Making your dream home reality
If a gift for yourself this holiday season includes a new dream home, you may realize now more than ever it might come with a larger price tag than what you might be wanting to pay. However, don’t lose hope in not being able to afford your dream home just yet. Weston Dean Custom Homes, a premier Boerne custom home builder
, shares a few budget tips that might allow you to call your dream home yours! A recent article in Realtor.com explains how with a few tips to consider.
The first tip for your dream home is to negotiate the price. You might be surprised on what sellers, agents and buyers are willing to negotiate on. A seller may be extremely motivated to move due to a move, relocation, work, and so on. Smart haggling is a great way to help you afford your dream home.
The second tip is to consider another option for your mortgage, such as a five, seven or even 10-year adjustable rate mortgage. Many buyers, especially first time buyers or millennials, ask for a 30-year fixed mortgage. Often times millennials would be better off with the adjustable rate mortgage option.
Now days most buyers will be selling their home in less than 10 years, so opting into a different loan type can translate into lower payments upfront. You can also look at creative options for your private mortgage insurance, like having it paid by the lender or seller. This can also help you lower your monthly payment.
The third tip is to see if the more expensive home you want, might save you in other areas. For example, will your commute be shorter to work? Is it in a better school district so you won’t have to pay for private school tuition? See if there are ways you can save to make up for the larger mortgage payment.
The last tip is to see if an energy efficient newer home might make up some of your monthly cost over an older home? Often times a higher-priced home can actually cost the same as a lower-priced one when you do the math and play with certain factors.
These simple and easy pointers might have you comfortably living in your dream home after all!
Weston Dean Homes is a San Antonio area custom home builder. For more information call (210) 408-9107.