Preparing for Homeownership

By Kaitlyn Szabo • November 1, 2018

Before purchasing a home, it is essential to understand why you want to pursue this step. Ask yourself:

• What are my long-term goals? Why do I want to own a home?
• Do I have the capacity to take on homeownership at this time? Will my job or income support this move? Do I have enough financial stability to support this decision?

Homeownership Workshops

If you decide that homeownership is the best path for you, the very next question you should ask is: What is my plan to achieve my goal of homeownership? How much can I afford, including mortgage payments, property taxes, ongoing maintenance costs, and insurance?

To help you develop a plan, consider taking a homebuying course. Home Stretch is an in-person workshop taught by experienced professionals. According to the Minnesota Homeownership Center, in this workshop you will learn how to:

• Manage credit to make homeownership more affordable
• Choose your best mortgage options
• Select the right home for your family
• Understand the loan closing process
• Find down payment help, loans for first-time homebuyers, and other offers

To find a Home Stretch workshop near you, use this tool from the Minnesota Homeownership Center.

Savings Tips

Owning a home is a long-term commitment and will have ongoing costs that will be your responsibility. However, there are ways to keep costs down – here are a few tips to do so:

• Keep up with routine repairs. Include maintenance costs in your monthly budget.
• Offset the costs of landscaping by using discounted services, watering as infrequently as possible, and doing the yard work yourself.
• Negotiate lower rates with your utility providers.

Money Management E-Newsletter: June 2018