Many Buyers Are Willing To Go Over Their Budget For The Perfect Home

By
Mortgage and Lending with CrossCountry Mortgage, LLC NMLS #3029 NMLS #126036

For those who are looking for a new home, it is important to take the time to get this decision right. For a lot of people, a home is the most valuable investment they are ever going to make. As a result, it is critical to evaluate all of the options that are available. That way, everyone will get the most out of their time. What about setting a budget? How important is this and should people think about going over it?

It Is Important To Budget First

When someone is looking for a home, the first step is to know the budget. As a rule of thumb, those people should try to avoid spending more than 30 percent of their monthly income on housing expenses. This is monthly income before taxes. For those who are having trouble doing this calculation, this is an area where a trained professional can provide assistance. That way, everyone will know how much money they can spend on a home after their down payment.

Make A List Of Must-Have and Nice To Have Features

Next, it is important to come up with a list of features they must have and features that would be nice to have. Everyone has to make sure they know what features they want to include the budget. There are some things that homeowners need to have, such as a certain number of bedrooms. Then, there are features that people would like to have but aren’t necessary. What happens if someone finds a home with everything? Should they go over budget?

Finding The Perfect Home Is Worth A Few Extra Dollars

In the end, a home is more than just a number on a piece of paper. Because a home is also about intangible values and benefits, it is okay for homeowners to go over their budget slightly for the perfect home because there is a great chance that they are going to be there for years to come. At the same time, everyone also has to make sure they know how far over budget they are willing to go. Then, they can find the perfect home. 

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For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

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Tags:
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Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Going over budget would make sense if the reality of how long they will be stretched can be justified.  Home prices will seldom go down

Jan 18, 2021 07:11 AM #1
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Joe,  I hate to see people get in trouble buying more house and then cut them short on other items.

 

Jan 18, 2021 09:08 AM #2
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

The real estate market has become so competitive that buyers have little choice but to extend their budget if they find a house they love. My buyers are constantly in multiple offer situations due to limited inventory.

Jan 18, 2021 12:50 PM #3
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