When to Increase Your Buying Budget

When you set a budget for a new home, you’re hoping to find the ideal property within that price range. You may even be expecting to be able to purchase within that range. But, it doesn’t always work out that way. In fact, there are many circumstances in which you might have to rethink or possibly increase your budget to get the home you want.

For example, you might find that properties in neighbourhoods you’re targeting are selling for more than you expected. If that is the case, you might have to look for a home in a different area. You also may have to see if you can bump up your budget. Another scenario that often comes up is a changing wish list. You may view a few homes for sale and realize that a particular feature is more important to you than you initially thought. You might have budgeted for a three-bedroom home. Once you’ve seen a few properties with four, you think you definitely want four bedrooms! To get that fourth bedroom, you may have to increase what you spend.

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! The problem is, its price is outside your budget. If this happens, you’ll need to weigh the pros and cons. Is it worth paying a bit more to get 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. Let me help you navigate through the process.