Thursday, October 31, 2013

The One Year-One Home Plan

One Year Home PlanDC Real Estate Agent Djana Morris says it's possible to own a home in a year or less. Sounds unbelievable? It's not. Even beginners can pull it off with the right timing, a good broker, and appropriate funding. 

So you want a home in a year? Make it happen with these helpful tips.

March - May

Once you have decided that you need a home, it's time to get rid of the first obstacles. These will be in the form of credit credit card scores, monthly income, emergency savings, and debts. These financial aspects are crucial since it's impossible to buy a home without money.

Check your credit card reports to see if you have good standing. A bad one won't qualify you for a lender; and insufficient funds would only postpone plans of home ownership. As early as Spring, assess your gross revenue and pay off any debts. Be honest about the budget to be laid down on the house: is your dream home really something you can afford?

Talk things over with your spouse or family members that would be living in the future abode. Decide on the ideal neighborhood (or pick a favorite) and think about the amenities you would require (schools, transportation options, restaurants, parks, etc.). Write down a checklist of must-have's as a guide during the house-hunt.

June – August

These would be the busiest months. Assuming that financial problems are out of the way, it's time to do the actual search. If you haven't locked in on a particular neighborhood yet, it would be a good time to do that now. Research about market listings and check for average selling prices.

Determine if you would want a realtor. If you do, discuss your needs, deadline, and budget with him. Drive through neighborhoods and start attending open houses. Besides a real estate agent, expand your network to include reputable lawyers, credible home inspectors, and insurance agencies.

September – November

By then, you should have already spotted your dream home. These months are all going to be about paperwork. Ensure that you have everything filed and organized: tax forms, asset and income statements, and applicable gift letters (letters of proof from a friend or relative for a down payment).

If you haven't yet, look for a lender and get the necessary pre-approval documents. Having these on hand shows you're a serious buyer; and sellers would be more willing to negotiate with you and your broker. Before November ends, hopefully, there will indeed be a signing for closing contracts on your chosen dwelling.

December – February

Chevy Chase Homes

It's here at last – you've bought a house and you're almost a homeowner! Reserve the remaining three months for preparations and the actual move. Either hire a moving company or do the move yourself. Inform all related individuals (schools, work, utilities) about the scheduled transfer and don't forget to sign any final paperwork.

Remember that not everything will go according to plan. Always have other options available; and set an emergency cash fund just in case. With that, let your dream of owning a home in a year come true!


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