available to a buyer in their pocket or bank account. For this reason, buyers contact lenders for loans. There are lenders who will provide you with loans outside of your budget. For potential homebuyers, it is important to stay disciplined and go for an affordable home purchase. Buying a home is expensive and can also be invested with emotion. It requires careful thinking about your current financial situation. There needs to be emotional control and you must make decisions solely based on your budget. Do not go out of your budget for a house just because it “feels like the perfect home” — overreaching your means will only cause you to experience financial problems in the future. The best approach is pre-approval by a reputable and prudent mortgage lender with whom you have worked to assess affordability of a mortgage with your budget.
BUYING STEP #3: Cr TEP #3: Create a List of Wants and Needs
A certain amount of energy is required when deciding your list of wants and needs for the home. Based on your specific budget, you must figure out what’s important to you and what you are willing to compromise. Wants and needs play an important role in the buying decision. If your dream home is outside of your budget, you may need to settle for something cheaper — at least for now. Nobody ever said your first home had to be your last! When estimating all your needs and wants, it can be productive to assign a numerical value, such as 1 to 10, on the items that are important to you. While visiting homes, you can then visibly chart which homes have the highest value to you.
BUYING STEP #4: L TEP #4: Look at Homes
46
Powered by FlippingBook