Everyone wants to own a home of their own, but creating a plan of action goes way beyond hoping that one day you’ll have enough money to buy a house. Here we’re going to go over a 12 month plan to help you buy a house within a year. From checking your credit report, building credit, getting qualified for a mortgage and even finding a luxury home for sale, we’ll cover it all here. With a little planning you can have the home you’ve always dreamt of, so let’s go ahead and get started!
Month 1: Crunch Time
Start looking at your credit report and building credit; take time to look over and figure out what credit accounts you can work on.
Month 2: Know Your Numbers
How much can you realistically afford? Don’t try to make your budget bigger,
Month 3: What Kind of Home is Right for You?
What home do you and your partner or family want? If you’re buying alone, think of all the stuff that you’ve hated about renting and what you’d like in your next home.
Month 4: Researching Neighbourhoods
Use realtor.ca and other sites to do research on neighbourhoods.
Month 5: Finding a Real Estate Agent or Realtor
Finding a luxury real estate agent or luxury realtor will save you time and money, but only if you find the right one. Research and choose wisely.
Month 6: Hunting for a Broker, Lawyer and Home Inspector
You’ll need a mortgage broker, a real estate lawyer and a home inspector before you start looking for a home.
Month 7: Getting Your Paperwork Together
You’ll need to have all of your identification and financial documentation together. Letters from your employer, proof of income, asset like checking statements and more are important.
Month 8: Find a Pre-Approving Lender
You’ll want to work with a mortgage broker to find a lender that will work with you before you start looking at homes.
Month 9: Work with Your Realtor and Lawyer on a Sale Contract
Once you find a home, you’ll want to work with your realtor and lawyer to get your sale contract ready. This way you’re protected after you buy the home.
Month 10: Start Planning Your Move
You’ll want to begin planning your move – this means now! Don’t wait, get things you don’t need right now into boxes.
Month 11: Packing and Moving
A month before the mortgage closes, you’re going to need to have everything packed, and you’ll need to schedule the movers.
Month 12: You’re Home!
Once the sale is closed, your things are moved in, you’re finally moved in. You won’t have to worry about anything aside from your mortgage payment and making sure all of your utilities and mail has transferred over.
And that’s all you have to do to buy a home in a year. Don’t let the idea that you don’t have enough time or money to buy a home get in the way of buying a home.
The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here.