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Posted about 7 years ago

How to Become a Homeowner in 3 Years

Everyone dreams of owning a home. Unfortunately, it takes most people years and years before they finally put a down payment on a house. This could be because the money they’ve been saving up always ends up being spent elsewhere or because they’re too afraid to take the leap even if they’ve saved up enough money. After all, buying a home is usually the biggest purchase you will ever make. But with the right budget and state of mind, you’ll find that your seemingly impossible dream is well within your reach. In fact, with a little discipline, it’s possible to buy your own home in just 3 years.

Evaluate Your Financial Status

You should know where you currently stand financially before you can begin planning to purchase a home. Most importantly, you should know the value of your assets, your liabilities, how much you earn, and how much you spend. This way, you will know how much you can set aside each month for a house.

Set A Goal

Now that you’ve evaluated your financial standing, you can set a goal. Look around the market and find a house that resembles your dream home. See how much it costs, determine the down payment required, and look into mortgage options. Calculate how much you’ll have to save up each month so you can afford it in three years. A lot can change in three years, but overestimate a bit, and you’ll safely know about how much money you’ll need to set aside.

Be Realistic

Don’t count on your dream home magically becoming more affordable. Plan for your home realistically by determining how much you could reasonably save each month if your income over three years didn’t increase at all. Remember, a house is ultimately a liability, not an asset. The bigger your home, the greater the monthly expenses, including property taxes, maintenance, and more.

Start Saving Up

Saving money is one of the most difficult parts in the process of buying a home. If you’re not careful, after a couple of months, you can lose your motivation and use your savings for something else instead. If that happens, you need to revisit your vision and remember why you wanted to purchase a home in the first place. Be accountable and responsible with your savings. Consider cutting out unnecessary expenses like your pricy morning coffee so you can reach your goal faster. Any unexpected monetary gains, like tax refunds, should go directly to your savings.

Turn To Wealth Experts

Reading books and articles on finance and turning to wealth experts can help you stick to your plan and stay motivated. If you encounter problems with your budget or savings, wealth experts like Steve Down will teach you how to become healthy financially and help you reach your goal faster. You can refer to Down’s book, Financially Fit for Life, if you’re not quite sure how you should approach your finances.

Improve Your Credit Score

Your credit score is of utmost importance when it comes to purchasing a home. When it comes time to purchase, aim to have a credit score above 700, especially if you have limited income. This will help you qualify for a loan and find better mortgage rates. In order to start increasing your credit score now, pay your bills on time and actively put money towards reducing your outstanding debt, if you have any. As you save for a home, it’s critical that you stay out of debt so you can get a loan for your home if needed.


Preparing to buy a home takes great commitment, especially if you’re planning on doing it within three years. With consistency, discipline, and motivation, you’ll be able to achieve your goal. Just remember to stick to your budget and don’t be afraid to ask for help as you make important financial decisions along the way. The home you want is within reach. You have the power to save, so set some goals, maintain discipline, and make it happen!



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