How to Budget for a Home

Are you ready to take that next step and purchase a home? Congratulations! Purchasing a home is a big purchase and a huge life accomplishment but it can be very expensive! Also, when you buy a home, it is an ongoing expense and you will still have to invest back into the house for maintenance, or potential upgrades in the future. Therefore, it’s important to be financially prepared to buy a home.  

3 Ways to be Financially Prepared to Buy a Home: 

1. You Should Determine Your Homebuying Affordability: You will need to establish how much you can spend on a home, your income contributes to this but also other factors as well. Depending on your credit score, more or fewer mortgage options will be available to you. One other thing to consider as well is moving cost, closing cost, and other costs. If you buy an older home you will need to have a budget for upgrades and other incidentals.  

2. Maintain an Account for New and Ongoing Expenses: Buying a home, comes with additional expenses as mentioned above. You will need to create a budget for these anticipated costs. Once, you have bought the home you will be responsible for mortgage payments and regular maintenance expenses. 

3. Begin Saving!: Again, this is a big purchase and you need to be financially stable to take this next step! You should create a savings plan so you can get the home of your dreams. 

Need help finding your dream home in the Triangle? Contact Raleigh Cary Realty today: https://www.raleighcaryrealty.com/contactus/