Are you tired of paying rent but feel stuck and unsure how to take the next step towards owning your first home? While it’s natural to have doubts, don’t let them be a barrier preventing you from taking a big leap into homeownership.
In this blog post, we will discuss the three most common obstacles people encounter when trying to purchase their first home –upfront cash, credit score, and location—and provide actionable ways to overcome these hurdles.
Traditionally, the only option to access homeownership is to continue saving for a number of years to cover the required down payment, resulting in many wasted years renting. For many first time homebuyers who don't want to wait, help from family and friends may be necessary. It's important to remember though, that there are non-traditional options available in today's market if help from relatives isn't an option to help become a homeowner today. Taking advantage of creative options, like Ownify, can help many people realize their dreams of home ownership earlier than expected.
A poor credit score can have serious financial ramifications, but thankfully there are helpful websites and services that are dedicated to helping you maintain good financial habits, and increase your score over time. By taking an approach of paying down debts in a consistent, responsible manner, you can make solid progress towards increasing your credit score. Establishing helpful budgets, tracking spending, and reminding yourself to pay off debts on time, can all go a long way in repairing or improving upon current credit standings. It's no easy feat to work towards repairing or maintaining a solid credit score due to the temptations modern society creates for us to spend impulsively, but with helpful advice from websites and obtaining copies of your free credit report, we can take the necessary steps in achieving this important financial goal.
High housing prices have become a daunting reality in many parts of America. Fortunately, there are steps you can take to identify more affordable places to live or buy. One strategy is to look for upcoming areas outside of downtown that still have good infrastructure links, so you can navigate your way in and out easily should you need to do so. This could mean researching potential neighborhoods that are working on improving their public transportation system or building more bike lanes. While it might require extra effort upfront, it could pay off significantly in the long run, with sizeable savings on your cost of living.
Although buying a home can seem intimidating and can often be challenging, it is achievable. With a bit of creativity and determination, you could make it happen. Get creative with non-traditional options like Ownify, which only requires a 2% down payment. Take good care of your credit score by working on paying off debts, and maintaining healthy financial habits, so that you can make smart choices when buying a home. High housing prices don’t mean you won’t be able to achieve the dream of homeownership - look for more affordable areas, do some research and speak to a good local realtor for advice about finding the ideal home for your budget. Overall, know that this journey is entirely possible if you put in the hard work necessary to find success as a homeowner in today's market. Good luck!
©2023 Ownify, Inc. All rights reserved. Chris Smith is CPO and Founder of Ownify, Inc.