How do you find the home that is right for you?
Just beginning your home search?
Or… Have you been researching the real estate market or looking at homes online for a while now?
There are many different things to consider about your future home as you start on the path to ownership. Things like:
- The number of bedrooms
- The number of bathrooms
- The size of your home
- The best location
And the list goes on…
While all of these items of consideration are extremely important to your buying decisions, there is one other item that is of utmost importance. This item will be a large factor that will help to shape the entire course of your journey.
The purchase price of your home.
What can you afford?
Depending on where you are in the buying process right now, the actual purchase price of your future home may or may not be your biggest consideration.
We think it should be. Just for right now.
In our many years of experience, we have come to learn that many buyers spend countless hours searching for and researching homes online, before they even know their price range.
The pendulum swings both ways when it comes to searching for and qualifying for a home. Many times buyers qualify for much more than what they think they can. Other times buyers are setting their sites on homes that are just out of their reach.
We want you to be the smarter home buyer.
We want you to work more efficiently with your time throughout your home buying journey, because buying a home shouldn’t take any more of your precious time than necessary.
Figuring out your purchasing price range early on in the home buying process will help keep you focused in on your target and keep you from looking at homes that don’t fit within your needs.
Are you less than a year away from purchasing a home?
It really depends on what stage you are in the home buying process as to how you should go about figuring out your price range.
If you are less than a year away from purchasing a home, then now is the time to consult a mortgage lender.
It’s critical to speak with a mortgage professional. They have the expertise to help you understand where you stand in regards to your credit and finances. They can give you the road map you need to have your financial affairs in order, so that when it’s time to make an offer on your dream home, you are ready!
Are you more than a year away from purchasing a home? Just work the numbers.
If you are over a year from purchasing a home, you’re probably fine with using a good mortgage calculator to see where you fit in.
If you are currently renting, are comfortable with the monthly rent payment and it is within your means, then you can just work the numbers backward to see what your potential purchase price would be. Once you’ve done that, you can feel pretty good that the homes you are researching and looking for are right for you!
Check out this quick video on how to use a mortgage calculator to figure out your home buying price range.
