As we near the end of 2022, many people will be making New Year’s resolutions. Setting a goal that you’d like to achieve in 2023 is the important first step in actually reaching that goal. If you’re hoping to purchase a home in the next 12 months, then there are New Year’s resolutions you can make to help you achieve your goal faster and with greater ease. These are the practical resolutions that you can make now to help you reach your goal of buying a New York home in the coming year.

Improve your credit

When you finance the purchase of a New York home, your lender will be looking closely at your credit history. The better your credit, the more likely you’ll qualify for a loan, and the better your terms will be. For this reason, the first resolution you should make as a 2023 homebuyer is to improve your credit. Start by ordering a free copy of your credit report. Check it for errors – unfortunately, finding errors on your report is relatively common. If you do spot mistakes, then take the necessary steps to have those errors removed. Then get to work on improving your credit score. You can do this by paying down debt and reducing the use of credit cards and loans.

Don’t make large purchases

Another important resolution to make if you want to buy a home next year is to avoid large purchases. You don’t want to take out any new loans or spend a pile of cash on an expensive item. This can include cars or even furniture for your new home. New loans will affect your credit score and any large purchases will put a dent in how much money you have available for a down payment and closing costs.

Save for a down payment

Speaking of down payments, you should be actively saving money to use as a down payment on your future home. For many, this can be the most difficult part of buying a home. For conventional loans, you’ll need at least 20 percent of the purchase price saved for a down payment. But you can also reduce your down payment by looking into government-backed loans, such as FHA and VA loans. Ultimately, the more money you have available for a down payment, the better your chances of qualifying for a loan. Make plans for ways you can reduce your spending in 2023 so you have more money to put aside for your down payment.

Get pre-approved for a mortgage

Once your credit score is in a good place, then resolve to get pre-approved for a mortgage. This will help you understand how much house you can afford and will help a seller take your offer more seriously. But be sure to shop around for a mortgage first. Mortgage rates have risen dramatically in the last few months, and you’ll want to make sure you’re getting the best deal possible.

Contact Keller New York today

If you’ve resolved to buy a New York home in 2023, then contact the Keller New York Bronx office at 718-697-6800 or the Eastchester – Scarsdale office at 914-713-3270. Our team has expert knowledge of New York real estate and can help you reach your homebuying resolutions. Contact us today!