Figure Your Budget

Although this part can feel intimidating, you want to have a clear understanding of your price range before looking for homes. No worries! Here are a few tips to help you plan with confidence: 

• Be realistic. No one wants to be “house poor,” spending so much on a mortgage that there isn’t much left over each month for living expenses. Talk to your banker or financial advisor to be sure you will be able to maintain the lifestyle you want.

• Get pre-qualified for your mortgage. When you find a home you want, it will be important to move fast. Getting pre-qualified usually doesn’t take too long, so get this done before you even start looking for a home.

• Plan for repairs. Love the character of an older home? You’ll need to factor in a budget for repairs and possibly upgrades. 

Factor in dues. If you plan to buy in a neighborhood that has a property owners’ association, dues will be part of your expenses.