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Trying on the new budget for size before purchasing your first home - Give it a whirl! * Information for Macomb County MI first time home buyers *

By
Real Estate Agent with Keller Williams Realty - Lakeside Market Center


Advice for first time home buyers in Macomb County MI

Most first time home buyers know that the process to purchasing their first homes start
with talking to a mortgage lender, and then choosing a buyers agent.  However, I feel that the most important part of the process isn't often talked about:   Creating a budget that is comfortable.

One of the things that I suggest to my local Macomb County MI 1st time home buyers is to sit down with a notebook and write down the expenses that they feel they will have in a new home that they don't have now:





Higher utility bills.
(If you are in an apartment plan on paying double what you currently
pay for utilities.)  

Maintenance costs. (Budget a monthly amount for routine maintenance on a home)

Higher gasoline prices.  (Most home buyers purchase further away from their places
of employment than they live while renting.  The higher gasoline prices can wreak havoc
if you haven't budgeted for it.)


Once you're comfortable with your projected budget you can begin to live with that budget before you purchase a home.  Try that budget on for size so to speak for a few  months to see if it really is comfortable for you.  Take that added money and put it away and pretend it isn't there.  (It won't be when you've purchased the home and moved in to it!) 

Along with the knowledge that "I can do this!" you'll also have more money tucked away to use towards the purchase of your new home if you've tried out your budget for a few months.

                          
                              Try on those bigger shoes to see if they'll fit!

                                 


Kris Wales - A Macomb County MI real estate agent




Photo courtesy of:

Comments (4)

Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor

What great advice - something they might not think of on their own right away.  Also love the new pic! :-)

Aug 14, 2009 10:11 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Kris, Good subject.  I know someone who just put an offer on a home...and I don't know HOW they're going to be able to afford it.  I wonder what they were thinking........

Aug 14, 2009 01:59 PM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Great idea most buyers that have trouble don't figure it out until it is too late.

Aug 14, 2009 03:18 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Hi Liz,  Thanks :-)  

Carole,  That's scary.  I hope it works out well for them.

Terry & Bonnie,   Unfortunately that is true at times.

Aug 14, 2009 10:29 PM