Now you have a pretty good idea of how much home you can afford.  You may be disappointed that you’re not going to be able to afford your “dream” home.  Or, you may be surprised that you really can afford to get a larger property than you thought or ever dreamed you could get.

But, your goal should really be the IDEAL home.  The ideal home is the home that REALISTICALLY fits not just your budget but your needs – your present needs.  As circumstances change, you can either step up or downsize accordingly.

So, what should you look for in your ideal home?

  1.  Determine your budget: You want to live below or, at least, within your means. Always shoot for a home mortgage payment that leaves you with enough left over to build a savings fund for emergencies.
  2. Be clear to separate WANTS from NEEDS. What features of the home do you truly need? The “wants” are what make up your vision of your dream home.

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