The One-Year Home Buying Plan

The One-Year Home Buying Plan

You Don’t Have to Be Ready Today

If you’re thinking about buying a home sometime in the next year, you have something extremely valuable on your side: time.

You don’t need to rush.

A year gives you an opportunity to improve your financial position, understand the market, save money, clean up your credit and figure out what you actually want.

Here’s how I would approach the year.

12 MONTHS OUT

Start With the Big Picture

Before you look at houses, look at you.

Ask yourself:

  • Why do I want to buy?
  • Where do I want to live?
  • How long do I expect to stay?
  • What type of home makes sense for my life?
  • What can I comfortably afford?
  • What do I need to change before buying?

Don’t worry about finding “the house” yet.

You’re preparing to become the buyer.

Your To-Do List

☐ Review your current budget
☐ Check your credit
☐ Review your debts
☐ Estimate how much you can save each month
☐ Start researching communities
☐ Think about your ideal timeline

9 MONTHS OUT

Start Building Your Financial Foundation

Now it’s time to get serious about the numbers.

Look at your:

  • Income
  • Monthly expenses
  • Credit cards
  • Car loans
  • Student loans
  • Savings
  • Other debts

Create a realistic home-buying savings goal.

And remember:

Your down payment isn’t the only money you’ll need.

You’ll also need to plan for closing costs, inspections, appraisal, moving expenses and the inevitable “we just bought a house and now something needs fixing” fund.

Your To-Do List

☐ Create a dedicated home-buying savings goal
☐ Pay down high-interest debt where appropriate
☐ Avoid unnecessary new debt
☐ Continue building your emergency savings
☐ Research mortgage options

6 MONTHS OUT

Get Mortgage-Ready

This is a good time to begin talking with a qualified lender.

You don’t necessarily need to start making offers yet.

You need to understand your options.

Find out:

  • What loan programs may be available to you
  • What price range makes sense
  • What your estimated monthly payment could be
  • How much cash you’ll need
  • What documentation you’ll need

Your To-Do List

☐ Talk with a lender
☐ Understand your estimated buying power
☐ Review your credit again
☐ Continue saving
☐ Don’t make major financial changes without understanding the consequences

3 MONTHS OUT

Start Narrowing the Search

Now we’re getting closer.

Start identifying:

  • Preferred communities
  • Property types
  • Must-haves
  • Wants
  • Deal breakers
  • Commute requirements
  • Lifestyle priorities

This is also the time to have the Want vs. Need conversation.

Because the house that looks perfect online isn’t necessarily the house that’s right for you.

Your To-Do List

☐ Identify 3–5 preferred areas
☐ Create your must-have list
☐ Create your want list
☐ Identify deal breakers
☐ Establish a realistic price range
☐ Begin watching the market

60 DAYS OUT

Get Organized

At this point, you should have a clearer picture of what you’re looking for.

Start gathering the documents your lender may need.

Start thinking about your moving timeline.

If you’re currently a homeowner, start thinking about whether you’ll sell first, buy first or coordinate the two transactions.

Your To-Do List

☐ Organize financial documents
☐ Talk through your buying timeline
☐ If selling, discuss your selling strategy
☐ Narrow your search criteria
☐ Continue monitoring listings

30 DAYS OUT

Get Ready to Act

You’re getting close.

This is when we start turning preparation into action.

You’ll want your financing situation understood, your search criteria established and your expectations realistic.

Your To-Do List

☐ Confirm financing/preapproval
☐ Finalize search criteria
☐ Begin actively viewing homes
☐ Review your available funds
☐ Start preparing for showings
☐ Discuss your offer strategy

WHEN YOU’RE READY

Now the fun begins.

We’ll look at homes, compare them, ask questions, investigate the details and figure out which ones are actually worth pursuing.

And if we find the right one?

We’ll talk about the offer.

Not every house deserves an offer.

Not every offer should be your highest possible number.

And sometimes the right decision is to walk away.

My job is not to talk you into buying a house.

My job is to help you understand what you’re buying so you can make an informed decision.

YOUR ONE-YEAR GOAL

A year from now, I want you to be able to say:

“I was prepared.”

Not:

“I wish I had known that.”

That’s what this Buyer Hub is here for.

Use it. Ask questions. Take your time.

No pressure. No sales pitch. Just straight answers.

Have a Question?

You don’t have to figure everything out by yourself.

If you have a question about preparing to buy, want to talk through your situation, or aren’t sure what you should be doing next, I’m happy to help.

Schedule a Time to Talk With Karyn

No pressure. No obligation. Just straight answers.

Prefer to just send me a question?