Ignite FB Tracking PixelAdvice for Homebuyers: Stick to a Budget - Rebecca Hite
Advice for Homebuyers: Stick to a Budget

by Rebecca Hite 01/28/2019

Purchasing a house on a budget can be difficult for even the most diligent property buyer. Lucky for you, we're here to help you create an effective homebuying budget and reduce the temptation to spend beyond your means to acquire your ideal residence.

Now, let's take a look at three tips to help you craft a property buying budget.

1. Examine Your Finances Closely

Your income, everyday expenses and other financial factors may impact your ability to buy a house. Therefore, you should analyze your finances closely to determine how much you can spend on a residence.

Once you evaluate your finances, you can establish a price range for your home search. Next, you can kick off a house search and move one step closer to acquiring your dream house.

2. Get Your Credit Score

Your credit score is a three-digit number based on your outstanding debt, length of credit history and other factors. It may have a major impact on your ability to secure home financing and establish a successful homebuying budget. As such, you should review your credit score and work to improve it before you enter the housing market.

To obtain your credit score, you can request a copy of your credit report from each of the three reporting bureaus (Equifax, Experian and TransUnion). You are eligible to receive a free copy of your credit report annually from each credit reporting bureau. Thus, you should take advantage of this complimentary perk and obtain your credit report as soon as you can.

If you identify outstanding debt on your credit report, you should work to pay this off. Or, if you find errors on your credit report, you should contact the bureau that provided the report to fix these mistakes.

3. Meet with Lenders

Banks and credit unions are happy to meet with you to discuss various home financing options. If you consult with these lenders, you may be better equipped than ever before to create a successful homebuying budget before you launch a house search.

Ultimately, lenders can help you get pre-approved for a mortgage. If you get a mortgage prior to searching for a house, you'll know exactly how much you can spend on a residence. Then, you can speed up your home search and discover your dream house faster than ever before.

As you get ready to begin your quest for your ideal residence, you may want to hire a real estate agent too. This housing market professional can put you in touch with top lenders in your area and help you secure home financing. Furthermore, a real estate agent can tailor a home search to your property buying budget. Perhaps best of all, a real estate agent will help you negotiate with a seller's agent to ensure you can get the best price on any home, at any time.

Create an effective homebuying budget – use the aforementioned tips, and you can establish a property buying budget and use it to streamline your home search.

About the Author

Author
Rebecca Hite

Hi. I’m Rebecca. Check Out My Newest Listing!

Thanks for stopping by! Since you’re here, I’m assuming you’re in the market to buy or sell a home and not just whittling away your free time perusing Realtor websites. And, since there are about a gazillion Realtors out there, I’m just going to cut to the chase and tell you the most important thing you should know about working with me: When clients choose me, they are choosing a relationship, not just an agent.

I know, I know… it sounds trite. (I promise I’m not moonlighting as a Hallmark greeting card writer.) Stay with me for a moment and let me try and explain how serious I am about that statement…

There are 25,000 realtors in the marketplace.

It’s a really easy business to get into, yet realtors are dealing with people’s biggest investments. There are a lot of Real Estate Agents out there who are not good at taking that investment seriously. Some got into this business simply because they like to show homes. Others are focused more on the number of transactions they can close each month than on whether their clients are getting into the home that’s truly right for them. It’s unfortunate.

I don’t treat people like that. Since 2001, when I began building my business, I did it by building relationships. Rest assured that even when things get a bit chaotic (and they will!), nothing is going to slip through the cracks. I’m not looking to maximize my number of transactions per year – I am looking to a build long-term relationship with you. I want my clients to work with me every time they decide to sell or purchase a new home, and refer me with confidence to their friends and family.

Other things I think you should know about me:

  • My tagline says that integrity means everything, because to me it does.
  • I’ll never stop learning or assume I know it all. I take a lot of continuing education courses and if I don’t have an answer, I’ll be honest and then go find out!
  • I’m a Member of the 2016 and 2017 SMDRA Diamond Circle Club!
  • I value customer service. I know, I know… everyone says that. When you work with me, you’ll find out that it’s actually true.
  • I am honored to have won the 5280 Five Star Professional Real Estate Agent Award 7 years running. This recognition is based solely upon customer satisfaction ratings for exceptional service and overall satisfaction.
  • Entex Information Service –  1981-2001 – 20 years! – Vice President of Sales
  • Information Technology Services for Fortune 500 Companies, including hardware, software sales, help desk implementation, infrastructure redesign and computer services. Procurement Optimization, Help Desk Installation, Process Management, Deployment Implementation, Sales, Marketing, Management, Mergers and Acquisition, Human Resource Planning, Contract Negotiation.
  • Specialties: Sales and Marketing, Process Management
  • Started at Business Land as a corporate account manager on-site at Bain Consulting Services. Trained with the Fortune 50 accounts for business development, process design, management, marketing and customer service.  Top Apple sales representative in the country for the Insurance Industry.  Promoted to Sales Manager, Director of Corporate Accounts, General Manager and ultimately Vice President of Sales.  Directly responsible for the P&L of $100,000 in gross revenue and 5% EBITDA with 350 employees in 8 states.
  • Historic Denver Certification – Understanding & Selling Denver’s Historic Homes & Neighborhoods. Historic Denver, Inc. protects the historic neighborhoods that make Denver unique. In the 1970s Denver’s historic structures faced demolition in epic numbers. Historic Denver, Inc. helped save one of our city’s most celebrated historic homes – that of “unsinkable” Molly Brown. Since then Historic Denver has been the leading voice for preservation through Advocacy, Education, and Technical Assistance. Historic Denver, Inc….
  • When clients choose me, they are choosing a relationship, not just an agent. If that sounds like the kind of Realtor you want to work with, we should talk. Pick up the phone, and tell me what I can do for you.

~Rebecca
303-929-3555