Getting Ready to Buy a Home in 2021
Getting Ready to Buy a Home in 2021
A popular Chinese proverb says: “The best time to plant a tree was 20 years ago. The second best time is now.”
It basically means that if you want to grow and be successful in the future, the best time to act is now. The proverb could be applied to anything in life but the truth of the matter is that it is especially true when it comes to real estate. If you want to have equity in the future, you better invest in real estate now. If you want to have a steady income when you retire, you better buy a home in 2021 so it is paid off by then.
Is This For You?
Before you make up your mind and say “this is not for me”, let’s quickly examine a typical scenario for Brickell renters. Then you decide if you continue reading or not.
According to niche.com, 70% of Brickell Miami residents are renters:
A monthly rent of $2,000 per month x 12 months = $24,000 annual rent.
Assuming that rent is not increased for 10 years (but you know it always does): $24,000 x 10 years = $240,000
In this example, the renter has paid $240,000 or more towards his/her landlord’s investment. Just substitute my numbers by your own to see how much you have contributed to your landlord’s equity.
While there is nothing wrong with being a renter forever, most tenants are realizing that buying is the way to go now. It doesn’t make much sense to pay someone else’s mortgage when you can pay almost the same amount to buy your own home because of the current record-low interest rates.
Just Out of Curiosity, What Is Stopping You To Buy A Home In 2021?
Is it that you don’t have enough money saved for the down payment? or is it that your credit is not that good? Maybe, you have too much debt?
Let me tell you that you are not alone. Most buyers come to us in the same situation, facing the same challenges. If you have read this far, you probably want to change your future and to become a homeowner.
The good news is that all that can be fixed if you take action and call us. There are many options out there that you may not know about. For example, in 2019 FHA announced that you can buy a condo with an FHA loan even if the building is not FHA approved. FHA only requires 3.5% down payment. You can read about it here.
Unfortunately many real estate agents are not familiar with this. Also, there are not many mortgage brokers who do this type of loans because it takes more work. However, we can refer you to mortgage brokers who can help you with that.
Steps To Follow… starting TODAY!
1- Start getting ready 6 to 12 months BEFORE you plan to buy a home:
If you want to buy a home in 2021 you should start your research NOW even if you just rented your apartment and your lease doesn’t expire for a few months. Buying a home is the biggest investment that most people do in their entire lives. So, don’t think for a moment that it is an easy journey because it is not.
Remember… “The best time to plant a tree was 20 years ago. The second best time is now.”
2- Get pre-qualified:
Most people think about buying a property and go straight to search properties online and even contacting agents. And more often than not, agents will ask you if you are pre-qualified. The reason for it is because the very first step to buy a home is definitely meeting with a mortgage broker or lender.
If you really want to buy a home in 2021, my best advice is to contact a mortgage broker TODAY, they will tell you what you need to do to qualify for a mortgage -assuming that you are not ready just yet.
If it happens to be that you are in fact ready, congratulations! we can start scheduling tours of the Brickell buildings right away!
3- Prepare an action plan:
If you are like most people, including me, you would probably need to fix a couple of things here and there. Depending on what your situation is, we can prepare a plan to help you to buy a home in 2021.
This action plan is KEY towards your goal of becoming a homeowner. It will include real actions to take to improve your credit score, strategies to present an offer, or even finding sources of funds to help you with your closing costs. Anything is possible and you can buy a home in 2021 but please don’t wait any longer to call us. We can’t help you unless you do!
Photo by Andreas Wohlfahrt
