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For most people, purchasing a home will be the largest financial transaction they ever make. As such, it is extremely important that you manage to stay within your budget. After all, the amount of money you spend will directly impact your finances for the next 10-20 years.
Luckily, there are some easy tips you can follow, in order to keep things under budget, such as:
Before you can stick to a budget, you will first need to come up with a budget. Once you have decided what that number will be, it is important that you make it firm. This means, don’t tell your real estate agent that your budget is “around $300,000” or “$300,000-ish” if your actual budget is $275,000. By telling them exactly what you can afford, they can find you houses that make sense for you.
When looking through your home purchase options, try to avoid looking at houses that are out of your budget. It can be very easy to convince yourself that it is worth it to pay an extra $20,000-$30,000 for a want vs. a need. However, if you can’t afford it, then you are just going to be torturing yourself unnecessarily. Stick to homes that you can afford.
Homes that have been on the market for a few months (or weeks in a seller’s market), can sometimes offer some excellent value. Because sellers will be anxious to complete a deal soon, they are often willing to negotiate on the terms of the deal. If you play your cards right, you can potentially negotiate thousands of dollars off of the home’s purchase price.
Ultimately, whether or not you can stick to your budget will come down to your level of self-control and willingness to negotiate. By following the advice contained in this article, you will be giving yourself the best possible chance of finding an excellent home that you can comfortably afford.
We understand that the home buying process is complex and filled with emotion. However, my goal is to provide you with comfort and reliability, as you’re navigating through the highs and lows of the real estate market, with the ultimate goal of finding your new home that fits your needs. Schedule a no-obligation first meeting with me here.
Image credit: niwate bunlue | iStock | Getty Images Plus