Ignite FB Tracking PixelHow Much Money Do You Need to Buy a House? - Jennifer Gordon
Cangiano Estates, Ltd.
Jennifer Gordon, Cangiano Estates, Ltd.Phone: (917) 771-3290
Email: [email protected]

How Much Money Do You Need to Buy a House?

by Jennifer Gordon 03/11/2019

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
Jennifer Gordon

A Staten Island Realtor since 1998, Jennifer earned her NYS Associate Broker license in 2006, and has established herself with an impressive selling record while maintaining a reputation for providing personal attention, quality service, and above all, for her integrity. An active and involved member of the Staten Island Board of Realtors (SIBOR) and the Multiple Listing Service (MLS), Jennifer has served as Chair of the Technology Committee, as a member of the MLS Vendor Task Force, the MLS Transition Committee, the Legal Liaison Task Force, the Young Professionals Network, the Attorney Interaction Task Force, the Grievance Committee, the Installation Committee, the Agent Day & Trade Show Committee,the SIBOR 100th Year Gala Committee and currently reappointed a fourth year on the Professional Standards Committee. Jennifer is also a member of the National Association of Realtors, a member of the New York State Association of Realtors, and she has been a licensed New York Notary Public since 2002, a service she happily offers to all for free.

Jennifer began working in Staten Island real estate part time, nights and weekends, while simultaneously studying for her Bachelor’s Degree at the College of Staten Island and working full time at Staten Island Academy, a private-independent school, as secretary to the Headmaster. Six months later,after successfully selling several homes, Jennifer resigned from the Academy so she could focus her attention on real estate full time – a life-changing and rewarding transition she has never regretted. Earning her Bachelor’s Degree in psychology has well-equipped her to successfully work with various personality types. Jennifer was recognized as the very first student at the College of Staten Island to minor in developmental disabilities and her internship and focus was on autism. Jennifer has volunteered and raised money to bring awareness and resources to the autistic community and she is a concerned supporter of quality future housing for autistic adults. Jennifer has always found pleasure in helping people; right out of Tottenville High School, she worked as an intake counselor at Project Hospitality where she helped serve Staten Island’s homeless population. Now a Realtor, she says that “helping families while earning a living is a winning combination.”

A proud Staten Island resident since 1978, Jennifer became a first time homeowner in 2003 and again in 2009. The experiences gave her valuable insight and made her a better Realtor. Jennifer’s two beautiful children are top students at their schools and are enthusiastically involved in community and charitable events. Both have added cherished perspective to family life and have helped provide an important understanding of and respect for working parents looking to make their next move.

Personal Attention

A great listener with a good attitude, Jennifer has the ability to focus her attention on the needs of her clients, whether they be buyers, sellers,landlords, or tenants. Many have said they have made Jennifer their Realtor“for life” and confidently refer to her their closest friends and family members. Continued education, community involvement, immersed in a brilliant network of business professionals and lovingly supported by understanding family and friends help keep Jennifer ahead of the rest.

Quality Service

Jennifer’s wide range of marketing techniques insures her clients the utmost exposure from, among other things, social media and online marketing,professional photographs, virtual tours, detailed direct mailings, informative open houses, custom-printed color brochures, and extensive publication advertising. 

Integrity

Honesty, good character, fairness, sincerity, and trustworthiness are words her clients use to describe Jennifer. She is a trusted first choice, guaranteeing the most effective marketing, negotiating the most favorable terms and conditions, and communicating well with all involved parties to make the process as smooth and enjoyable as possible. Most importantly, Jennifer’s integrity is intact at all times along with a healthy dose of natural tenacity.

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