How To Budget For Your Next Home
Unfortunately, I see this happen in the Real Estate Industry and I want to make sure it does not happen to you: which is paying more for a home than you are comfortable with.
You may get approved for a payment amount that is more than you are truly comfortable paying when it comes to your monthly payments. The home buying process can become a very emotional process so with my Clients I always like to have an open conversation about this early on.
I know nobody likes the word “Budget” but it’s important to talk about your true cost of living. I recommend you make a list of all your current expenses and don’t leave anything out.
Know how much money you bring home after taxes each paycheck, then start deducting your personal expenses and this will help to see what a comfortable mortgage payment will be.
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Sample Personal Expense List:
- Car Payment
- Gas for Vehicles
- Car Insurance
- Cell Phone Payment
- Utilities (Gas, Power, Water, Cable, etc..)
- Groceries
- Eating Out/Entertainment
- Student Loans
- Yearly Clothing Expense
- Kids Schooling/Sports/Activities
- Insurance
The list is different for everyone, but it is important to know these numbers so you can budget correctly. You may even discover some areas where money is being wasted and you can give those the cut.
I hope you find this helpful and please let me know if you have any questions or need anything! Feel free to call, text or email me anytime! 5076967510
Video Transcript:
How to budget for your next home.
This is Alex Mayer with Counselor Realty, and buying a home can be a very emotional process, so I always like to have an open conversation with my clients about budgeting early on.
Nobody likes the word budget, but it is important to talk about your true cost of living, so I recommend you make a list of all your current expenses, and don’t leave anything out. Know how much money you bring home after taxes each paycheck.
Then start deducting your personal expenses, and this will help you determine what a comfortable payment will be.
The list is different for everyone, but it is important to know these numbers so that you can budget correctly.
You may even discover some areas where money is being wasted, and you can give those a cut.
To get my sample list on what to budget for, click the link below.
This is Alex Mayer with Counselor Realty, Buy and Sell Strategically.
