Figure Out What You Feel Comfortable Paying
There is a difference between what you can afford and what you feel comfortable paying. Keep this in mind when when getting approved for loans. The amount of money you are qualified to borrow is not necessarily an amount you may want to take on in a monthly mortgage payment. Many first-time home buyers make the mistake of taking on a payment so large, they become slaves to their mortgage. They just can’t resist getting as much house they can for their money, and in all the excitement, convince themselves they will not mind trimming back on other aspects to make ownership possible. But, you will likely soon grow tired of this situation. Really comb through your finances to see what you have coming in each month and what is going out. Don’t forget about building your savings account and contributing to retirement funds. Don’t forget about vacations. Don’t create a situation for yourself where you feel like your mortgage payments are sucking all the joy out of your life.
Accept You May Not Find the ‘’Perfect’’ House Before You Start Your Search
We all have our own idea of what constitutes the perfect house for us. But, depending on your budget, it is a good bet that you will not find one with every item on your checklist. And this is okay. You should not feel like a failed if you cannot find the exact home you want. If you go into the hunt accepting this fact, you will set the stage for a more successful search; you will be evaluating the homes you see from a much more effective perspective.
Make a list of ‘’must-haves’’ and the ‘’would be nice’’ and try to get as close as possible. It is a big purchase and you want to see what is out there; while you may not want to buy the first house you see, if you find a great house, jump on it. Passing on it simply because you want to see if you can ‘’do better,’’ may come back to bite you. You may not find something better, but now that great house was snatched up by someone else.
Be Careful of Getting Caught Up in Bells and Whistles
So, you have made your list of the things your home must have and the things that would be nice. The former is more functional and maybe not that much fun. The latter is the type of stuff that makes you really love the house, get excited about it. But, be careful of getting so caught up in these things that you begin to compromise on the elements that you felt the home ‘’must have.’’ You abhor noise and did not want to live on a busy street, but that architecture is just so darling you think you convince yourself it won’t be so bad. You were very firm on being a certain distance from your work, but that kitchen is just so great you think you will not mind doubling your travel time in the morning. Whenever you feel yourself moving away from those ‘’must haves’’ think carefully about the consequences.