Page 16 - Carol Dorey Real Estate

Carol C. Dorey Real Estate, Inc.
ESTABLISH
a Price Range
Deciding how much you want to spend on a new home can become a moving target as interest rates & property values change. Moreover, if you find that your “must have” list can’t be satisfied at the value range you’ve been exploring, you may need to make some compromises or consider increasing your price range.
In any case you’ll want to consider how your new acquisition will impact your financial situation. Will it affect your lifestyle, your ability to enjoy vacation time or extra curricular activities, future purchases? Will it impact your savings plan?
What additional annual expenses will you incur beyond the purchase? Taxes, insurance, homeowners association fees, maintenance of grounds & buildings all add up. Will you need to budget for improvements to the home or a new addition?
There’s always the unexpected that you should expect
- a water pipe leak, the oven stops working, a winter ice storm breaks some roof slates or bends the gutters. If you plan to take out a mortgage, you’ll need to speak with
a lender who can pre-qualify you for a loan and help determine your price range.
16