The Halloween costumes are now tucked away, and Starbucks has officially swapped pumpkin spice for peppermint mocha—it’s the unofficial signal that the holiday season is upon us. While most are prepping for turkey dinners and tree trimming, let’s not forget that New Year’s resolutions are right around the corner.

Before the holiday frenzy takes over, why not beat the rush and start strategizing for one of life’s biggest milestones? Yes, we’re talking about making the leap from renting to owning your own home. Here’s your step-by-step guide to making homeownership a reality in the coming year.

Step 1: Assess Your Financial Health

Understand Your Credit Score: Before you begin house hunting, it’s crucial to understand where you stand financially. Your credit score is the linchpin in securing a mortgage with favorable terms. Obtain a copy of your credit report, correct any errors, and work on improving your score if needed by paying down debt and making timely payments.

Budget for the Hidden Costs: Remember, the price of a home isn’t just about the mortgage; it also includes closing costs, home insurance, property taxes, and maintenance. Ensure you’re financially ready for these hidden homeownership costs.

Step 2: Save for a Down Payment

Create a Savings Plan: The traditional advice has been to aim for a 20% down payment, but in reality, this can be a significant barrier to entry for many prospective homeowners. Thankfully, there are several programs designed to help buyers enter the housing market with a smaller down payment. Reach out to an experienced lender to talk through these different programs and see if you qualify.

Budget Wisely: Use a budgeting app or spreadsheet to track your income and expenses. See where you can cut back and redirect that money into savings. Remember, even small amounts add up over time.

Set Up a Separate Savings Account: Create a savings account specifically for your down payment. This makes it easier to track progress and prevents you from dipping into these funds for other expenses.

Step 3: Get Pre-Approved for a Mortgage

Shop Around for a Lender: Don’t just go with the first lender you meet. Shop around, as mortgage rates and terms can vary widely.

Get Pre-Approval: A pre-approval letter not only gives you an understanding of what you can afford but also shows sellers that you’re a serious and prepared buyer.

Step 4: Define Your Homeownership Goals

Create a Must-Have List: Determine what you need in a home. How many bedrooms? What kind of neighborhood? Proximity to work or school? This will guide your search and help you stay focused on your goals.

Think Long-Term: Consider how long you plan to live in your new home and what life events may occur during that time. This could affect the type of home you buy and its location.

Step 5: Start House Hunting

Hire a Realtor: A good real estate agent is an invaluable resource. They have the expertise to guide you through the home buying process, can offer insight into local market conditions, and help you secure the best price.

Be Patient and Flexible: You may need to attend multiple open houses and view a variety of homes before you find the right one. Keep an open mind and be ready to act quickly in a competitive market.

Step 6: Make a Competitive Offer

Understand the Market: Your offer should reflect the current housing market conditions. In a seller’s market, you may need to bid higher, while in a buyer’s market, you might snag a deal.

Negotiate Wisely: Be prepared to negotiate terms, and remember, it’s not always about the highest offer. Flexibility on closing dates or minimal contingencies can also be appealing to sellers.

Step 7: Navigate the Closing Process

Stay on Top of Deadlines: Once your offer is accepted, there will be a series of deadlines for inspections, appraisals, and other contingencies. Keep a calendar to track these important dates.

Choose a Reputable Title Insurance Company: Title insurance acts as a helmet for your property’s history, safeguarding you from any unforeseen legal claims that might arise after you’ve made the purchase. Choose a company with a strong and credible standing in the industry, experienced underwriters, transparency & communication, and local expertise to shield one of the most significant purchases you’ll ever make. If you need recommendations, we may know of a good one.

Prepare for Closing Costs: Ensure you have the funds ready for closing costs, which can range from 2% to 5% of the loan amount. You’ll need this in addition to your down payment. Your title insurance company will make sure you know how much you need for closing.

Step 8: Plan Your Move

Hire Movers or Plan a DIY: Decide whether you’ll hire professionals or move yourself. Either way, plan ahead and book early, especially if you’re moving during a busy time.

Change Your Address: Update your address with the postal service, banks, and other important institutions. Also, transfer utilities and services to your new home.

Step 9: Celebrate and Maintain Your New Home

Host a Housewarming Party: Once you’re settled in, throw a housewarming party. It’s a great way to celebrate your accomplishment and introduce friends and family to your new home.

Stay Proactive on Maintenance: Keep your home in top shape with regular maintenance. This can prevent costly repairs in the future and maintain your home’s value.

Homeownership is a journey that requires patience, discipline, and preparation, but being able to call a home your own? There’s nothing quite like that feeling. By making it your New Year’s resolution and following these steps, you’ll be well on your way to holding the keys to your new home. Don’t just dream of homeownership—make it your mission.

Plan, prepare, and take actionable steps. Here’s to turning resolutions into reality—the sooner you start, the closer you get to unlocking the door to your new home.