Premier Sotheby's International Realty
Doug & Erin Risher, Premier Sotheby's International RealtyPhone: (239) 825-3696
Email: [email protected]

How Much Money Do You Need to Buy a House?

by Doug & Erin Risher 07/27/2020

The amount of money you will need to ensure you can purchase a house varies based on a number of factors. For example, if you want to purchase a house in a big city, you may need to save more money than you likely would require to buy a residence in a small town. Meanwhile, your decision to choose a fixed-rate mortgage over an adjustable-rate mortgage – or vice-versa – can impact your monthly housing costs. And let's not forget about the costs of home utilities like electricity and water, either.

Ultimately, it helps to put together a homebuying budget before you embark on a house search. Because if you know how much money you have at your disposal, you can map out your house search accordingly. And as a result, you can minimize the risk of spending too much to acquire your dream residence.

Let's now take a look at three tips to help you craft an effective homebuying budget.

1. Evaluate Your Current Expenses

An in-depth assessment of your current monthly expenses is key. If you conduct an expense evaluation, you can find out how much you spend on various must-haves and wants. You then can take steps to reduce your monthly expenses and increase your savings for a new home.

It also never hurts to consult with a financial planner. If you have a financial planner at your side, you can gain expert insights to help you evaluate your current expenses. Plus, you can work with a financial planner to determine the best course of action so you can eventually buy your dream residence.

2. Get Pre-Approved for a Mortgage

Meet with a variety of banks and credit unions and explore your mortgage options – you will be happy you did. If you assess your mortgage options closely, you can find one that complements your finances. And once you get pre-approved for a mortgage, you will know how much you can spend on a house.

Generally, it is beneficial to meet with as many banks and credit unions as you can. If you consult with myriad lenders, you can receive extensive insights into many mortgage options. Best of all, you will be better equipped than ever before to find the lowest-possible interest rate on a mortgage.

3. Consider Your Down Payment Options

The down payment required for a home purchase varies, but it commonly ranges between 5 percent and 20 percent of a house's total price. If you account for a down payment as you craft a homebuying budget, you can use this total to plan ahead for the property buying journey.

Lastly, you may want to collaborate with a real estate agent as you prepare to launch a home search. In addition to helping you find your dream residence, a real estate agent can put you in touch with potential lenders and offer plenty of guidance throughout the property buying journey.

Ready to pursue a home? Use the aforementioned tips, and you create a successful homebuying budget.

About the Author
Author

Doug & Erin Risher

Hi, Welcome To Our Website Amazing Naples Homes.Com. My name is Doug Risher, together with my wife Erin and Trish Giampaoli we are The Risher Team. We hope you find the website fast and easy to use. Please let us know if we can help you in your search. If you have specific needs or wants please let us know those. We often have additional homes, condos or land that may not be for sale on the MLS. 

A fifth generation Floridian and lifelong resident of Naples, Doug Risher has seen and been a part of the tremendous growth that defines Southwest Florida. He previously worked in the golf business for various manufacturers of hard and soft goods. Doug started out working as an independent sales representative and worked his way up the ranks to a national sales position.

In the real estate market, he has established himself in new construction and has earned two designations relating to custom home design and modern construction practices. Doug is a Certified New Home Specialist (CNHS) and is Residential Construction Certified (RCC). He believes advising buyers and sellers alike is very rewarding.

Doug enjoys creating a successful outcome, whether it's assisting a buyer to find the right community, helping find the perfect location for that custom home or marketing a home for a seller. He utilizes social media and target marketing to match qualified buyers with listings. When you work with The Risher Team, you get the double-edged sword of high-tech and high-touch.

Outside of real estate, Doug supports Take a Soldier Fishing, the Juvenile Diabetes Research Foundation and Captains for Clean Water. 

 

Erin worked for 11 years as a Case Manager for the largest personal injury law firm in the state of Florida. Erin was ranked yearly as a high fee producer, negotiating with insurance companies for her clients top compensation. Erin says, "the experience I gained while working for the law firm was invaluable and made me a great negotiator."

 "I use techniques I learned there to the benefit of my real estate clients." "I love real estate and it is my passion", says Erin Risher Broker Associate. Erin along with her husband Doug are the Risher Team, they participate and contribute to Take a Soldier Fishing and Juvenile Diabetes Foundation. 

When you work with”The Risher Team” you get the double edged sword of High Tech & High Touch in Doug & Erin Risher. Erin is passionate about our environment and supports captains for clean water and the restoring the natural flow on water through the Everglades. Erin loves her family and enjoys boating, going to the beach and visiting the keys and islands of florida. Together we help people. "Real estate is the truly our passion and it is what we love to do"