Ignite FB Tracking PixelShould You Stretch Your Budget To Get Your Florida Dream Home? - Christine Citrano P.A.

Should You Stretch Your Budget To Get Your Florida Dream Home?

by Christine Citrano P.A. 12/03/2018

There are a lot of things involved in finding a home and obtaining a mortgage. You’ll need to check your credit, get all of your tax paperwork in order, and show proof of your income. It’s an exciting time once you have started the process of buying a Florida home. While buying a home can be very exciting, you don't want your emotions to get in the way of keeping your finances in check. Because you find the home of your dreams and have been approved for a certain amount, it doesn’t mean you need to spend that pre-approval number on the house. Many times, people throw their budgets out the window in order to get a home they love. This lack of financial responsibility is a flawed way of thinking for many reasons.


You know that you don’t want to go into debt before you apply for a home loan. The lender will look at your income and debt-to-income ratio. The lender then determines how much they are willing to allow you to borrow to buy a home. Many Florida homebuyers are surprised as to how much they can spend on a home. 


There’s one problem- the bank doesn’t  know the ins and outs of your entire financial picture. It can be hard to back out of buying a Florida dream home but buying a house that maximizes your budget will put an even more considerable strain on your financial situation. 


You’re The Only One Who Sees Your Budget


You have many monthly expenses that aren’t included as a part of your mortgage application. Your lender doesn’t know how much you spend on cable, Internet, groceries, or gas. There’s a reality of your financial that exists beyond the papers that mortgage lenders require. You need to track your own spending to know what you can truly afford. If you want to get a home that’s a reach in your budget and know you’re approved for a certain amount, it may be time to cut back on some luxuries that aren’t necessary.


Your Home Needs More Than A Mortgage Payment To Keep It Running


You’ll have many monthly bills on top of your mortgage payment including:


Home insurance

Cable

Internet

Electricity

Water

Trash

Property taxes

And more


On top of these bills, you’ll need a bit of a cushion to allow you to make repairs around the house. Anything can break when you least expect it. As a homeowner, it will be tough to go without a refrigerator or a stove for an extended period. Worse, you can’t risk living with a hole in your roof! 


While buying a Florida home at the top of your budget is achievable, it may not be the best choice if you’d still like to live comfortably.  

About the Author

Author
Christine Citrano P.A.

  Christine Citrano has been a full-time licensed professional REALTOR® since 2004 and brings her years of experience to each transaction.  Smart, honest and compassionate are the three keys to her success.  Passion for the Naples lifestyle and all that it entails is what drives her every day.