Buying a home in Evanston is an exciting endeavor, especially if you’re buying a home for the first time. You’ve come to realize what makes Evanston such a great town and you’re ready to settle in for a while. As you’re probably aware, the current buyers market and low interest rates are creating an ideal situation for those looking to buy an Evanston home.
However, it can be tempting to begin looking at homes and dreaming of what your first place will have to offer before you're fully ready. As Prudential Rubloff Evanston Real Estate agents and the trusted team of Shoreline Property Advisors, we’ve seen those who approach the Evanston Real Estate market unprepared.
Buying an Evanston home takes preparation on the front end before you even enter the real estate market. We thought it was important to highlight six things you can do to be sure you’re ready to begin the home buying process. You’ll want to have your personal finances in order!
1. Check your credit report and fix any errors- Did you know that by law, you have the right to a free annual credit report? This is something you’ll want to take advantage of as it allows you to review your report and correct any errors or outdated information. If you do happen to find a mistake, you’ll be able to contact the corresponding credit bureau to discuss the discrepancies.
2. Review your budget- Reviewing your monthly budget is imperative before buying an Evanston home. You’ll want to know exactly how much money you have to work with each month and can cut any unnecessary expenses if needed. Buying a home is a large financial decision so allowing yourself to cut down frivolous expenses in order to save more is wise.
3. Review your monthly withholdings- You may find that, by reviewing your monthly withholdings, you’re able to save more money or have more cash on hand. Before you make any changes to your withholdings however, you will want to talk with your trusted tax advisor so you’re not stuck with owing extra money to the IRS at the end of the year.
4. Review your financial emergency plan- Having an emergency financial plan is almost essential before buying a home. Most financial advisors would recommend having at least six months worth of expenses saved in case of emergencies. Not only will this give you peace of mind, but it can provide a solid financial base that you can continue to build upon.
5. Sign up for paperless statements- Because Evanston happens to be such an eco-conscious community, you’ll want to be sure to do your part! While seemingly insignificant, signing up for paperless statements and paying your bills online will add up over time and can save countless trees.
6. Consolidate accounts- While it can be useful to have various accounts open with your bank for savings, an emergency fund, or other financial goal, it can also get tricky to keep track of which part of your paycheck is going where. If you are finding it difficult to keep juggle these separate accounts; it’s time to consolidate. Of course you’ll want to check with your financial institution prior to ensure there aren’t any fees for canceling an account, but taking this step can keep your finances better organized.
Our team here at Shoreline Property Advisors want to provide you with all the information you need to be successful in the Evanston Real Estate market, and we hope these tips help you get your first home buying experience off on the right foot!
If you have additional questions about buying an Evanston home or have not yet found an Evanston Real Estate agent to help you navigate the home buying process; let us know! We’d love to help you find your first home in Evanston!
We look forward to hearing from you!
Shoreline Property Advisors
@ Prudential Rubloff
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