It’s important to stick within your budget when you are searching for a home. Knowing how much you can afford is of course critical to deciding on what home to buy – you need to think about where you are at now financially and where you will be in the future. With the current market lacking in inventory, you may be having a hard time finding the perfect home in your price range. When this happens, typically buyers have three options: wait on the market and keep looking, buy a home that your aren’t totally in love with, or raise your budget. Choosing one of these three options can be difficult, but here’s a few things to consider.
First and foremost, find out what difference it will make in your monthly mortgage payment if you were to increase your home buying budget. It may be a good idea to speak with your mortgage officer to get their opinion as well. You may be surprised that this difference may not be as much as you thought it would. Raising your budget will give you more options to look at, and with luck you may be able to negotiate a deal to get the price down lower.
Found a House Over Your Budget?
During your home search, you may run into a few houses that you absolutely love but it was out of your budget. Take the price of that home and determine what your monthly mortgage payment would. Would you be able to accommodate that monthly payment, perhaps cutback on some other monthly spending such as eating out, cable, etc.? Here is when you have to decide on what matters to you the most. If buying a home that is a bit above your budget is not going to break your bank account, speak with your real estate agent and mortgage officer. They can help you make the right decision in this case.
Looking to buy or sell a home in the MetroWest area? Real estate agent Robert Brown of RE/MAX Executive Realty services areas such as Hopkinton, Hopedale, Milford, Upton, Mendon, and many more. To learn more about MetroWest real estate agent Robert Brown, please visit the Meet Your Agent page on SellMyMetroWestHome.com
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