Whether you’re planning on buying or selling your home in the near future, but you have decided to wait until the time is right, there are a few things that you should focus on in the meantime. Instead of just hoping that the market falls in your favor, check out a few tips that we think will help enhance your buying or selling power. As always, DM us your unique situation so that we can lend some friendly advise.
Keep Revolving Debt Low
Revolving debt is any variable credit card debt that changes on a monthly basis. It’s always a good rule of thumb to keep your debt at 30% or less of the total balance so that your credit score does not spike! In actuality, the lower your total average daily balance, the higher your score will spike, which will eventually help you when it comes to getting the best rate and terms for your mortgage loan.
Cut Back On Expenses
One of the most prudent things that you can do while you’re sitting tight on your home sale or purchase is to avoid large lavish purchases. I know this sounds obvious, but sometimes it can be easy to fall into spending money on long avoided upgrades like a new car or couch. A few other small, but mighty fixes are letting go of those daily Starbucks drinks that can add up to hundreds of dollars a month, skipping out on travel if you are planning on buying or selling within the next few months and if you put a grocery shopping cap to 1 bag per person, you will be stunned art how you will save hundreds on a monthly basis. Also, stop going out to the bar every weekend and drinking your money.
Reduce Income Tax Return Deductions
They say the higher the gross income, the better. Sure, you will pay a little more in taxes in the short terms, but your buying power will increase tremendously and your rate and terms will provide you with huge savings over the life of your loan.
Keep A Clean & Tidy Home
This is a great tip for whether you plan to buy or sell in the near future because it creates intention behind your goal and drives inspiration to follow through. If you’re going to sell, your home will obviously need to be clean and ready to maximize on sales price and if you’re going to buy, you will want to ensure that what you’re buying is at the least, the same standard as your current living situation. Always trade up in real estate!