Setting Real Estate Goals: A Step-by-Step Approach

Making a change in your real estate journey can seem daunting, but breaking it down into manageable steps can help you achieve your goals. Here’s how to set and accomplish your real estate goals effectively.

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1. Stop and Reflect
Before diving into any changes, it’s crucial to pause and assess your current situation. Identify one specific habit or mindset you need to change. Whether it's curbing impulsive spending or shifting from a fixed to a growth mindset, pinpointing this change is the first step toward progress.

2. Start with Financial Understanding
Understanding your finances is the foundation of setting realistic real estate goals. Begin by getting a clear picture of your financial situation. This includes:

• Creating a Budget: Use resources like the monthly budget planner from Home with Kelsey Isaacson to track your income and expenses.
• Tracking Debt: Utilize tools like the Debt Payment Tracker and Debt Snowball Tracker to manage and reduce your debt.
• Building a Rainy Day Fund: Set aside money for unexpected expenses to ensure you’re prepared.
• Savings Challenge: Engage in a $10,000 Personal Savings Challenge to boost your savings and prepare for future expenses.

3. Prepare a Detailed Plan
Once you have a handle on your finances, it’s time to prepare a concrete plan for homeownership. Consider the following expenses and savings goals:

• Closing Costs: These can range from $0 to $10,000 depending on your situation. This includes fees associated with finalizing the sale.
• Down Payment: Typically, this ranges from 0% to 20% of the purchase price. Aim to save as much as you can to reduce your mortgage payments.
• Earnest Money: Usually between 1% and 3% of the purchase price, this amount is included in your closing costs.
• Inspection Costs: Budget around $400 to $600 for a home inspection to ensure the property is in good condition.

4. Follow Your Plan
With your budget and savings plan in place, it’s crucial to stick to it. Regularly review your progress and adjust as needed. Consistency is key to staying on track and reaching your financial goals.

5. Achieve Homeownership
Remember, achieving homeownership is a process that happens one step at a time. Set realistic goals, and tackle them one day at a time. With patience and dedication, you can accomplish any goal you set for yourself.
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By breaking down the process into these actionable steps, you’ll find it easier to navigate the path to homeownership. Use the resources available to you, stay disciplined, and keep your end goal in sight. Contact Kelsey Isaacson to help you begin your real estate journey!