What's the best way to balance first-time buyer needs and budget?

Before you pick up the phone, go to an open house one step is to ask yourself what is home to me and if you are buying a house or a condo with someone else, you need to have those list of priorities as well. Then you need to think about the future - buying a house is not like buying a pair of jeans, it a long term commitment and a lot of thought needs to be put into this before you walk into an open house - the open house is after you have done all your research!

Most prospective buyers start out wanting a home price of X and a payment that equates to about 70% of X. Working with a good realtor and lender will help them get their priorities aligned and narrow down the price range to something the buyer likes and can live with.

Oh my ~ The Budget - this is a big part where first time buyers rely on the mortgage professional. This is a big mistake - the first part is for you to analyze your spending and then you need to think of the future. Besides your needs for the future dont forget about inflation - so take a look around with personal issues (how you commute to work - what does that cost - do you need a new car or will you take the commuter bus). Then you need to look at the communities where you think you want to live and factor in the property taxes, & other costs like home insurance - These costs go up! This budget thing starts with you first time homebuyer - not the mortgage agent - all I can say is be honest with yourself so you dont have buyers remorse!

Your budget is a critical component of the home-buying process. When you are pre-approved for a mortgage, the lender does not consider your lifestyle only your revolving debts like credit cards and your installment loans such as student loans and car loans. They do not consider travel, eating out, or family activities. While the lender may not consider these expenses, as a buyer, you will need to keep them in mind if you want to continue your current lifestyle. Create a budget if you don't already have one. Look at the last two years of income and expenses to see exactly where your money goes. Be realistic about what you can afford and how you will pay for it. Once your budget is in place then begin your househunting.

Buying a home is sooo exciting and its a wonderful accomplishment! Then reality - Home Buyers remorse is well over 50% annually. Now why is that? Well - there are 5 professions thrown at you in a short amount of time & you just can't possibly be an expert in 5 professional fields. Just say NO! I'm going to educate myself first & then hire my team - You can empower yourself and be happy with the most expensive single item you most likely will ever purchase. There are free classes but they typically only cover the finances and - well there's a whole lot more to buying a house than the monthly bill (although that is important too). The real estate industry is changing and now more than ever education is the key!

Be prepared to act fast? Hummm - I dont know about this - I think you need to make sure you understand exactly what it is you are getting into before you "act fast." Make sure if you over pay for a house you know the time it will take to just break even. Houses come on the market every day and yes depending up on the market there can be competition but you need to be comfortable with the end result. Ask those questions of yourself before you even look at your first house. What are my guiding principles during my home search. You can start to watch the market 3 months before you begin a home search and that will serve you extremely well because you will be educated on the market

Learn from Others: Seek advice from friends or family who have purchased homes to avoid common pitfalls, such as overspending or skipping inspections. Set Clear Priorities: Identify must-haves versus nice-to-haves in a home, like location or size, to streamline your search. Establish a Realistic Budget: Calculate your total monthly expenses and ensure your mortgage fits within your financial limits. Consider All Costs: Factor in additional expenses like property taxes, insurance, and maintenance to avoid surprises. Stay Flexible: Be prepared to compromise on certain features and walk away if a deal doesn't meet your needs or budget.

Selecting an experienced agent you can trust is key! Let the trusted professional be your guide so you can enjoy the journey!

Education, Education , Education is key - there are professionals in each industry that want to help and are good, respectable and excellent at their craft. They will help you get to your end goal - which you will be a homeowner if you put your mind to it. However, the best thing you can do is educate yourself because the professional just doesn't know all the very personal details of your life. You need to sort those life details - convert them into home features so that you know what you need before you start your home search. It's such an exciting time & you can & will achieve homeownership! You Got This!