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How Young Families Should Prepare for Their First Home Purchase

How Young Families Should Prepare for Their First Home Purchase

Buying your first home is a milestone for any new, young family, whether you’re newlyweds still on your own or you’re bringing a few little ones in tow. You need space to let your family grow and flourish, and the best garden for new families exists in your own home, where you won’t have to worry about landlords or picking up stakes after your lease. That said, planning for a home is no easy task–although going about it the right way makes the endeavor run much more smoothly.

Think About Your Dream House

Family planning is a huge issue when you’re ready to buy a home. You have to think about the size of your family because you don’t want to have to upgrade in a few years, sell your current home, and start the process over again. Do you plan to stay child-free or do you dream of a house full of children? Maybe two or three is your perfect number. Whatever the case, budget for bedrooms, bathrooms, and the perfect amount of space.

You likely have some necessities as well. What’s most important to you? Are you flexible on location, or are you determined to stay in, say, Tampa or Naples? Do you want a home in the city or a house surrounded by greenery? Think about both the luxuries and the essentials, such as:

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  • The number of floors
  • The number of bathrooms and bedrooms
  • A large yard
  • A ranch vs. a colonial
  • And the overall age of the home

Examine the Employment Situation

If you don’t have steady employment, you may want to think twice about buying a house. You don’t want to get stuck with a mortgage that you can’t pay. If your job is on the fence or you’re constantly changing careers, you might need to wait. Likewise, you should decide if both of you need to work. A single-income family situation might not work for the house of your dreams, even if your desires are flexible.

Get a Handle on Your Debts

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    Your debts weigh heavily on your credit score. Are you in default on any of your school loans? Is there a credit card you’ve neglected to pay off that’s now coming back to haunt you? Before you even go see the bank or any lenders, check out your credit score. To determine your credit score, several aspects factor in:

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    • Your payment history
    • The amount you owe
    • The length of your credit history
    • Any new credit
    • The types of credit

    Don’t start opening credit accounts all over the place to boost your FICO score either. That will look even worse, and it will affect your mortgage rate. To get a good mortgage rate, you need a high credit score. At some lending offices, a credit score between 625 and 650 will get you a decent rate. If you want better options for financing and enviable interest rates, you need a score of 700, at least.

    If you fear your FICO score doesn’t pass muster, all hope isn’t lost. Start paying off your debts now. Use the snowball method if you have to, and pay off the card with the highest interest rate first, then work your way down the list.

    Work Out Your Mortgage Management

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    New Home 3

      The housing marketing is always on the rise and fall. Buying a home is a great idea now, because the housing industry is hot. Houses are being sold at lower rates for numerous reasons. That can work very well with your chances for an affordable mortgage rate through www.foundationmortgage.net. You can talk to someone at your local bank or other financial institution to see about your options. If the rates you’re quoted scare you, just remember this: having a mortgage is the same thing as paying rent, except you’re paying yourself to own your home. Your mortgage and interest rates create equity, which you can borrow from in times of trouble and write-off as a tax deduction. Be careful when doing this, you don’t want to borrow more than you can afford.

      There are 10.2 percent more single-family homes for sale in Florida than there were last year. That increases your chances of finding your dream home, but it will also help you get a better mortgage rate. The law of supply and demand that made good rates so hard to come by during the housing crisis is finally starting to calm down. You simply have to work out what kind of mortgage works for you:

      • A fixed-interest mortgage, which keeps your interest the same for life
      • An adjustable-rate mortgage, where the rate changes every year
      • Or an interest-only loan, which helps if you need a low payment in the beginning

      Stay Within Your Budget

      That being said, you still need to stay within your budget. Moving is a big deal anyway; just the cost of moving from a rental to a home you own will cost a bundle, especially if you need new furniture. Plan to spend anywhere between $5,000-$10,000, depending on where you’re going, what you own, and what you can do yourself. You can’t forget about broker’s fees, closing fees, and deposits, either, especially since the average cost of a home in Florida is up to $194,000.

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      Research Your Loan Options

      Whether you’re going for a Tampa mortgage, a Naples mortgage, or a straight Florida refinance plan, there are lots of loan options available to you. For instance, FHA loans come from the Federal Housing Administration, which backs you on insurance as long as you meet the qualifications. VA loans are available to active members of the military as well as eligible veterans. There are also loans from the government and housing offices in your local area, especially for people buying a home for the first time.

      Think Outside the Traditional Box

      If you’re thinking about an FHA loan, then realize that various HUD homes through the Department of Housing and Urban Development might become available to you. You have to meet strict qualifications, but they’re worth looking into if you’re having trouble getting a loan. You can even think about looking at foreclosed homes in your area, which may cost much less than other homes.

      Buying a home for the first time is scary but it’s also exciting; it’s one of the best investments you’ll ever make. Are you ready to take the plunge?

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      Last Updated on March 13, 2019

      How to Get out of a Rut: 12 Useful Ways to Get Unstuck

      How to Get out of a Rut: 12 Useful Ways to Get Unstuck

      Have you gotten into a rut before? Or are you in a rut right now?

      You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

      Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

      1. Work on the small tasks.

      When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

      Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

      2. Take a break from your work desk.

      Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

      Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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      3. Upgrade yourself

      Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

      The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

      4. Talk to a friend.

      Talk to someone and get your mind off work for a while.

      Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

      5. Forget about trying to be perfect.

      If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

      Just start small. Do what you can, at your own pace. Let yourself make mistakes.

      Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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      6. Paint a vision to work towards.

      If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

      Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

      Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

      7. Read a book (or blog).

      The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

      Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

      Check out the best selling books; those are generally packed with great wisdom.

      8. Have a quick nap.

      If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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      9. Remember why you are doing this.

      Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

      What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

      10. Find some competition.

      Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

      Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

      11. Go exercise.

      Since you are not making headway at work, might as well spend the time shaping yourself up.

      Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

      As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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      Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

      12. Take a good break.

      Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

      Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

      Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

      Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

      More Resources About Getting out of a Rut

      Featured photo credit: Joshua Earle via unsplash.com

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