Thinking of buying? Here's how to stay in-line with your budget.

Thinking of buying this year? With Summer just around the corner and obvious life expenses, staying in budget is more important than ever so you don't end up house poor. 

Stick within these limits as you begin your search:

  1. Establish needs vs. wants.

We all have them, the need for a yard for the dog but the want for that shiny new KitchenAid refrigerator. Before you go on the hunt for your new house, make a list of what you really need and what you really want and then price it all out by seeing what's out there online and comparing. If your budget doesn't allow for the house that's got it all, consider buying something a that you can add to later. Remember, appliances can always be swapped out. 

2. Communicate clearly with your agent and your broker.

Once you have a budget in mind, make sure all parties in your search understand your limit. 

3. Try to take the emotion out of your search. 

Buying a home can be very emotional. Try to pick your top four or five properties before letting emotions get in the way and make sure they're all within your price range so you can take the dollars out of the guesswork when it comes time to make a decision. 

4. Stay away from bidding wars. 

If you end up getting into a bid war with another buyer, know when to let it go. If the property is one you really want, consider leaving some wiggle room in your offer so you can add a little more if there's a counter offer on the table. 

5. Meet with your broker before you start looking to understand your options. We're always here for a chat! 

Happy hunting!

This article is in the category: General.

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