6 Financial New Year’s Resolutions If You’re Planning To Buy a House in 2025

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Buying a home is one of the most significant moves you can make, particularly as it pertains to your finances. If you’re among the many folks looking to buy your first home in 2025, it’s critical that you’re eager to make any and all changes required to get on the best possible path and come out victorious. 

Get inspired now by setting invigorating and realistic goals. A great way to do this is by making New Year‘s resolutions that will keep you pumped — and accountable. Experts recommended making the following six resolutions if you’re planning to buy your first home in 2025.  

‘I Will Open or Add To a High-Yield Savings Account.” 

Sergio Aguinaga, owner and founder at Michigan Houses For Cash, told GOBankingRates that it wasn’t until he started saving for his first home that he realized how important it was to set up a high-yield savings account (HYSA). Once he opened one, he gained wealth and confidence. 

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“It felt good to see that account grow faster than keeping my money in a regular checking account,” Aguinaga said. “One trick that worked for me was setting up automatic transfers from my paycheck every week.”

‘I Will Start Cutting Back on Small Spending.’ 

Many major expenses — like rent, auto insurance and utilities — are essential. But a lot of minor splurges are just that, and can be eliminated. Make a resolution to cut down on the small things you don’t need but are draining your finances, little by little. 

“I found that small changes like cooking at home and cutting back on streaming services made a big difference,” Aguinaga said. “It’s all about those little sacrifices now for the big reward later, like no PMI and smaller monthly payments.”

‘I Will Not Try To Time the Real Estate Market in Pursuit of Lower Interest Rates.’ 

Interest rates could go down a bit more in 2025, and you may be waiting until this happens to make a move on buying a home. But some experts, like Landy Liu, founder at Foyer, think trying to predict interest rate movements can be tricky and even counterproductive. 

“Instead of focusing solely on timing, consider the overall economic outlook for 2025,” Liu said. “It’s looking good. Inflation is cooling and the job market remains strong. Rather than waiting for the ‘perfect’ moment, prioritize finding a home that meets your needs and fits the budget that you have been planning for.”

‘I Will Start Doing My Home-Searching Homework Immediately.” 

You need to put your New Year‘s resolutions into action pronto. If you want to buy a house in 2025, make a promise to yourself to start doing research shortly after that glittery NYE ball drops. 

“Start doing your homework immediately, like on Jan. 2,” said John Bodrozic, co-founder at HomeZada. “You should start researching prospective real estate agents and mortgage bankers as soon as possible in the New Year so you can get prequalified, giving you a much better chance at getting your offer accepted. Finding an agent and mortgage expert you trust that have experience in your new neighborhood can take as long as three months or more.” 

‘I Will Pay Down My Debts.’ 

You’ve absolutely got to focus on wiping out as much debt as possible before embarking on buying a home.  

“When you go to buy a home and apply for a mortgage, your financial situation is heavily assessed by mortgage lenders to determine what you qualify — if you qualify at all,” said Seamus Nally, CEO at TurboTenant. “Your debt-to-income (DTI) ratio will play a big role, and generally lenders want a DTI under 36%.”

‘I Will Improve My Credit Score.’

“In order to qualify for good mortgage rates, a decent credit score is a must, and to achieve this, you need to keep away from high-interest debts, monthly bill defaulters and multiple lending lines,” said Nathan Richardson, founder at Cash For Home. “For more ease, sign yourself up with credit monitoring services to keep tabs on how well you’re doing. In the long run, you will thank yourself for prioritizing your credit score, as it will cost you far less on your mortgage later down the line.”