Buying your first home? First decide what you really want to spend

Posted by on Thursday, October 23rd, 2014 at 8:39am.

The idea of owning a home is exciting – and your mind is probably spinning with all the features and benefits your new home can have that your present rental does not. There’s really no end to all the wonderful things a home can offer.

But wait a minute… Take a deep breath and think about this a little more.

You want that new home to be a joy to you. You want it to be your anchor and your safe haven in the world. You don’t want it to be a lead weight pulling you down, and you don’t want it to drain your bank account so that activities you used to enjoy have to be forgotten.

That means it might be smarter to forgo some of the extras and opt for a home that offers just what you actually need to be comfortable.

Consider your lifestyle right now. Think about how much rent you pay. Would you be comfortable paying more than that each month? Or would life be better if you paid a little less?

When you meet with a lender they’ll tell you the payment you qualify for. But they might be telling you a number that’s more than you should spend, because their numbers are based on your income and fixed expenses. They don’t know if you like to take a week off to go skiing every winter, or if trying a new upscale restaurant every Friday night is an activity you look forward to all week. 

So first determine the payment you’ll feel comfortable with. Then make a list of features your new home must have. Next make a list of the extra features you’d like to have.

I’ll use the payment you prefer to help you determine the top price you’ll want to pay. Then, using those two lists, I’ll search and find homes at your price that offer everything you must have, and as many of the other features as possible.

Call me today at 858-342-9292 and let’s get started.

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P.S. Don’t let anyone talk you into spending more than you’re comfortable with. You are the one who must make the monthly payment.

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