Financial Tips for Buying a House
Purchasing a house is one of the most exciting milestones in a person’s life. It can also be very stressful and confusing when it comes to the money end of things. It’s important to do your research and know exactly what you are getting yourself into.
I have partnered with Genworth Financial to share my story with you.
Buying a House
There are so many things to consider when purchasing a house. This can be a very emotion-driven experience, and yet you have to keep your head on straight when it comes to budgeting.
A few years ago, Mike and I almost bought a brand new house. It was new construction with all the pretty, shiny bells and whistles that you could imagine. I wanted it so bad that my judgement was clouded.
I am usually responsible when it comes to money, but that flew right out the beautiful bay window of this house. This was back when Mike and I were both making a lot more money at our jobs.
Work was more steady and the economy wasn’t as bad as it is now. Everyone thought things were going to get better, not worse. Well, they were wrong.
We ended up getting approved for the mortgage on this pricy home after pulling lots of strings. We could just barely afford the mortgage and it left very little wiggle room.
So, long story short… if we would have gone through with the purchase we would have been screwed now. Obviously, we didn’t, and we are content in our small, affordable home for now.
Back then, I had a “oh, we will figure it out” type attitude that scares me. Thankfully, I feel a lot older and wiser now even though it was just a few short years ago!
Growing older makes women better with money is an article I just read via Genworth Financial and it really does make a lot of sense.
If you need to prove your income to have your mortgage approved, you might need a pay stub. You can use paystub.org to generate one.
The moral of the story here is to do your homework. Just because you get approved for a certain amount of money, doesn’t mean you should spend that much.
You should contact a financial adviser and use resources like Genworth Financial. Be realistic about your other bills and your spending habits.
Do you like to go out to dinner a lot? Or, do you have a shoe shopping addiction? What will your utility bills be like? Will you be able to save anything towards retirement and/or emergencies?
You better factor all your habits in before you are locked into a hefty mortgage bill every month. I would much rather be comfortable than have granite counter tops… even though they were gorgeous. *sigh*
Disclosure: Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are my own.
Great Tips. I remember buying our first home. Scary.
Buying a house seems kind of scary to me. It really doesn’t make sense for us right now (we’ll probably move in a few years) so I have a little while before I have to deal with that.
What great tips!! This is so needed for buying a house!
Very good advice. And you’re right, with age comes wisdom. I think part of the problem is that when we’re young, we don’t have the patience to “make it”. We want the beautiful home, nice cars, an inground pool, a theater room, 3 car garage……….the problem with this is, that list is never ending. If we could only realize at 20 what we finally realize in our 40’s it would really help us out. We don’t have to be first, most, best. A good name & reputation come from character & morals, not what your house looks like or how many things you might own. Take your time, enjoy the ride & enjoy the process of acquiring as you can afford things. You will appreciate them much more. Getting yourself in a financial bind is disastrous not only for your finances but for your family life as well.
Yes! Very well said and I completely agree. Another thing I have learned…. I don’t want to CLEAN some monster house!! LOL Plus, we are enjoying still having our good credit completely intact. 🙂
good ideas, for first time home buyers
Thanks for the tips. It would sure come in handy when I decide to buy my own home. 🙂
Good tips to remember when thinking of buying a home. You have to think way ahead of time about what future expenses you might have. Especially if you are buying the house while childless and have children in the future. Got to keep that in mind!
I would love to buy a house, but since we are allready broke that is a far off dream. Thanks for the advice!
One of the things that I would love to do is become a homeowner. Of course it’s definitely NOT feasible for me for a good, long while, but I can’t help but daydream ^.^ It’s a BIG step in buying a home and hopefully when the time comes, I’ll be wiser with making the financial decisions!
Ha ha – I love this post! So clever and creative. 🙂 Thanks for sharing.
Wow – I actually have been having this conversation with my sister, who is way at the end of her reach on a mortgage amount, and thinking she can shoot to the limit, and she is older, etc. Unless you have fairly certain circumstances, it is wise to be conservative.
Yeah, it’s tough to balance. You want to get what you want, but it’s easy to go over budget very quickly!!!
I didn’t get it. What is your point? now a days prices are so high that we can barely afford the mortgage payments. If we go buy what you are suggesting then I don’t think I will ever own a house. I am afraid that you don’t have suggested any remedy rather what you have said is settle for something that is of lesser value.
If you think I am any wrong please do correct me, I will be happy to listen to you.
P.S. I am planning to buy a house.
My point was to get a full understanding of what you can afford before committing to a huge mortgage. We got APPROVED for a mortgage that we realistically would not have been able to afford without really stretching our budget. I am suggesting to speak with a financial adviser to avoid getting into that situation.
I am sorry you misunderstood my post… I wasn’t really suggesting to “settle”… just be mindful of what you can truly afford.
Thanks for the information we are not looking into buying a house just yet have to wait like 6 more years. We just filed bankrupt, so we have to wait for our credit to get so much better.
I agree with all of the points made in this post. I know a lot of people who have regrets over the money they owe on their homes. We have a smaller home, but it works for us.