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 current rental does not. There really is no end to all the wonderful things a home can offer.
But, wait a minute. This is a major decision and should not be made rashly.
You want your new home to be a joy to you. Your home should be your anchor and your safe haven in the world. You do not want it to be a lead weight pulling you down financially. Your home should not drain your bank account to the point that activities you used to enjoy, must be forgotten.
It may be a smarter decision for you to forgo some of the extra features that jack up home prices and opt for a more modest home that offers just what you need to live comfortably. One of the most important things to consider is your current lifestyle. How much do you pay in rent each month? Would you be comfortable paying more than that every month? Or would life be better if you payed a little less each month?
When you meet with a mortgage lender, the lender will tell you what size payment you qualify for. But, the payment you qualify for may be more than you should actually be spending. They calculate the payment you qualify for based solely on your income and fixed expenses. They do not factor in your week long skiing vacation every winter, your weekly Friday night dinner out at an upscale restaurant, or whatever your splurge may be. That is why it is imperative that you calculate what size payment you feel comfortable paying every month. You can use a mortgage calculator to get an idea of what your monthly payment would be for different home prices.
After you have an idea of how much you are comfortable with spending every month, make a list of features your new home must have. Then, make a list of the extra features that you would like to have in your new home, but are not deal breakers.
We will use the payment size you prefer to help you determine the highest price you will want to spend on your new home. Then, using your two lists of home features, we will find homes in your price range that offer all the features on your must have list and many of the features on your want list as well.
Call us today at 858-342-9292 and we will get started today. Before you know it, you will be settling into your San Diego dream home.
P.S. Do not let anyone talk you into spending more than you are comfortable with. You are the one responsible for making the payment every month, so you must feel comfortable with the amount.