If you are thinking of buying Incline Village, NV real estate this year, you will want to make sure your financial status is in shape. Your mental state might get a work out in too, seeing as these steps require changing your mindset when it comes to money. Check out these tips for getting prepared for buying Incline Village, NV real estate in 2019.
1.) Get in the mental and financial habit of ditching a few indulgences. It is so easy with bill pay and EFT to spend money we have no idea we are spending. From spendy gym memberships to clothing services to costly cable bills, there are hundreds of dollars that you are spending each month that you could cut out temporarily. In order to save the ideal 20%, go through your monthly expenses and see what you can do without. Are you paying a lot each month for a gym membership that isn’t being used? What about that cable bill? You could spend a quarter on Netflix and Hulu and still have access to the same shows. Amazon gives folks the option to save a small portion on monthly deliveries for items. Do you have some of those set up for products you rarely use anymore? Everyone blames the $6 daily coffee habit, and while that does add up, there are more costly monthly expenses that are automatic that a lot of us don’t even realize we are spending each month. Figure out where you can cut back temporarily and then take that money and put it aside for your down payment and/or use it to pay off debt.
2.) Check your credit and clean it up by paying down cards or fixing any errors that should no longer be reported. This will result in a higher score over time, which gives you a better mortgage rate. Ask your Incline Village, NV realtor which lender they recommend. They likely have a few trusted folks that can help you out in not only getting you a great loan but also taking the steps to qualify.
3.) Create a down payment savings account. Come up with a do-able amount and deposit that into a separate savings account. If you are serious about buying Incline Village, NV real estate this year, it is important to get serious about saving money.
4.) Pretend you are a home owner for a month or two by finding out the estimated costs and setting that aside. Chat with your Incline Village, NV realtor about the monthly costs that come with homeownership beyond the mortgage. There is insurance, taxes, HOA dues (potentially) and emergency repairs. Set aside this estimated amount of money and see if you still have the financial flexibility you need for your lifestyle. This will help you determine if you are comfortable with the financial aspects of homeownership.
Have more questions on how to prepare for buying homes for sale in Incline Village, NV? We would be happy to help if you aren’t already working with an Incline Village, NV realtor. As established, experienced and local realtors, we are prepared to educate, guide and help our buyers through every aspect of the purchase process.