Homes of New Hampshire Realty



Posted by Homes of New Hampshire Realty on 8/9/2017

Have you found the home of your dreams but are overwhelmed by the price tag? This is a no-win situation that challenges even the most patient, resourceful homebuyer, and perhaps for good reason. Finding the perfect home may take days, weeks, months or years. And if you discover a residence that meets all of your needs but falls outside your budget, you're likely to be tempted to overspend to acquire this residence. However, you'll want to take a step back and think carefully about your decision, and those who weigh the short- and long-term ramifications of their decision ultimately will be able to make the right choice. Furthermore, you should consider the following factors as you try to resist the urge to overspend on a house: 1. Your monthly mortgage payments Although you may be able to handle a higher monthly mortgage payment in the short-term, you'll want to think about your long-term plans before you finalize your purchase. For example, do you plan to raise children? Or do you anticipate a career change over the next few years? You'll want to consider any plans that could impact your budget and determine whether you're ready to handle your monthly mortgage payments both now and in the future. 2. The quality of the home Although your dream home likely is of the highest quality, you'll want to ensure this residence won't require any immediate improvements. The quality of the home will dictate whether this residence will require substantial short- and long-term maintenance and repairs. And if you find there are many home improvement projects that may need to be completed soon, you may be better off considering other homes on the real estate market. 3. Your wants and needs Ideally, you'll want to find a home that fulfills all of your wants and needs instantly. But in today's highly competitive real estate market, only a fraction of houses may come close to meeting all of your demands. Differentiating between your wants and needs, however, is critical, as this will allow you to distinguish what you need to enjoy your home versus what you'd like your home to include in a dream scenario. For instance, your home needs electricity, running water and other everyday essentials. On the other hand, you may want a home with a pool, a spacious back yard and other distinct features, but you should not rule out homes due to the fact that they lack some of these non-essential amenities. Take a close look at your priorities and your budget, and you'll be able to make the right compromises to find a home that won't require you to break your budget altogether. Remember, your home is what you make it, and overspending to acquire a house may leave you satisfied in the short-term but struggling to pay your bills over an extended period of time. Make the right compromises as you explore the real estate market and set realistic expectations for the houses you check out. By doing so, you can improve your chances of finding a high-quality residence that meets your personal and budgetary needs.




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Posted by Homes of New Hampshire Realty on 12/21/2016

Many new homeowners are eager to begin renovations on their home to make it fit the beautiful picture they have in their mind. Unfortunately the aesthetic improvements, while important, are often prioritized over important structural and functional repairs that should be made first. The key to making smart financial decisions for renovating your home is to have a good budget and to stick to it. Home improvements are one of the few expenses that people often forget to budget for, alongside car repairs and emergency medical expenses. If done properly, however, a budget will help you prioritize your repairs so you'll spend your time and money wisely. In this article, we'll explain how to budget for home repairs in a way that works for you and your family.

Understanding your money

To budget for home improvements, you first need to budget for other things in your life. Use an app or website like Mint or You Need a Budget to get a better understanding of how you spend your money. For some, budgeting for home improvements may mean cutting back on other spending areas. Fortunately, these apps break down all of your purchases by categories and help you spend less each month.

Ranking your renovations

If you're dying to update the bathroom but the roof needs to be redone, you should call the roofers first. Some home improvements are a ticking time bomb: deteriorating roofs, poor insulation, HVAC issues, water damage, and safety concerns like fire hazards are all problems that need to be addressed first on your budget. Some will save you money, others could save your life, but all of them are more important than adding closet space in your bathroom.

Estimating costs

Do your research when it comes to the the cost of repairs and home improvements. Once you have a ballpark figure, add it into your budgeting app as a new item on your budget. There is a general rule, when budgeting for home repairs, that you should set aside 1% of the cost of your home for maintenance and repairs each year. However, there are many other factors involved in how much it will cost to upkeep your home like the age of the house, the weather in your area, and how well-maintained the home was before you bought it.

Sticking to your budget

Everyone starts with good intentions, but keeping a budget isn't easy. Thankfully, it has been made much more manageable with the help of apps and websites that link right to your bank accounts. To stick to your home repair budget, make sure you sign up for reminders on your spending and progress. If you're keeping a budget the old fashioned way (pen and paper), put reminders on your calendar each month to check if you're spending too much on home repairs. Another key to successful budgeting it to make sure everyone in the house is on the same page. If your significant other plays a role in home repairs, go over your budget together. This will help you keep one another accountable and set priorities that work for everyone.







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