Buying a home is one of the most important financial decisions you’ll ever make. For many buyers, shopping for a home involves a careful balance of style goals and budget. Here are a few ways that you can get the home of your dreams without compromising too much on the style you want.
Set Priorities for Home Design
Before you start shopping for a home, you should do some homework. Make a list of the most important styles, design elements, and amenities that you’d like to have in your home. Get a sense of the types of homes you like and don’t like. Consider indoor and outdoor elements, from the look of the kitchen to the layout of the backyard or patio. If you’re buying a home with another person, you should each make a list and come to a consensus about your priorities. That way, you don’t waste your time looking at homes that don’t meet your needs.
Discover Your Buying Power
While you are working through your list of must have items for your new home, you should also learn what your realistic home-buying budget will be. Although you can get some general information from online calculators, your best bet is to get pre-approved for a mortgage. Mortgage pre-approval involves a careful and accurate look at your finances, so a lender can tell you how much they’d be willing to lend. With this information, you can go shopping with the comfort of knowing what is in your budget.
Be Realistic When Shopping for Homes
Buying a home is the biggest purchase most people will make. When you start looking at homes, be realistic about your expectations and your budget. Look for the absolute best homes in your price range and start there. Keep an open mind and shop for homes with great potential, not just the ones that look perfect to start. You may decide to put an offer in on an older home that you can customize to fit your style goals perfectly, instead of paying more for a newer home.
Budget for Upgrades
Even if the home you buy is brand-new, you may still need a little room in the budget to make it your own. Set a few realistic goals that you can achieve before you move in, such as buying appliances, upgrading the flooring, or painting the interior. If you have bigger plans, like remodeling the kitchen or finishing the basement, you should make sure that you can afford to finance it after you close on the home.
Plan for Monthly Housing Expenses
Once you buy a home, it is important to take into consideration all the expenses that come with it.. Start by determining how much money you’ll need for your monthly housing expenses, such as insurance, utilities, and your mortgage payment. Fixed-rate mortgages have a set monthly payment for principal and interest that remains the same for the entire loan. If you have an adjustable-rate mortgage, you may need to plan for the payment to change over time. The amount you have left after all your expenses are paid can be used to personalize your home.
Buying a home can be a dream come true, particularly if you start the journey with realistic expectations. By setting your sights on an affordable home and making plans to make it your own over time, you can have peace of mind that you won’t break your budget.
Erin Schlachter is Mortgage Sales Manager (NMLS#: 645889) at Right By You Mortgage, a division known for offering a comprehensive range of mortgage products. Backed by the strength and stability of Fidelity Bank, a trusted institution with more than 115 years in the financial services industry, Schlachter and his experienced team of loan officers provide personalized guidance at every step of the mortgage process, ensuring that clients receive expert support and a seamless experience from start to finish.
SOURCES
https://www.militarybyowner.com/resources/5-steps-to-balance-your-home-buying-dream/
https://www.build-review.com/6-tips-thatll-help-you-find-your-dream-home-within-your-budget/
