When to Increase your Budget when Shopping for a Home

Setting out to purchase a new property is an exciting time, and when you think about your price range, you always hope to find the ideal property within that budget, however, the housing market is hugely variable, and it rarely works out that way.

There are many circumstances in which you may have to rethink your budget, and quite often you’ll need to increase it to get the home you want.

For example, you may find that properties in the neighbourhoods you’re looking to buy in are actually selling for more than you expected. With this eventuality, you’d have to either look for a home in a different area, or see if there’s a possibility that you can increase your budget.

Another scenario that comes up frequently is changing needs and requirements. You may view a few homes for sale and realize that a particular feature is more important to you than you initially thought. You may have budgeted for a three-bedroom home, but once you’ve seen a few, you may think, “Okay, maybe we should look at four bedrooms to give ourselves more space”. Again, this may well result in a budgetary increase.

Finally, you might find that you view a property and fall in love with the place. It’s perfect. It has everything you need. You’ve got to have that home! But, its price is outside your budget.

In that case, you’ll need to weigh paying a bit more against getting a home that will have a significant and positive impact on your lifestyle and happiness.

As you can see, there’s a lot to consider when shopping for a home and trying to stay within a budget.  I am a believer that you should never spend a penny more than you want or need to, to be financially comfortable with a home purchase that will suit the needs for you and your family.   I am always here to help you find a home in any price range and also have a great contact list of mortgage lenders that are ready and willing to help.  If you are looking for some help, let me know.

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