Home Buyers: Think Affordable

It’s exciting to think and dream about all of the great things you’d like to have in your new home—more space, more updated or luxurious amenities, etc.  There are so many wonderful memories to made, good times to be had, and comforts to enjoy.  Ah… home sweet home, right? 

Well, yes, right.  But no, that’s not the whole story.  What’s missing is that—unless you have the money to pay off the entire balance of your new home on the spot, out-of-pocket (which almost no one does, in all practicality)—the mortgage is going to come due after a month or two.  And the money is going to need to be there.  Even if you or your spouse just got a promotion at work, while that may mean it’s time to trade up to a better home, it doesn’t mean it’s time to go even deeper into debt. 

Before you jump into a new home and a new mortgage, take the time to ensure your monthly budget is going to be able to stay in stride with your payments.  When the market is soft as it has been in recent years, you may be able to get a home of slightly greater value for the same or less per month than what you’re paying on your current mortgage. So yes, there is a way to upgrade and not overspend. 

Be realistic about your budget and communicate that to your agent.  Tell them what you’re looking for, shop around, price compare (and compare feature-to-feature) until you find the perfect balance of a better lifestyle and a reasonable price point.  When you find “the perfect home” but it’s just slightly out of your range, that’s where a great agent comes in.  The negotiating power of an experienced agent is much better than your own negotiating power.  Your agent will be able to talk the buyer down without sounding desperate—something you may not be capable of doing when the zeal of the American Dream hits you. 

Stay grounded but don’t be afraid to dream.  Let your agent do the talking, and you will find the home you’ve always wanted at a price that you can truly afford.

Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida and also in2Va Team in Northern Virginia.

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