Moving into a new community or area can be an overwhelming process in itself. Deciding on what aspects of the home or community matter most to you and your family. Searching for a home that meets your criteria and planning all of the logistics that comes with picking up your belongings and moving them to a new space.
One aspect of moving that is important to consider is preparing your finances as well. While many individuals and families resist this process, as financial conversations can be difficult in general, preparing for a move brings many aspects of these conversations to the forefront.
Here are some tips to prepare your finances for a move:
Review Your Monthly Budget
What would be a comfortable monthly housing bill? Many people stretch their budgets because they want to own a home. However, monthly housing costs should typically be no more than 35% of your budget.
Pull and Review Your Credit
Since the housing bubble burst, credit scores are being reviewed more closely for those applying for a new home loan. Pull your credit score and review it for any mistakes or errors.
Create a Home Maintenance Budget
Whether you are moving into a new home or a fixer-upper, a home maintenance budget will allow you to make necessary repairs to a home. Whether it’s cleaning the gutters or adding insulation, home maintenance often costs more than we think it does. Creating a maintenance budget will make it easier to take care of your home.
Build an Emergency Fund
While we always hope that we don’t have to go through an emergency, it is always safe to be prepared for the unexpected. Put a little extra away each month so that it’s there when you need it the most.
Whether you are moving on your own, or your whole family is preparing for a move, the financial aspects don’t have to stress you out. Be realistic about what you can and cannot afford and taking steps early to prepare financially will give you the boost you need to move when you find the home that meets all of your needs.
The David M. Damaré Team is here to answer your questions about financing options and mortgages.
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Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.Tags: finances for moving, finding a home, home budgeting, residential mortgage loans