5 tips for new parents wanting to own their own home

By Ernesto Mar Domingo

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Owning a house may sound daunting. It can be an instant switch that can make you feel excited, nervous and really conflicted.

Although home ownership is a trial and error thing, it is a possible goal if you aim for it. One thing that can help you with this journey is a solid house-buying battle plan.

Like any other major purchases, you need help, research, and a strong resolve, but as a parent, you may be more motivated on this goal. After all, there is nothing greater than getting your own roof for your family.

Ready to embark on this ride to successful homeownership? Here are five tips to get you on your way.

1.) Know what you and your family need

We all have a certain dream house. While we may rather live in a castle or a glass house, we have our family to account for.

It is crucial that you choose with your brain and not your heart. To do this, you need to acknowledge what your family needs. You need to think of your lifestyle and look for a home that perfectly fits this kind of living.

Knowing what you need in a home is the first step in owning one. There are many kinds of houses: apartment, single-family home, condominium space or even a cottage in the countryside.

Aside from this, you also need to write down how many rooms, bathrooms, kitchens, and other utilities you need. Do you need a garden? A large garage? Balconies facing the sunsets? You should take all of this into consideration.

However, be realistic. You can’t exactly buy the best and grandest home you can imagine. Unfortunately, we have what we call a budget. In the end, choosing a house will still go down on how much you can afford.

2.) Save. Save. Save.

The biggest question in owning a home is glaringly challenging: how much can you afford?

But do not let this keep you down. With a grueling but fruitful savings regime and iron-clad perseverance, you can save up enough money for your dream home.

How?

You can:

1. Create a budget plan.
2. Give your savings a time frame to move things up.
3. Cut down any unnecessary bills and payment.
4. Earn larger amount money.

3.) Stick to your budget

The idea of maximizing all your income and savings sounds reasonable enough, right? Unfortunately,  it is not practical.

Drawing up a budget that will limit the price range you’re looking for in a house is the practical choice, and no matter what, stick to it. You may visit sites, like Crediful.com, that give tips  about determining how much you can afford to buy a house.

Shopping with a firm budget will help you to be clear in negotiating deals and making offers, and of course, it will stop you from suffering on paying a mortgage loan that you can’t afford.

4.) Choose to pay a larger down payment

It is better to have ready money to make a substantial down payment. Although a low down payment may seems affordable, it is likely that it will manifest in the monthly mortgage and the total amount of the property.

Check out Bankrate’s calculator to figure out how much house you can afford to buy.

Remember,  financing a property can be downright confusing. This is why it is equally important to ask a professional’s opinion in deciding the financing of a house.

5. ) Have good credit

If you’re not planning to pay in cold cash, fixing or maintaining your credit score will be a big help to better your chances in scoring a good loan.

There are cases that bad credit can prevent people from getting a pre-approved loan in the first place. Your credit also plays a big role in determining your interest rate and the loan terms.

If you find yours to be in a bad condition, you can fix it by paying off debts and disputing statements if there are errors.

Bottom line

Get a home that will make you and your family happy. Save money and get a good loan that will prepare you on buying your own house.

Do you have any tips that you use yourself? We would love to hear! Leave a comment below!

Ernesto Mar Domingo is a lifestyles writer based in the United States.