Posts from December 31st, 2018
Griffith Realty
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December
31
31
Here's How You Can Afford to Buy a Home in Brighton
Buying a home is a significant investment that requires you to dig deep into your pockets. At first, it may feel like an impossible challenge. However, it is not as impossible as it seems. With a little planning and the application of a smart financial strategy, you can move into your new home sooner than you may think.
Four Strategies that Lead to Homeownership
- Get Your Financial House in Order
As a general rule, you will need to save at least 5% of the home's price for a down payment. That is why our REALTORS® recommend getting your financial house in order as soon as possible. This involves cleaning up your credit, paying down debts, and trimming your monthly expenses to the bare minimum. You may need to sell-off non-contributory assets such as extra cars, refinance existing loans, or cut back on the weekly latte meetings with friends. These factors have considerable influence on your ability to save. When these are taken care of, you will find it much easier to save up the down-payment. How long it takes to accomplish these objectives is up to you. Motivated buyers have been known to do all of this in one year. More commonly, it takes between two to three years.