Many people are taking advantage of the currently low mortgage rates and home prices and buying an Evanston home this spring! With the warmer weather, the Evanston Real Estate market picks up and, as Evanston Real Estate agents, we’re already seeing the market bustle with activity.
And, while it can be an exciting time with new homes coming on the market each week, it’s important to be fully prepared prior to jumping into the home buying process. If you’re a first time home buyer, we encourage you to take some extra time in making sure your financials are in order. Buying a home can be a smooth and efficient process if you know what to expect and have properly prepared. Take a look at the following six factors that highlighted below.
1. Check your credit report and fix any errors- Did you know that by law, you have the right to a free annual credit report? This is something you’ll want to take advantage of as it allows you to review your report and correct any errors or outdated information. If you do happen to find a mistake, you’ll be able to contact the corresponding credit bureau to discuss the discrepancies.
2. Review your budget- Reviewing your monthly budget is imperative before buying an Evanston home. You’ll want to know exactly how much money you have to work with each month and can cut any unnecessary expenses if needed. Buying a home is a large financial decision so allowing yourself to cut down frivolous expenses in order to save more is wise.
3. Review your monthly withholdings- You may find that, by reviewing your monthly withholdings, you’re able to save more money or have more cash on hand. Before you make any changes to your withholdings however, you will want to talk with your trusted tax advisor so you’re not stuck with owing extra money to the IRS at the end of the year.
4. Review your financial emergency plan- Having an emergency financial plan is almost essential before buying a home. Most financial advisors would recommend having at least six months worth of expenses saved in case of emergencies. Not only will this give you peace of mind, but it can provide a solid financial base that you can continue to build upon.
5. Sign up for paperless statements- Because Evanston happens to be such an eco-conscious community, you’ll want to be sure to do your part! While seemingly insignificant, signing up for paperless statements and paying your bills online will add up over time and can save countless trees.
6. Consolidate accounts- While it can be useful to have various accounts open with your bank for savings, an emergency fund, or other financial goal, it can also get tricky to keep track of which part of your paycheck is going where. If you are finding it difficult to keep juggle these separate accounts; it’s time to consolidate. Of course you’ll want to check with your financial institution prior to ensure there aren’t any fees for canceling an account, but taking this step can keep your finances better organized.
Each of these six factors can play an important role in a stress free home buying process. Whether you’re a first time home buyer or have bought a few homes over the years; our team of experienced Evanston Real Estate agents would enjoy helping you each step of the way!
We look forward to working with you!
The Thomas Team
@ Properties
@ Properties
Chicago's #1 Real Estate Brokerage
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