Yep, it’s January 2018 already, which means the New Year’s resolution season is in full swing. We at the Nevada Housing Division have a few ideas about how to become a better homebuyer or homeowner, naturally.
Check out our recommendations for resolutions you can (and should) achieve this year.
For The Homebuyer
Question: Who doesn’t want to be healthy, wealthy and wise? Just as we thought: crickets. As a homebuyer—or someone toying with the idea of purchasing a home in the near future—there are ways to make sure your resolutions are resolved. This is by no means a comprehensive list, but it’s a darn fine place to start.
One of the biggest pieces of advice we can give a homebuyer is to check the health of your credit. Know your score. Develop a game plan for improving your score as needed. And look for errors. Both boosting your score and fixing errors take time, so start early. Like, as soon as you’re done reading this.
RELATED: Your Credit Score, Demystified
We’re not promising win-the-lottery-quit-your-job kind of wealth here, but you can get wealthier by getting pre-approved for a Home Is Possible mortgage. (HIP for short.) Not only will you understand how much house you qualify for, you’ll know about how much bonus money you’ll receive. We’re talkin’ thousands of dollars. You’ll also be a more attractive buyer, which is important in a seller’s market like the one we’re in. Work with a HIP-qualified lender to get the ball rolling.
Resolve to be an educated homebuyer. Whether you’re a seasoned buyer or a newbie, homebuyer education programs are designed to make sure everyone learns something new and helpful. It’s so important, we require completion of a homebuyer education course for anyone who takes advantage of our homebuyer programs.
Keep in mind that your certificate of completion is good for one year, so there’s no need to procrastinate. Get ‘er done! (See, we’re helping you with other resolutions, too.)
There are many great choices out there, but we believe our homebuyer ed course is best—‘cause we produced it, and it’s free.
For The Homeowner
Now, let’s shift gears and cover a few stellar New Year’s resolutions that homeowners can (and should) accomplish this year. (Though in the name of full transparency, we are disclosing that these are good resolutions for homebuyers and renters, too.)
It’s so easy to put off addressing potential home safety hazards like carbon monoxide, radon gas and dryer vent blockages. Out of sight, out of mind. But it’s super duper important to address these common, potentially deadly problems. We’re not going to scare you with the statistics, but suffice it to say, today’s the day you’ll be ordering your carbon monoxide detector, your radon test kit and detector, and your dryer vent cleaning kit, right? Good, thanks.
No matter how penny-pinchy you are, there’s always at least a little room for improvement in the area of spending and saving. We would be remiss if we didn’t recommend taking a hard look at your income, expenses, your needs and wants, and tighten the purse strings a bit. Done well, it will affect your wealth in the short and long term.
A wise homeowner never stops learning. Being the smarty pants that you are, surely a home improvement class is right up your alley. Want to tackle a small tile project this year? Dying to learn how to hang wallpaper? (It’s back, baby!) Get the skills you need to tackle a project yourself (which also helps your ‘get wealthy’ resolution).
Another wise avenue to explore is financial literacy. The resources available are endless, but Forbes.com was kind enough to share 5 Free Personal Finances Classes Everyone Should Enroll In This Fall. It’s a good read. (Yes, we know it’s not fall anymore, but the info is relevant no matter the season.)
2018 Is Your Year
You’ve got the whole year ahead of you (give or take a few days) to cross these resolutions off your to do list. Hopefully, we’ve provided motivation along with a healthy dose of how-to so you can accomplish these healthy, wealthy and wise resolutions. Go get ‘em, Tiger!