7 Simple Steps to Purchase Your Family Home

7 Simple Steps to Purchase Your Family Home- Chic and Domestic
7 Simple Steps to Purchase Your Family Home- Chic and Domestic
7 Simple Steps to Purchase Your Family Home- Chic and Domestic 7 Simple Steps to Purchase Your Family Home- Chic and Domestic[/caption]

Getting closer and closer to closing, I feel like I’ve learned so much during my journey from renting, to becoming a homeowner by 25. Especially with being a young couple, we can’t afford to make mistakes… at least not too many mistakes. I’m having a great time being able to share every tidbit of my experience, tips, and some hiccups that we’ve encountered along the way, and if I can save someone else a little bit of trouble on their own journey, even better!

Many people don’t think that they’re capable of home ownership, and other people have no idea where to even start. It’s a lot of overwhelming information in the beginning, but nothing that you can’t get past with some research and preparation. SO, without further ado, here are my 7 Simple steps to take before purchasing your family home.

1. Take a Homebuyers class
Whether you plan to start your home buying journey next month, or next year, I would highly recommend taking time out to take a homebuyer’s class in your community. It will be a great tool to put you in line with home buying terminology, local lenders, grants and down payment assistance, and some courses will even match your saving contributions during the timeline of the course. Taking a class gives you so much information to absorb to get on the right track, and it could even put you on notice of alternative purchasing options.

2. Check Your Credit
I know I know, sometimes it’s scary to see where your credit currently is, but if you’re looking to purchase your home in the future, you want to know your credit score! You don’t want to come to a lender without some idea of what your FICO scores and mortgage scores are. You don’t want to multiple inaccuracies on your credit report, and you also don’t want to be running your credit multiple times if you don’t have to. I recommend using My FICO to check your fico scores for a small price when you know that you’re serious about getting your home.

Check out my post on how to build and boost your credit score here!

3. Save
Whatever path you take to purchase your home, you will need to SAVE! Save, save and save some more. There are so many monetary things that come up during the home buying process, and you want to be prepared or somewhat prepared for them all. You might need to save for a down payment, closing costs, a home inspection, unexpected repairs after closing. Just save, save, save. There are many ways to get around some of these large expenses, but they aren’t always guaranteed, and you don’t want anything to put a halt to your home buying momentum.

4. Research Home buying Do’s and Do Not’s
There are so many resources and communities to give you an inside scoop on home buying Do’s and Do Not’s. This is why I’m here, to provide you with additional information, and give you a piece of my personal home buying experience. Join a Facebook community, google your own questions, or of course make sure you’re subscribed to Chic and Domestic as I share my experience of how I became a homeowner by 25.

Check out my post on Home buying Do’s and Don’ts here!

5. Research Local Lenders
There are plenty of big name lenders out there, and local credit unions are also an option, but I find from my personal experience, and by researching and talking to other people who have become homeowners that having some information on local lenders is key. Local lenders specialize in your local market! Who knows the local market better than them? Research some local lenders with great reviews, or ask around about other’s experience with local lenders.

6. Find a real estate agent that works FOR YOU
Your real estate agent is a key component in this process. You want to make sure that you find an agent that really works and advocates for you, and someone that you feel like you mesh well with. Don’t be afraid to find someone new if an agent isn’t working for you. This will most likely be one of the largest purchases that you make in your life, and you want to make sure that you feel secure in your purchase.

7. KNOW YOUR STUFF
Be sure to immerse yourself in information so that you really know your stuff! Know the things that you want in a home, know the things that are most important to you (Large backyard, large kitchen, smaller home, specific neighborhood, move in ready, a specific school district). Research and know about your options for mortgage loans (FHA, USDA, and Conventional). Know the steps that you’ll need to make to buy, and how to look for red flags, and if there is ever anything that you don’t know, never be afraid to ask questions. No question is too silly or too small when you’re spending your money.

Be sure to subscribe! You don’t want to miss more of my homebuying tips, and updates on my own personal journey to becoming a homeowner at 25.

Continue Reading

3 Keys to Master Your Family Finances

3 Keys to Master Your Family Finances - Chic and Domestic
3 Keys to Master Your Family Finances – Chic and Domestic
3 Keys to Master Your Family Finances - Chic and Domestic
3 Keys to Master Your Family Finances – Chic and Domestic

We all want to be able to stay on top of our family finances, correct? There is no better feeling than being ahead of your finances, and successfully placing your money where it needs to go every month. I get a lot of questions about what to do when you need to get control of your finances, or even if you’re starting at the beginning and looking to tackle your family finances head on. First things first, everything will always be trial and error, and everything will always have room for adjustments. Lucky for you, if you start with these 3 keys to success, you’ll always find success!

Prioritize

This will always be the most important step in mastering your personal finances for your personal situation. No person or family will be the same, but a general key to success is to really plan and decide what is most important to you. Some families will have to focus more on sustainability and simply making sure that their financial input is enough to cover their financial output if they’re dealing with a tighter budget, other families will prioritize things like savings for the future, family outings, travel, or a little bit of everything. As long as you can pin point your family priorities this will set you up to make logical decisions about your money.

Save

Saving is a must! There are no if ands or buts about it. If you want to put your family in good financial standing, be sure to always make it a point to pay yourself first. Even with a smaller income, single income, or being a family that lives paycheck to paycheck, there is always room to save something on payday. I had to learn this over time. I had to personally change my mindset when my family budget was tighter. Just because my bills were being paid, didn’t exempt me from being hit with an unexpected emergency, so really having at least some sort of emergency fund or sinking fund was a necessity.

Find out how we saved our $1000 emergency fund here!

Budget

Learn how to BUDGET. Never be afraid to approach and re-approach your budget. If you want to be able to master your finances for your family, my biggest advice would be to always know your numbers. Budgets are something that will always change, but once you learn how to set up a budget once, going back in to make adjustments will come easy. In order to master your money, learn how to create a budget! Know what numbers you’re bringing in every month, know what your various monthly expenses are, and know your priorities.

Learn tips on how to create your own family budget here!

Be sure you’re following me on Pinterest to check out all sort of great pins on Financial Fitness, Frugal Living, and Domestic Life on a budget.

Continue Reading