While shopping for your first house, you’ll likely be faced with the difficult task of creating and staying within a budget. You’ll probably need to compromise on smaller things (like amenities and house size) in order to find something that doesn’t break the bank—but still lives up to your dreams.
Be Flexible on Location
One of the key factors that determines the price of a house is location. The most desirable neighborhoods are the ones with good schools, plenty of community amenities, low crime, and the “look” of attractive streets. Thus, homes in these neighborhoods will typically yield the highest prices. If the homes in a particular neighborhood you’re eyeing are a bit out of your price range, consider other neighborhoods that are nearby. You’ll likely find lower prices in an older neighborhood with more aged homes that need a little TLC and newer neighborhoods that aren’t as established. Look around and be open-minded.
Consider Size Carefully: Think Outside the Box
Know how much space you want in your house. Do you expect your family to grow? Do you have teens who will be moving out in a few years? Perhaps you envision each child having their own room. If you’re flexible, you might find you don’t need as large of a house as you think. Perhaps the kids can share a bedroom but have a large playroom in the family room area. Maybe your family wouldn’t use a formal dining room and could instead use the room as an office, play area for the kids, or craft room.
Don’t Expect Perfection
Don’t be afraid of home improvements. One of the easiest ways to save money when you buy a house is to choose one that needs a little work. It’s easy to fall in love with the pristine home with the granite countertops, stainless steel appliances, and all the trappings of a model home. If you see a house that has dingy carpets and dirty walls but the floor plan is ideal, just look at the potential. You can replace flooring, appliances, countertops, and fixtures. Adding a fresh coat of paint in a new color suited to your family’s style and personality will can add a brand new look to a room.
Get Preapproved For a Loan
One of the most important steps in staying within your budget is getting prequalified for a mortgage. Once you’re prequalified, you’ll have an idea of the mortgage amount you qualify for. You’ll also know how much interest you’ll be expected to pay, how much home you can afford and how much your mortgage payment will be each month.
To get started with your budget and the preapproval process, contact BrightPath Mortgage today.