Achieving that goal now can be challenging, with home prices still elevated and higher interest rates pushing mortgage costs higher, said Elliott, who is a member of CNBC's Financial Advisor Council.
You should also work on improving your credit score, which will put you in the best possible position to get a good rate on your mortgage, Elliott said.
Anticipate unexpected homeownership costsOne of the benefits of buying versus renting a home is the ability to have fixed costs, Elliott said.
Look for flexibility on your purchaseThough home prices and interest rates are high, there are still possible ways prospective homebuyers can cut costs.
By getting a shorter-term mortgage — say, for 15 years instead of 30 years — borrowers may access lower interest rates.
Persons:
Kamila Elliott, Elliott, Carline Jean, Elliot
Organizations:
Wealth Partners, CNBC's, Tribune, Service, Wealth
Locations:
Atlanta, Parkland , Florida