So you are looking to purchase a home in the future, but don't know where to start? Grab a pad of paper and start mapping out the specific steps that will lead to the purchase of your dream home. Take a bit of time to map out your plan. We suggest using the SMART criteria to map that plan.
SMART objectives are a good way to plan the steps to meet your goal. SMART stands for Specific,
Measurable,
Achievable,
Relevant and
Time-bound.
SPECIFIC
Be specific in your home buying plan. The more specific and detailed you are, the easier it will be for you find your home. I'm not just talking number of bedrooms and bathrooms, but more details about your desires. Do you want a yard or not, or acreage? How far of a commute from work are you willing to travel? Is there a specific area or neighborhood you want to live in? Are you wanting space to work/entertain/grow a family? Think critically about your lifestyle, finances, and how your current space is or isn't working for you. Why are you wanting to own a home?
Measurable
Measuring your success will be key to obtaining your goal. Start by measuring your ability to purchase a home. Find out specifics about your credit score, existing debt and current savings for a down payment. Each one of these factors will effect your ability to obtain a loan and the interest rate at which you can borrow.
If you credit score won't qualify you for a mortgage, make plans to increase it. Don't have enough for a down payment? Make specific plans to save an additional amount of money every month.
Attainable
While thinking through the all of the details, do you really have the ability to buy the home of your dreams? Can you save enough money, or increase your credit score in the time needed? Ensure that you are creating realistic goals and timelines to meet. Maybe you want to decrease the price of home you want to buy, or extend the time-line to help save a down payment.
Relevant
Put your homeownership goal in contect of your short-term and long-term plans for your life. Are you committed to staying in the same area for 3+ years? Do you have any other plans that could stretch your finances in a different direction? Is your income stable and secure? Homeownership is a commitment, one that is deeply rewarding in many ways, so make sure that it makes sense to buy a home.
Time-Based
Add your milestones and deadlines to your calendar to your calendar. This will help you monitor and stay focused on items you need to complete or decisions you need to make.
Making it Happen the SMART Way
SMART goals will help you identify crucial aspects of goal-setting, building towards your homeownership. Buy you aren't on your own. Contact a Harp Agent to help guide you and monitor you on your first home journey.
Ready to start the Journey?
Our Agents would love to help
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