House prices are going up. Here's when you should increase your budget, and when to stick to your original price investinyou (In partnership with acorns.)
For example, it could make sense to pay slightly more if moving will lower other expenses, or if you're anticipating lifestyle changes that will free up room in your monthly budget. This could include going from two cars to one, or having children who will soon enter public school, meaning you're no longer paying as much for childcare.
Cheng says stick with your original plan if paying more would make it difficult to contribute to other financial goals, such as saving for retirement or paying down debt. It also doesn't make sense to stretch your budget to a point where you can only afford it with tax breaks, said Cheng. If those benefits go away in the future, you'll be in trouble."They either pause their home search or they need to readjust their search criteria," said Murray.
They should also have all of their paperwork ready to go so that when they do see a house they like, they can make an offer right away, said Hale.
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