Ignite FB Tracking PixelHow to Buy a Home Without Breaking Your Budget - Terry Naber
RE/MAX Properties, Inc.
Terry Naber, RE/MAX Properties, Inc.Phone: (719) 491-8966
Email: [email protected]

How to Buy a Home Without Breaking Your Budget

by Terry Naber 02/16/2020

A home is one of the biggest purchases that an individual can make in his or her lifetime. It also may prove to be expensive, particularly for those who fail to plan ahead for the property buying journey.

There is no need to break your budget to acquire your dream residence. In fact, there are many quick, easy ways to guarantee you can keep you finances in check and avoid the risk of spending too much to purchase your ideal house.

Now, let's take a look at three tips to ensure you can buy a quality house at a budget-friendly price.

1. Get Pre-Approved for a Mortgage

You want to buy a home, but you still have no idea how much you can spend on a residence. Thankfully, if you get pre-approved for a mortgage, you can enter the real estate market with a budget in hand. As a result, you will know exactly how much you can spend on a house and can plan accordingly.

Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to meet with you. These mortgage specialists can review your income, credit score and other relevant financial data. Then, they can provide you with mortgage options based on your finances.

2. Narrow Your Home Search

Although most people want to buy a mansion, it is important to establish realistic homebuying expectations. Because if you narrow your home search to properties that fall within your price range, you can speed up the property buying journey. Perhaps most important, you can shop around to find a terrific home that corresponds to your budget.

Don't forget to consider homes in a variety of cities and towns too. In some instances, it may prove to be more cost-effective to purchase a house in a small town than a residence in a big city.

3. Evaluate Your Short- and Long-Term Plans

Think about your short- and long-term plans, and you may be better equipped than ever before to map out your home finances for the foreseeable future.

For instance, if you plan to raise a family in the years to come, you may want to consider the costs associated with childcare and other child expenses. This will allow you to budget properly as you search for your dream home.

On the other hand, if you recently accepted a work promotion, your income soon may rise. In this situation, you may be able to increase your homebuying budget due to the fact that extra income will be coming your way.

Lastly, as you get ready to search for a house, you may want to hire a real estate agent. In addition to helping you find a home that matches your budget, a real estate agent will offer expert guidance throughout the property buying journey. He or she will help you prepare for a home inspection, closing and other important steps during the homebuying process. By doing so, a real estate agent will help you seamlessly navigate the homebuying journey and achieve the optimal results.

About the Author
Author

Terry Naber

Your "Good Neighbor" In Colorado Springs Real Estate Since 1990 (28 years experience) 

Certifications:

  • CRS / CDPE / LHP / MRS / CFE / MRE / CNE / IRES/ SRES

Specializing in

  • Black Forest / Calhan / Castle Rock / Colorado Springs / Elbert / Ellicott / Falcon / Fountain / Manitou Springs / Monument / Palmer Lake / Peyton

Specialties:

  •  Buyer's Agent
  •  Listing Agent
  •  Relocation
  •  Foreclosure
  •  Senior Real Estate Specialist

Terry has been an award-winning licensed Realtor since 1990 when Colorado Springs was "Repo Capital" of the United States.  Getting into the business when most agents were leaving the business was a challenge, but one that she eagerly embraced because she came in with a different business philosophy of putting her clients interests above all else, serving them with integrity and care ever since. Buyers and sellers alike appreciated the difference and have rewarded her with repeat and referral business.