Owning a home is a big responsibility. Whether you are born to be an ideal homeowner or need to adopt new traits in preparation for purchasing, the following tips will help you be the best homeowner you can be.
1. Study up on current market conditions
It’s time to do some homework. Check out local market conditions in your desired area and neighboring cities to determine which best suits your needs from a cultural and location standpoint. Last and most importantly, pay attention to mortgage rates and talk with a mortgage professional to determine how to lock in a low interest rate.
2. Have money set aside
It's important to be ready for anything life throws at you. Experts suggest having at least two to three months’ worth of mortgage payments saved up in case of emergency or unforeseen financial distress.
3. Have plenty of time and resources for the home
Owning a home means being your own landlord. By protecting your biggest investment through general maintenance and even small upgrades, you can ensure your home’s resale value is secure.
4. Don't be afraid to ask for help
Our knowledgeable agents are always available to answer questions, and Edina Realty Customer Care is open for queries seven days a week – no pressure or obligation. Resources on homebuying and homeownership – including first time buyer assistance, foreclosure prevention services and additional mortgage assistance – are also available from our friends at the Minnesota Homeownership Center.
5. Be farsighted
When it comes to homeownership, lenders like people who are good on paper. Small things like living in one area, or staying employed at the same company or without gaps in employment, can go a long way when it comes to securing a loan.