The season for New Years’ Resolutions is barely underway, but if history is any guide, many have already met their Waterloos. For future St. Cloud homeowners resolved to make this the year they make the leap from renter to homeowner, there are some incremental moves that will make that leap less daunting. Here are three:

1)      Starting now, keep monthly tabs on your credit profile. The three credit bureaus (Transunion, Equifax, and Experian) are required by law to provide your credit reports once every year. But due to COVID-19, right now (through April), the federally authorized annual credit reporting firm is offering free weekly online reports (but beware of sites that have similar URLs). If you find errors in your report (they are pretty common), the sooner you correct them, the better. Many credit card companies are now offering a “your credit score” perk that tracks your current score from one of the companies. It’s free, so after the April offer expires, you can a good habit to cultivate is checking your score every month.

2)      Open a separate “Down Payment” account at your bank—and schedule regular transfers into it from your checking account. Most of us have at least partially automated the household bill-paying, so adding the Down Payment account to the list of regular creditors with a “due date” that falls early in the month (and a payment amount that’s substantial but realistic) will make coming up with a down payment that much easier.

3)      Know what you’re spending—and decide what’s unnecessary. Owning a home means spending to maintain it—expenses renters largely avoid. But that’s not as burdensome as it sounds. Most St. Cloud homeowners would agree that a side benefit of homeownership is that when you make purchases “for the house,” it feels like contributing to your own future—more like saving than spending. Non-homeowners can usually identify at least some habitual spending that’s really more to “feel good” than for a true necessity. Behavioral science has a name for it: “retail therapy.” Getting in the habit now of avoiding gratuitous spending sets up future homeowners for a more fulfilling “feel good” kind of spending.

I have a good deal of experience helping aspiring St. Cloud homeowners turn wishes into reality. Why not start the year with a call to me for a no-obligation preliminary chat!

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