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Three Things to Help You Prepare to Buy Your Dream Home

Sometimes we think about our dream home as all that it is – a dream. Don’t let your bank account discourage you, though. By making clever decisions such as arranging your wish list, taking another look at your down payment, and keeping up with the market, you could be in “home sweet home” in no time!

Prep your finances.

What does buying a home look like in terms of your finances? Some people start by setting aside money each month or attempt to work a purchase into their current budget. Regardless, saving every little bit helps. 

At Main Place Real Estate, we work with you to to come up with how much liquid cash you’ll need and any expenses aside from the price of the home—such as closing costs or professional mortgage insurance (PMI). These costs eventually add up. A down payment of 20 percent or more is always preferable. Plus, we take a look at what your city has to offer in regard to incentive programs in which cut down costs or provide tax credits for first-time homebuyers. 

Lastly, resist the temptation to start investing in big-ticket items for your future home while you’re looking at properties. Large purchases can cause dings or hits on your credit report and could pose a delay in your mortgage application process.  

Make a wish list.

It is common for home buyers dive into their home search with an idea of what they’re looking for (and what they’re not looking for)—for example, a newer roof and boiler, without a septic tank or well water, or a walk-in closet, a finished basement, or a specific neighborhood. But what happens if your budget doesn’t allow you to check every box? As real estate professionals, we can help you to decide which features are crucial and which you can wait for to save money now. 

Sometimes, a fixer-upper in your favorite neighborhood might seem like a win-win, but there’s a downfall. You must have cash to fund your renovation or you must be willing to do it slowly over a long period of time. It’s common that a house that needs a complete do-over isn’t necessarily cheaper.

Keep your eyes on the market.

Be active about tracking the real estate market! By doing this, it can help you determine the most cost-effective time to make an offer. This becomes a lot easier if you’re working with a professional. We have experience in this market and expertise in the region. Plus, we can help you find a mortgage lender for your pre-approval—which gives you an idea of how much you’ll be able to spend on your home—plus, we can also keep track of supply and demand in your area.


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