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Advice for Homebuyers: How to Stick to a Budget

by The Rivera Team Carlos R Rivera Sr 11/26/2018

Purchasing a house on a budget can be difficult for even the most diligent property buyer. Lucky for you, we're here to help you create an effective homebuying budget and reduce the temptation to spend beyond your means to acquire your ideal residence.

Now, let's take a look at three tips to help you craft a property buying budget.

1. Examine Your Finances Closely

Your income, everyday expenses and other financial factors may impact your ability to buy a house. Therefore, you should analyze your finances closely to determine how much you can spend on a residence.

Once you evaluate your finances, you can establish a price range for your home search. Next, you can kick off a house search and move one step closer to acquiring your dream house.

2. Get Your Credit Score

Your credit score is a three-digit number based on your outstanding debt, length of credit history and other factors. It may have a major impact on your ability to secure home financing and establish a successful homebuying budget. As such, you should review your credit score and work to improve it before you enter the housing market.

To obtain your credit score, you can request a copy of your credit report from each of the three reporting bureaus (Equifax, Experian and TransUnion). You are eligible to receive a free copy of your credit report annually from each credit reporting bureau. Thus, you should take advantage of this complimentary perk and obtain your credit report as soon as you can.

If you identify outstanding debt on your credit report, you should work to pay this off. Or, if you find errors on your credit report, you should contact the bureau that provided the report to fix these mistakes.

3. Meet with Lenders

Banks and credit unions are happy to meet with you to discuss various home financing options. If you consult with these lenders, you may be better equipped than ever before to create a successful homebuying budget before you launch a house search.

Ultimately, lenders can help you get pre-approved for a mortgage. If you get a mortgage prior to searching for a house, you'll know exactly how much you can spend on a residence. Then, you can speed up your home search and discover your dream house faster than ever before.

As you get ready to begin your quest for your ideal residence, you may want to hire a real estate agent too. This housing market professional can put you in touch with top lenders in your area and help you secure home financing. Furthermore, a real estate agent can tailor a home search to your property buying budget. Perhaps best of all, a real estate agent will help you negotiate with a seller's agent to ensure you can get the best price on any home, at any time.

Create an effective homebuying budget – use the aforementioned tips, and you can establish a property buying budget and use it to streamline your home search.

About the Author

Author
The Rivera Team Carlos R Rivera Sr

After 22 years in the military, moving and relocating on an average of every 3 years, we know and understand your needs and concerns about SELLING, BUYING and RELOCATING. we have been in your shoes many times before, and now we’re putting that experience to work for you. WE CAN MAKE YOUR REAL ESTATE TRANSACTION AN EASY AND ENJOYABLE ONE. we bring a no- nonsense, mission-oriented approach to the transaction. The military leadership skills allow us to create a win-win situation with buyers, sellers and all other parties involved in the real estate transaction, which in turn allows us to get the transaction done in a timely, flawless and professional manner. We have the professional skills you need to get the job done the right way the first time. From beginning to end we’ll be on your side taking you step by step thru the real estate transaction, and after the closing we’ll be available as well to answer any questions or concerns you may have about REAL ESTATE. And of course, WE’LL WORK WITH THE SAME DEDICATION AND PROFESSIONALISM WITH ALL THE REFERRALS YOU ENTRUST US DURING AND AFTER YOUR TRANSACTION. 

Cities I Work:

Orlando, Kissimmee, St. Cloud, Celebration, Dr. Phillips, Ocoee, Winter Garden, Clermont, Davenport, Lake Nona, Sanford, Deltona, Debary, Lake Helen, Winter Park, Apopka, Gotha, Oviedo, Winter Springs, Longwood, Maitland, Casselberry, Lake Mary, Altamonte Springs, Eatonville

Designations

GRI – Graduate Realtor (®) Institute,  SRS -- Seller Representative Specialist,  ABR(®)  – Accredited Buyer Representative,
MRP – Military Relocation Professional, PSA -- Pricing Strategy Advisor