{"id":2012,"date":"2021-09-01T20:46:50","date_gmt":"2021-09-01T20:46:50","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2012"},"modified":"2021-09-01T20:46:50","modified_gmt":"2021-09-01T20:46:50","slug":"can-right-now-prepare-homeownership","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/can-right-now-prepare-homeownership\/","title":{"rendered":"What You Can Do Right Now To Prepare for Homeownership"},"content":{"rendered":"
\"Identification\"

What You Can Do Right Now To Prepare for Homeownership<\/p><\/div>\n

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As\u00a0rent prices<\/a>\u00a0continue to soar, many renters want to know what they can do to get ready to buy their first home. According to recent data from\u00a0ApartmentList.com<\/em><\/a>:<\/p>\n

\u201cThe first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017.<\/strong>\u00a0Our national rent index has increased by 11.4 percent since January . . . .\u201d<\/em><\/p><\/blockquote>\n

Those rising rental costs may make it seem impossible to prepare for homeownership if you\u2019re a renter. But the truth is, there are ways you can \u2013 and should \u2013 prepare to purchase your first home. Here\u2019s some expert advice on what to do if you\u2019re ready to learn more about how to escape rising rents.<\/p>\n

Start Saving \u2013 Even Small Amounts \u2013 Now<\/strong><\/h4>\n

Experts agree, setting aside what you can \u2013 even smaller amounts of money \u2013 into a dedicated savings account is a great starting point when it comes to saving for a\u00a0down payment<\/a>. As Cindy Zuniga-Sanchez, Founder of\u00a0Zero-Based Budget Coaching LLC<\/em>,\u00a0says<\/a>:<\/p>\n

\u201cI recommend saving for a home in a \u2018sinking fund\u2019 . . . .\u00a0This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense<\/strong>.<\/em>\u201d<\/p><\/blockquote>\n

Zuniga-Sanchez adds saving in smaller increments can help make a large goal \u2013 such as saving for a down payment \u2013achievable:<\/p>\n

\u201cBreaking up your goals into\u00a0smaller bite-sized pieces by saving incrementally<\/strong>\u00a0can make a large daunting number more manageable.\u201d<\/em><\/p><\/blockquote>\n

Assess Your Finances and Work on Your Credit<\/strong><\/h4>\n

Another tip experts recommend: take a look at your overall finances and credit score and find ways to reduce your debt. According to the\u00a0HUD<\/a>, the average credit score of first-time homebuyers is 716. If you\u2019re not sure what your credit score is, there are numerous online tools that can help you check. If your score is below that average, don\u2019t fret. Remember that an average means there are homeowners with credit scores both above and below that threshold.<\/p>\n

If you find out your score is below the average, there are several ways to improve your credit before you apply for a loan. HUD recommends reducing your debt as much as you can, paying your bills on time, and using your credit card responsibly.<\/p>\n

Start the Conversation with Your Advisor Today<\/strong><\/h4>\n

Finally, it\u2019s important to talk to someone who\u00a0understands the market<\/a>\u00a0and what it takes to become a first-time homebuyer. That\u2019s where we come in. A trusted advisor can help you navigate your specific market and talk you through all the available options. Having the right network of real estate and lending professionals in your corner can help you plan for the homebuying process as well as determine\u00a0what you can afford<\/a>\u00a0and how you can get\u00a0pre-approved<\/a>\u00a0when you\u2019re ready.<\/p>\n

Most importantly, we can help you understand how homeownership is achievable. As Lauren Bringle, Accredited Financial Advisor with\u00a0Self Financial,\u00a0<\/em>says<\/a>:<\/p>\n

\u201cDon\u2019t write home ownership off just because you have a low income . . . .\u00a0With the right tools, resources and assistance, you could still achieve your dream<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re planning to be a homeowner one day, the best thing you can do is start\u00a0preparing<\/a> now. Even if you don\u2019t think you\u2019ll purchase for a few years, let\u2019s connect today to discuss the process and to set you up for success on your journey to homeownership.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"

Those rising rental costs may make it seem impossible to prepare for homeownership if you\u2019re a renter. But the truth is, there are ways you can \u2013 and should \u2013 prepare to purchase your first home. Here\u2019s some expert advice on what to do if you\u2019re ready to learn more about how to escape rising rents. Finish Reading What You Can Do Right Now To Prepare for Homeownership<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[59,38,240,15,121,92,10,18,27,91,52,208,32,203,9,42,23,20,48,13,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2012"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2012"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2012\/revisions"}],"predecessor-version":[{"id":2014,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2012\/revisions\/2014"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}