Putting an offer on a new place is possibly the most exciting or excruciating part of buying a home– second to getting the keys. But buyers beware, eagerly rushing towards the finish line can leave you stressed and disappointed. Start putting proper principles in place today, to ensure you can own a home in 1-2 years.

1) Start saving. Having money in the bank makes you look great to lenders and when it comes time to make a down payment, you wont feel the pinch. Additionally, experts suggest having three to six months worth of living expense saved before you buy.

2) Get your credit score. Your credit score can seriously impact your ability to get a loan and interest rates. Clear up inaccuracies on your credit report even if it means meeting with a credit repair specialist.  Review the last 5 years and follow up on any inaccuracies. You’d be surprised how many large companies make mistakes.

3) Calculate your home budget. Create a layout of your monthly expenses at a standard of living you can sustain. Experts suggest spending no more than 36 percent of your monthly income on mortgage payments, which could shrink your price range.

4) Find a lender. A lender is your ally in home buying. They can help you understand how much of a home loan your will really qualify for and what kind of mortgage is right for you. Lenders can also help you get preapproved, solidifying your price range and potentially locking in an interest rate.

5) Look w/out the pressure to buy. Looking at potential homes can be motivating and fun but most importantly educational. Make it a productive exercise by noting what you like and don’t like. Visit homes within your price range to build a realistic checklist your wants and needs. Narrow down what you’re looking for by balancing the two elements – What you need now, and What you’ll need long term. 

Finding and financing the home of your dreams will be easier than ever after implementing the five steps we just discussed. If you are further along in the home buying process, check out the current market conditions in Park City and Salt Lake City. View our properties in Park City or Salt Lake City or contact an agent specialized in the neighborhood you are interested in.