe first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017.<\/strong> Our national rent index has increased by 11.4 percent since January . . . .\u201d<\/em><\/p>\n<\/blockquote>\n

Those rising rental costs may make it seem impossible to prepare for homeownership if you\u2019re a renter. But the truth is, there are ways you can \u2013 and should \u2013 prepare to purchase your first home. Here\u2019s some expert advice on what to do if you\u2019re ready to learn more about how to escape rising rents.<\/p>\n

Start Saving \u2013 Even Small Amounts \u2013 Now<\/strong><\/h4>\n

Experts agree, setting aside what you can \u2013 even smaller amounts of money \u2013 into a dedicated savings account is a great starting point when it comes to saving for a down payment<\/a>. As Cindy Zuniga-Sanchez, Founder of Zero-Based Budget Coaching LLC<\/em>, says<\/a>:<\/p>\n

\n

\u201cI recommend saving for a home in a \u2018sinking fund\u2019 . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense<\/strong>.<\/em>\u201d<\/p>\n<\/blockquote>\n

Zuniga-Sanchez adds saving in smaller increments can help make a large goal \u2013 such as saving for a down payment \u2013achievable:<\/p>\n

\n

\u201cBreaking up your goals into smaller bite-sized pieces by saving incrementally<\/strong> can make a large daunting number more manageable.\u201d<\/em><\/p>\n<\/blockquote>\n

Assess Your Finances and Work on Your Credit<\/strong><\/h4>\n

Another tip experts recommend: take a look at your overall finances and credit score and find ways to reduce your debt. According to the HUD<\/a>, the average credit score of first-time homebuyers is 716. If you\u2019re not sure what your credit score is, there are numerous online tools that can help you check. If your score is below that average, don\u2019t fret. Remember that an average means there are homeowners with credit scores both above and below that threshold.<\/p>\n

If you find out your score is below the average, there are several ways to improve your credit before you apply for a loan. HUD recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.<\/p>\n

Start the Conversation with Your Advisor Today<\/strong><\/h4>\n

Finally, it\u2019s important to talk to someone who understands the market<\/a> and what it takes to become a first-time homebuyer. That\u2019s where we come in. A trusted advisor can help you navigate your specific market and talk you through all the available options. Having the right network of real estate and lending professionals in your corner can help you plan for the homebuying process as well as determine what you can afford<\/a> and how you can get pre-approved<\/a> when you\u2019re ready.<\/p>\n

Most importantly, we can help you understand how homeownership is achievable. As Lauren Bringle, Accredited Financial Advisor with Self Financial, <\/em>says<\/a>:<\/p>\n

\n

\u201cDon\u2019t write home ownership off just because you have a low income . . . . With the right tools, resources and assistance, you could still achieve your dream<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re planning to be a homeowner one day, the best thing you can do is start preparing<\/a> now. Even if you don\u2019t think you\u2019ll purchase for a few years, let\u2019s connect today to discuss the process and to set you up for success on your journey to homeownership.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"WhatAs rent prices continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from ApartmentList.com: \u201cThe first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,134,88,84,125],"tags":[],"class_list":["post-7253","post","type-post","status-publish","format-standard","hentry","category-blog","category-buying-myths","category-first-time-home-buyers","category-for-buyers","category-rent-vs-buy"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7253"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7253\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}