How to Prepare Your Finances for Alaskan Real Estate

With a new season comes a wave of excitement and motivation for new beginnings. That may mean you've started the process of homebuying with a home search for Alaskan real estate, but are your finances in order? Before you move too much further into your homebuying process, take the time to spring clean your finances this season and you'll be in great shape for buying a new home in Fairbanks and Anchorage. Here are a few places you can start spring cleaning your budget, credit and bank accounts:

Start With Your Budget
When preparing to buy a new home in Alaska, your budget will be the foundation. It's time to sit down and examine your finances, taking note of your spending habits over the past few months. Have you found areas in which you're spending more than others? Is this necessary spending or something you could cut out? After you've identified the categories of your spending, you can adjust your budget accordingly and even pad the budget to accommodate future planned expenses or purchases. When you have a handle on your budget, you will be that much more ready to purchase Fairbanks or Anchorage real estate.

Look Into Your Bank Accounts
How many bank accounts do you have that you actually use? Do you have any empty accounts you can close? Now is the time to consolidate your finances and close the unused accounts. You should also take the time this spring to research your retirement accounts— “Many people have at least one retirement account from an old employer sitting around,” says US News. “Instead of dealing with multiple 401(k) accounts, consider rolling old accounts into new ones to streamline your retirement savings.

Shop for a New Rate
As a Alaskan homebuyer, shopping for the best rates (whether they be mortgage, insurance or even the best housing prices) will be something you'll become familiar with. However, before you begin the shopping for your homes in Anchorage or Fairbanks, start shopping for the best car loan and insurance rates. According to US News, you should shop around for a better rate at least once a year, maybe twice, to make sure you’re not overpaying for certain services.

Toss Out Old Documents
Spring cleaning will prompt you to toss out the old to make room for the new— this applies to important documents too! For instance, buying Alaskan real estate will require numerous contracts and paperwork, but you shouldn't let old paperwork take up space in your home. Take the time to go through your files and throw out anything you don't need, including old bank statements and even tax documents. It is suggested that you shred bank statements older than one year and tax documents older than seven years. Tossing out the old will allow you to better organize the paperwork and documents you do need to purchase a new home with the help of Madden Real Estate. 

Have more questions about the homebuying process in Alaska? Madden Real Estate is here to help! Contact the professionals at Madden Real Estate today to start off on the right foot this spring season.

Wes Madden, CEO/Broker
Madden Real Estate
(907) 452-3000

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