Griffith Realty
RSS Feed
Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 22 Posts
- 2025 | 48 Posts
- 2024 | 48 Posts
- 2023 | 48 Posts
- 2022 | 48 Posts
- 2021 | 48 Posts
- 2020 | 44 Posts
- 2019 | 48 Posts
- 2018 | 48 Posts
- 2017 | 2 Posts
- 2014 | 1 Posts
Area Information | 62 Posts
Brighton MI | 31 Posts
Buy a house | 42 Posts
Fenton, MI | 1 Posts
Griffith Realty | 24 Posts
Home Improvement | 31 Posts
Home purchasing tips | 3 Posts
Home Tips | 9 Posts
Homeownership | 23 Posts
Howell, MI | 12 Posts
Livingston County | 131 Posts
Milford, MI | 3 Posts
Sell Your Home | 35 Posts
Uncategorized | 1 Posts
March
12
12
5 Tips for Buying a Home Without Breaking the Bank
There's a good chance that your home is the most expensive thing you will ever buy; however, it doesn't have to be so expensive that it goes too far over your budget. One of the most common mistakes first-time homeowners make is buying a house that completely wipes out their savings, putting them in a very dangerous financial situation. Our REALTORS® want to make sure you avoid that. Here's how:
- Make Sure You're Ready
For many, buying a home is a great step forward, but it can also spell financial disaster if you make the move before you're ready for it. To determine if the time is right to become a homeowner, ask yourself some hard questions, and be sure to give yourself honest answers:
• Are you debt-free, with enough savings to cover three to six months of expenses in an emergency?
• Can you afford to make the necessary down payment (at least 10 percent, but preferably 20)?
• Do you have the cash to cover closing costs and moving expenses?
• Do you have the financial stability to take on a 15-year fixed-rate mortgage?
• Can you afford the ongoing costs of home ownership? - Determine Your Budget
There are a lot of things to consider when you determine your budget (and some handy online tools to help you out). At a basic level, figuring out your budget requires assessing your monthly earnings and expenses to arrive at a number that represents how much you can afford to pay for your mortgage on a monthly basis. As a general rule, monthly housing costs should be no more than 25 percent of your monthly income. - Don't Spend All Your Savings
Once you've determined the maximum you can afford to pay for a house, it's also important to realize that you don't have to pay your absolute maximum—and probably shouldn't. In doing so, many new homeowners find themselves in the unfortunate position of being "house-poor," able to afford a house, but just barely. Why buy a house if it means you have nothing left over to enjoy life with? It's always a good idea to find a house that covers your needs without maxing out your budget. - Consider Long-Term Costs
As you're no doubt aware, buying a home requires planning out a lot of ongoing costs, from mortgage payments and home loan insurance to property tax and utility bills. But it's also important to factor in the possibility of unexpected costs, like maintenance and repair. If your water heater breaks down, or your roof needs to be fixed, there needs to be room in your budget for it. - Get the Right Agent
Having a real estate agent in your corner is a great resource, but you don't want just any agent. You need someone who understands your needs, puts your financial well-being first and who, in general, you feel you can trust. You also need a strong buyer's agent, who can offer inside knowledge on the local real estate market and has the negotiating skills to get you a great deal on your dream home.
Contact us today to learn more about our wide selection of Brighton homes for sale, including houses that fit every budget. At Griffith Realty, we are committed to helping you find a home that offers everything you need at a price you can afford.