5 Steps To Help You Afford Your New Home

Moving is a challenging enough process without worrying about how you will be able to afford your new home. The first step is figuring out if you can afford to move and buy a new house at all. Below are some steps and planning tips to help you decide if you can afford a new home.

Set Goals

An important step in buying a new home is setting goals that match your plans for the future, lifestyle and budget. What kind of home are you looking for? A detached house or condominium? Do you want a yard? What kind of neighborhoods are you interested in? All of these are crucial questions to think about.

Make a Budget

The next step in determining if you can afford a new home is creating a budget. Make sure you and your family discuss what you are looking for in a home and how you can make a new living situation work. Look over your income and all costs associated with moving and purchasing a new home to decide on a reasonable budget. Costs can include the initial down payment, moving costs, home inspection fees, renovation and repair costs and the worthwhile cost of a dedicated Realtor.

Be Honest

It’s hard to let go of expensive dreams sometimes but it’s important to be honest about what new home you can afford. Look over your budget, price range and non-negotiable factors to see what kind of home you can afford. Anything you could not live without is non-negotiable, but also remember to be flexible about other factors that could reduce the price or make your offer look more attractive to a seller.

Look Into Loans

An additional step is looking into the best payment plans and types of loans for you and your family. Make sure to get mortgage pre-approval, as this will help you greatly when picking the best payment plan with your mortgage broker, bank or financial advisor.

Find a Realtor Right For You

After figuring out what kind of home you want and what you can afford, the next step is finding a Realtor who is right for you. Find someone who you are comfortable with and you feel has the experience to help you in the home-buying process.

For an experienced and skilled team dedicated to helping you find your next home, check out the Miller Real Estate Team.