Consider Size (of Home and Budget) when Buying a Home

June 28, 2012

Approved mortgage application from someone who stayed within their budgetNow that we’re really feeling the heat of summer and there are tons of homes on market, we’re in the middle of real estate professionals call the “buying season” and before you start the process of

buying a home, it’s important to make a few decisions first.  The Equifax Finance Blog explores some of the questions you should ask yourself at the beginning of your home search in the recent article, “

How Big of a House Do You Need?

A big part of deciding how big of a house you need is to determine what you can afford and how to make your needs match it. This way, you keep your mortgage payments manageable so that you can get by comfortably month to month as well as continue saving money for the future. You can start the process by getting a lender to give you a prequalification letter, which gives you an amount to work with, but keep in mind that just because a bank is willing to loan you a certain amount, it doesn’t mean that you have to take out the full amount – you can always take out less, to keep your payments manageable.  Also keep in mind that the mortgage payment is just part of the cost per month of homeownership, with utilities, homeowners’ association fees and other expenses due each and every month.

With all that in mind, it’s good to sort your requirements for a new home into things that you must have and things you could do without. You may find that you don’t need as much of a home as you thought. There are lots of benefits to smaller homes, from less maintenance to lower utility costs.

For more great ways to

save money and learn about everything from real estate to credit ratings, explore the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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