Tuesday, March 19, 2013

Buying a Lexington Home? Don't Forget to Spring Clean Your Finances!

Spring is just around the corner, even though the weather isn’t reflecting the warm breezes, budding flowers and chirping birds that we have in mind.  But, soon we’ll be finding our way outdoors and enjoying all that Lexington has to offer!

For many of us, the spring season means it’s time to undergo cleaning our entire home from top to bottom.  And, while this is always refreshing and gives us that boost of energy for the warm weather season, we oftentimes will stop cleaning once we feel our home is in order.  

If you’re considering buying a home in Lexington this spring, it’s important that you take the time to spring clean your finances as well!  Getting your financials in order can help you know exactly where you’re at before beginning your home search, and can help the home buying process run much more smoothly. 

As a Lexington Real Estate agent, I want to help you be as prepared as possible when buying a Lexington home, so I thought I would highlight some spring cleaning tips to help you succeed!

1. Review your budget- It’s helpful to make time to sit down and check your monthly budget. This will help you determine exactly how much you’re able to spend on a Lexington home.  Also, if you are saving to buy a house, periodically reviewing your budget will help you get rid of unnecessary expenses allowing you to save more.

2. Review your financial emergency plan - Planning for unexpected events can give you peace of mind. A good rule of thumb is to have six months worth of expenses saved in an emergency fund. Don’t get discouraged if it takes time to build up your emergency fund, any amount is better than no savings at all. Also, make sure that if you become incapacitated, there is someone you trust to handle your finances.

3. Check your credit report and fix any errors- Banks are paying close attention to credit scores and, by law, consumers have the right to a free annual credit report. Take advantage of getting a free credit report, but always be sure to check out its accuracy. Many times, there are errors or may contain outdated information, which could affect your score negatively. If you do find a mistake, make sure you contact the corresponding credit bureau in order to dispute the errors.

4. Sign up for paperless statements - Signing up for paperless statements and paying your bills online will help keep your mail under control while saving trees at the same time. A lot of banks and credit unions offer online bill pay services for free. Take advantage of this and you’ll also be helping to care for the environment!

5. Consolidate accounts- When you’re budgeting, sometimes it’s helpful to separate accounts. But having many accounts can make keeping track of them difficult. When that becomes the case, it’s time to consolidate your accounts. Before making this decision, check with your financial institution to make sure there aren’t any penalties or fees for canceling an account.

These tips should help you get organized and even better prepared for the Lexington home buying process.

As always, if you have any questions about buying a home, entering the Lexington Real Estate market, or you’re ready to take the next step; please contact me today!

I look forward to hearing from you!

Theresa D'Antuono
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