Avoid These Budget Busters
When you get ready to make the transition from renter to buyer, one of the first questions you will find yourself asking is, “How much house can I afford?” In order to determine your home buying price point, you will need to sit down with your budget. When you do, make sure you factor in these often-forgotten expenses to ensure you do not end up busting your budget when you buy.
- Value-Driven Costs: You might forget to include certain expenses that you do not always include in your budget because the money is spent on something you see as absolutely essential. Make sure you factor in charitable giving, uncovered health care (e.g. acupuncture, massage), religious tithes, and other value-driven expenses so you can get an accurate idea of your spending.
- Fun Money: Because you do not get to take a vacation every month (unless you are very lucky), you likely do not think about this irregularly occurring expense when budgeting. Make sure that you factor in retreat, getaway, conference, and other similar costs when budgeting, though, to ensure you do not have to forgo them once you buy your home.
- Kid-Related Expenses: You have probably already included the basic expenses related to your kids, but make sure you think about those that only occur every once in a while, too. This includes summer camps and new equipment for an extracurricular like football pads or violin strings.
You should not have to go through the process of buying your first home on your own. To get an expert on your side, contact Andraya Coulter. With years of California home buying experience, I can come alongside you to help you get into the right Bay Area home at the right price. Do not be left wandering the process without a guide; call me today!