The home buying process is a fulfilling and gratifying one that requires financial acumen and discipline.

Preparing for Financial Planning and Home Ownership

Purchasing a home is a big deal. Whether you are looking to buy a high rise, condo, or house in Las Vegas, it takes a lot of dedication and patience to turn a dream of home buying into a reality. Once some people hit a certain age, they automatically assume it’s time to purchase a house. While it’s good to own a home, it’s wise to be fully prepared to own that home. This mainly depends on what your financial situation is like and how well you can be disciplined with what you have.

Financial Status

Your finances play a major role in this process. While it would be ideal, most people don’t have the money to purchase their home with cash. In this case, many people get loans to cover the mortgage. There are so many options to choose from such as first-time home buyer options and lending mortgage options. No matter what route you choose, it’s best to have the money to make the down payment on the home. Some programs will allow you to only have 3-5% down to pay for a home. Many finance educators and experts encourage 20% down payment. You’ll also want to consider the expenses outside of the home purchase such as furnishings, repairs, closing costs and relocation fees. If you prepare for a home purchase the right way, you won’t need to deplete your savings to make it happen.

Discipline

It takes a high level of financial discipline to purchase a home. When the mortgage lenders take a look at your credit score, they want to know that your chances of paying back the loan are very high. This boils down to how you handle money and what your money mindset is like. If you’re mindful and intentional about your savings and investment accounts, you’ll be in great shape to experience the beauty of being a homeowner.

Consistency

It’s one thing to gain all the information. It’s another thing to make sure you remain consistent with the information you gain. If you make those baby steps with building discipline and apply those lessons you learn about handling your finances, you’ll be in a dynamic position to purchase a home and handle all that comes along with it.

Derek Parent Team

Looking for a new condo or high rise to be your Las Vegas home? Contact us today! Derek is the only person in Las Vegas that offers down payment assistance and mortgage lending towards the purchase of high rise condos in Las Vegas.