Allison James Estates & Homes

Budget for the Homebuying Journey

by The Leiby Team Realtors 12/01/2019

Let's face it – the homebuying journey may prove to be an expensive experience. If you're not careful, you risk overspending to acquire your dream house. On the other hand, if you purchase a home without identifying underlying structural problems, you risk costly home repairs down the line.

Ultimately, it helps to establish a budget for the homebuying journey. If you have a budget in place, you can increase the likelihood of having the necessary funds on hand to overcome many potential homebuying hurdles.

You should have no trouble creating a homebuying budget, either. In fact, here are three tips to help you put together a budget for the homebuying journey.

1. Assess Your Financial Situation

If you intend to purchase a house in the foreseeable future, you'll want to take a close look at your finances. By doing so, you may be able to reduce your monthly spending and use your savings to accelerate the homebuying journey.

It often helps to assess your daily, weekly and monthly expenses. Then, you may discover bills that you can cut from your everyday budget.

For example, you may enjoy dining out regularly, but cooking at home may prove to be more cost-effective. And as you reduce your dining expenses, you can save money that you can use toward the down payment on a new house.

2. Obtain Your Credit Score

Believe it or not, your credit score can make a world of difference in your quest to acquire a house. If you check your credit score, you may be able to find ways to improve your credit score prior to kicking off a house search.

You are eligible to receive a free copy of your credit report from each of the three reporting bureaus (Experian, Equifax and TransUnion). Take advantage of this perk, and you can learn your credit score in no time at all.

Remember, your credit score may have a major impact on your ability to land a favorable mortgage. And if you find that you have a below-average credit score, you then can pay off outstanding debt to improve it before you start your search for a new home.

3. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage is ideal. With a mortgage in hand, you can enter the real estate market with a budget for buying a house.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can offer insights into a variety of mortgage options and help you make an informed mortgage selection.

Lastly, as you prepare a homebuying budget, you may want to collaborate with a real estate agent. This housing market professional can help you hone your home search to residences that fall within your price range. Perhaps best of all, a real estate agent will make it simple for you to avoid spending too much to acquire your dream house.

Get ready to buy a house – use the aforementioned tips, and you can establish a successful homebuying budget.

About the Author
Author

The Leiby Team Realtors

We founded The Leiby Team with one simple mission: to provide better Real Estate advice and service than any other brokers serving the local Portland and SW Washington market. We employ luxury home marketing techniques to each and every property listing, regardless of price. Our buyers benefit from our strong market knowledge and negotiating skills. We have a goal and are committed to being the most reliable and responsive brokers, providing better marketing and professional advice than any of our competitors.

Today, the results speak for themselves. Over the years, The Leiby Team has served as Realtors to hundreds of home buyers and sellers. Our property listings sell for a higher price than other listings, and they sell faster. Our buyers typically save thousands of dollars on home purchases via our strong negotiating skills. Our clients expect a high level of service and we deliver it. 

The Leiby Team is backed by a nationwide corporate Real Estate company in Allison James Estates and Homes; however, our local service feels more like a boutique firm. We cater to our customers first and foremost as we focus on home sales and marketing in the Portland, Vancouver area and the surrounding suburbs. The Team was co-founded by the husband and wife team of John Leiby and Michelle Leiby. If you are looking for a real estate broker in the Portland Metro and SW Washington area, call the Team that will exceed your expectations. Call John Leiby at 971-409-2803 or Michelle Leiby at 503-781-3943