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Financial Tips for Fall – 10 Tips for Buying a Home

Summer is quickly ending and with Fall right around the corner, it is important to get ready! Black Southern Belle is giving you Financial Tips for FallA�A�that are guaranteed to come in handy. Are you ready to enjoy the end of your year? For many, this is the best time of year to buy a home. Don’t go through this process alone!

Buying a home can be one of the most stressful purchases of your entire life. Let us make things a little simpler with financial tips that can help before, during, and after this stressful process.

Continue reading forA�10 Tips for Buying a Home…

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1. Start a savings account early

Begin a nest egg as early as possible! You never know when you will be ready to make the plunge into buying your first home. Make the thought a possibility by saving early. When it is time for you to buy that home, you will have a great start on the hard part… Getting the money.

2. Know your credit score

Knowing your credit score may not sound like financial tip to some, but its the most important. A credit score is the qualifier that can make or break your dream of owning a home. Before the decision is made to purchase your home, your credit has to meet the status quo.

3. Assets vs Liabilities

How is your accounting books looking lately? Is everything balancing correctly? Take a look into your finances. You should be aware of your financial situation before stepping foot into the office of a loanbroker. Do you spend more than you make each month or are you sitting on a stack of cash at the end of the month?


Getting a complete understanding of your financial capabilities can create a realistic goal while house hunting.

4. Pack back debt

If you are not in the financial position to buy a home… wait! A�pack back the debts that you owe and build your finances before entering into a huge commitment. It could take a week or a year, the time frame is depended on you. Once your finances are in order, you will see that buying a house will become much easier than before.

5. How much can you afford?

Now it is time to get a professional opinion. How much can you afford? You have an overall idea of your spending habits, savings, and income. Visit a mortgage lender to determine how much you qualify for. A lender can connect the dots of the process for you. After the visit you should know how much you can afford monthly, for a down payment, and identify risky factors for future fees.

6. Create a budget

You understand your financial capabilities. It is your decision on how much money you decide to spend in finality. Keep in mind that the amount you loan is not the amount of money you are spending. You can either take the max budget that you qualify for or create a budget that will be beneficial in the future. Stay at an affordable mortgage and pay attention to all costs.

7. Appraise your area’s worth $

Always research the value of the homes in your area. Homes tend to sale in the same price range in close proximity. Don’t waste your time…that dream neighborhood could be way over your budget. Research to keep realistic budget goals. It is also important to know the value of home to always avoid being overcharged.

8. Consider closing costs

Closing costs are fees that are often hidden in plain sight. The common mistake after buying a home is that the down payment is the only cost to consider. Remember that closing costs are on average 3% of the price of your home. Make sure to include closing costs when deliberating on if the home is “in your budget”.

9. Dona��t forget move-in costs

After you move into your new home, the money doesn’t stop flowing out. Your home is now your number one investment. Remember to save for costs after the move-in. It can be a simple fund for food while settling in or a lump sum to keep your family afloat while in transition. Whatever your situation, consider all the factors and plan accordingly.

10. Keep saving!

Keep saving! Your home is now your financial responsibility. Always keep enough money in a rainy day fund for unexpected mishaps in your home. Leaky roofs, plumbing issues, even natural disasters are all unforeseen but can definitely be prepared for!

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Amiya Thomas

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