Rachel was recently asked by Redfin to provide financial advice to first time home buyers. She shared:
We recommend that you have a good handle on where your money is going today. From here, forecast out what the expenses associated with the house will look like: mortgage payment, taxes, insurance, maintenance, and utilities. Once you have determined a comfortable budget, start looking for houses that will work within those parameters.
So often, the budget for a home is too easily determined by how much mortgage the lender will approve. This is rarely the best price range to use. Rachel recommends really understanding your unique situation to determine what price range will help you meet all of your financial goals long term. To see the full article, visit Redfin’s blog.