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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 September 16, 2019

      How to Stop Procrastinating: 11 Practical Ways for Procrastinators

      How to Stop Procrastinating: 11 Practical Ways for Procrastinators

      You have a deadline looming. However, instead of doing your work, you are fiddling with miscellaneous things like checking email, social media, watching videos, surfing blogs and forums. You know you should be working, but you just don’t feel like doing anything.

      We are all familiar with the procrastination phenomenon. When we procrastinate, we squander away our free time and put off important tasks we should be doing them till it’s too late. And when it is indeed too late, we panic and wish we got started earlier.

      The chronic procrastinators I know have spent years of their life looped in this cycle. Delaying, putting off things, slacking, hiding from work, facing work only when it’s unavoidable, then repeating this loop all over again. It’s a bad habit that eats us away and prevents us from achieving greater results in life.

      Don’t let procrastination take over your life. Here, I will share my personal steps on how to stop procrastinating. These 11 steps will definitely apply to you too:

      1. Break Your Work into Little Steps

      Part of the reason why we procrastinate is because subconsciously, we find the work too overwhelming for us. Break it down into little parts, then focus on one part at the time. If you still procrastinate on the task after breaking it down, then break it down even further. Soon, your task will be so simple that you will be thinking “gee, this is so simple that I might as well just do it now!”.

      For example, I’m currently writing a new book (on How to achieve anything in life). Book writing at its full scale is an enormous project and can be overwhelming. However, when I break it down into phases such as –

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      • (1) Research
      • (2) Deciding the topic
      • (3) Creating the outline
      • (4) Drafting the content
      • (5) Writing Chapters #1 to #10,
      • (6) Revision
      • (7) etc.

      Suddenly it seems very manageable. What I do then is to focus on the immediate phase and get it done to my best ability, without thinking about the other phases. When it’s done, I move on to the next.

      2. Change Your Environment

      Different environments have different impact on our productivity. Look at your work desk and your room. Do they make you want to work or do they make you want to snuggle and sleep? If it’s the latter, you should look into changing your workspace.

      One thing to note is that an environment that makes us feel inspired before may lose its effect after a period of time. If that’s the case, then it’s time to change things around. Refer to Steps #2 and #3 of 13 Strategies To Jumpstart Your Productivity, which talks about revamping your environment and workspace.

      3. Create a Detailed Timeline with Specific Deadlines

      Having just 1 deadline for your work is like an invitation to procrastinate. That’s because we get the impression that we have time and keep pushing everything back, until it’s too late.

      Break down your project (see tip #1), then create an overall timeline with specific deadlines for each small task. This way, you know you have to finish each task by a certain date. Your timelines must be robust, too – i.e. if you don’t finish this by today, it’s going to jeopardize everything else you have planned after that. This way it creates the urgency to act.

      My goals are broken down into monthly, weekly, right down to the daily task lists, and the list is a call to action that I must accomplish this by the specified date, else my goals will be put off.

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      Here’re more tips on setting deadlines: 22 Tips for Effective Deadlines

      4. Eliminate Your Procrastination Pit-Stops

      If you are procrastinating a little too much, maybe that’s because you make it easy to procrastinate.

      Identify your browser bookmarks that take up a lot of your time and shift them into a separate folder that is less accessible. Disable the automatic notification option in your email client. Get rid of the distractions around you.

      I know some people will out of the way and delete or deactivate their facebook accounts. I think it’s a little drastic and extreme as addressing procrastination is more about being conscious of our actions than counteracting via self-binding methods, but if you feel that’s what’s needed, go for it.

      5. Hang out with People Who Inspire You to Take Action

      I’m pretty sure if you spend just 10 minutes talking to Steve Jobs or Bill Gates, you’ll be more inspired to act than if you spent the 10 minutes doing nothing. The people we are with influence our behaviors. Of course spending time with Steve Jobs or Bill Gates every day is probably not a feasible method, but the principle applies — The Hidden Power of Every Single Person Around You

      Identify the people, friends or colleagues who trigger you – most likely the go-getters and hard workers – and hang out with them more often. Soon you will inculcate their drive and spirit too.

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      As a personal development blogger, I “hang out” with inspiring personal development experts by reading their blogs and corresponding with them regularly via email and social media. It’s communication via new media and it works all the same.

      6. Get a Buddy

      Having a companion makes the whole process much more fun. Ideally, your buddy should be someone who has his/her own set of goals. Both of you will hold each other accountable to your goals and plans. While it’s not necessary for both of you to have the same goals, it’ll be even better if that’s the case, so you can learn from each other.

      I have a good friend whom I talk to regularly, and we always ask each other about our goals and progress in achieving those goals. Needless to say, it spurs us to keep taking action.

      7. Tell Others About Your Goals

      This serves the same function as #6, on a larger scale. Tell all your friends, colleagues, acquaintances and family about your projects. Now whenever you see them, they are bound to ask you about your status on those projects.

      For example, sometimes I announce my projects on The Personal Excellence Blog, Twitter and Facebook, and my readers will ask me about them on an ongoing basis. It’s a great way to keep myself accountable to my plans.

      8. Seek out Someone Who Has Already Achieved the Outcome

      What is it you want to accomplish here, and who are the people who have accomplished this already? Go seek them out and connect with them. Seeing living proof that your goals are very well achievable if you take action is one of the best triggers for action.

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      9. Re-Clarify Your Goals

      If you have been procrastinating for an extended period of time, it might reflect a misalignment between what you want and what you are currently doing. Often times, we outgrow our goals as we discover more about ourselves, but we don’t change our goals to reflect that.

      Get away from your work (a short vacation will be good, else just a weekend break or staycation will do too) and take some time to regroup yourself. What exactly do you want to achieve? What should you do to get there? What are the steps to take? Does your current work align with that? If not, what can you do about it?

      10. Stop Over-Complicating Things

      Are you waiting for a perfect time to do this? That maybe now is not the best time because of X, Y, Z reasons? Ditch that thought because there’s never a perfect time. If you keep waiting for one, you are never going to accomplish anything.

      Perfectionism is one of the biggest reasons for procrastination. Read more about why perfectionist tendencies can be a bane than a boon: Why Being A Perfectionist May Not Be So Perfect.

      11. Get a Grip and Just Do It

      At the end, it boils down to taking action. You can do all the strategizing, planning and hypothesizing, but if you don’t take action, nothing’s going to happen. Occasionally, I get readers and clients who keep complaining about their situations but they still refuse to take action at the end of the day.

      Reality check:

      I have never heard anyone procrastinate their way to success before and I doubt it’s going to change in the near future.  Whatever it is you are procrastinating on, if you want to get it done, you need to get a grip on yourself and do it.

      More About Procrastination

      Featured photo credit: Malvestida Magazine via unsplash.com

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