Preparation is the key to achieving the goal of home ownership
Julie A. Meier
(R), ABR, CRS, GRI
Previews Property Specialist
Certified Home Marketing Specialist
Aloha ‘Aina Award Winner
Home ownership is known to be “The American Dream” – it is also a sound financial life goal. Despite the ups and downs of the market, real estate – at least here in Hawaii – remains a good investment.
Not everyone who wants to buy a home is ready to make that commitment today, or next week, or even six months from now. But it is never too soon to start planning.
Coldwell Banker Pacific Properties Realtor Julie Meier urges anyone who has home ownership in their life plan to contact a Realtor to learn how to best start the process.
“Preparation is the key to achieving the goal of home ownership,” Meier said. “It could be now or it could be down the road but the key is to start now. The first steps are to improve your credit rating, investigate financing options, and gain knowledge of the current real estate market.
“There are various ways to improve your credit rating, including paying down debt through better budgeting and/or establishing credit and using it wisely. Investigate your current credit profile to see where you stand and fix any mistakes that you find on your report.
“Learning about financing options can be as simple as meeting with a lender to see what size mortgage you can afford based on your income and financial situation. Determine how much you will need for your down payment and closing costs. Starting a budget now will help you achieve your goals.
“As you begin to improve your credit rating and learn your financing options, your real estate agent can assist you in building your market knowledge to gain a better understanding of pricing and value.
“Home ownership can be an important component in an overall financial plan, due in part to mortgage interest and property tax deductions. Moreover, ownership enjoys a stability factor that cannot be matched by a rental situation. For example, a fixed rate mortgage payment remains constant into the future whereas rents generally increase over time. So if you are currently renting, consider the advantages of home ownership as part of your near and long term plan. Remember, it is smart planning that can help you realize the “American dream.”