When to Increase your Budget when Shopping for a Home
When you set a budget for a new home, you’re obviously hoping — maybe
even expecting — to find the ideal property within that price range.
But, it doesn’t always work out that way.
In fact, there are many circumstances in which you might have to rethink your
budget and possibly even increase it, 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. In that circumstance, you might have
to look for a home in a different area, or see if you can bump up your budget.
Another scenario that often comes up is changing wish lists. You may view a
few homes for sale and realize that a particular feature is more important to
you than you initially thought. For example, you might have budgeted for a
three-bedroom home, but once you’ve seen a few properties with four, you
think, “Okay, we definitely want four bedrooms!” That might result in a budget
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! But, its
price is outside your budget.
In that case, you’ll need to weigh paying a bit more against getting 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.