Buying a Home, Property Or Summer Vacation Cottage – Set a Maximum Price Range

Buying a home. Stay within your “budget”. We would all like to have the home or property of our dreams. Perhaps you will on a later house as you upscale. But not necessarily now. What is important is to set a price, set a limit within your financial budget and stick to it.

If you want to look at it – buying a home is like buying anything else. You have to do your homework, know prices and in this case the current housing market. You cannot afford to get emotional over any property that you are considering got purchase. It’s simply a matter of taking the approach that “there are plenty of other houses our there.” If you do not get this one you will get the next or another one. You cannot afford to get emotionally involved with a home purchased. Many do, that is get their egos involved with their home or property purchase or purchases. By doing so, it’s your ego that is running the show – whether or not you “win” the deal, beat out some other bidder of buyer for that house. You cannot afford to get emotionally involved with real estate purchases. By doing so you will overpay and be the “loser” so to speak. Set your limit and within its general bounds. Sure there may be times when a small amount over the limit will net you what you want. That comes under the heading and guise of “flexibility”. That is OK and a whole other setup and package.

What are the steps and sequence to follow when determining what your maximum price range and ranges are? First determine your needs and wants in a house, home or vacation cottage. Next what your preferred area, areas or location. It best to have a number of areas to choose from geographically, not just one, usually upscale area. This will give you more choice, flexibility and ultimately better bargaining and negotiation positions. You may want to add to the mix the choices of whether this will be a new home or resale , a standard house or a standard house in a certain form – say split level or two story. You may not be looking for a house in itself either for budget, convenience of lifestyle reasons. For example it may be a side by side for cost concerns, a condo for lifestyle (no cutting of grass), or a summer vacation cottage that you are specifically in the real estate market for. Make your choice or at least be aware of a range of choices offered to you.

Now that you are at a point of a general idea of what time of properties and locations you are in the market for its time for a reality check. Go out and check the housing and real estate markets. This can be done any of a number of ways. It can be done at a distance via the internet- either looking online at real estate sites or even by a local community real estate or realtor new paper. What is most important is not only what the asking price and prices are but rather what the homes and properties actually sold for. This is what matters. You can use the phone to phone owners – buyers and sellers of individual similar properties. Or you can always use the services of a competent real estate professional realtor. Just don’t waste their time if you are not serious in purchasing. Realtors are generally on a commission basis, have costs that need to be covered for their business and livelihood.

Now that you are in a more informed situation as to what you can generally get for your money its now your time to decide what will be your upper limit when it comes to negotiating for your real estate purchase. Be realistic and hones with yourself. Set yourself a maximum; price range that you will work with when purchasing a property at represent. It will make your real estate purchase – be it house, home, condo or vacation cottage a lot easier and smoother with less hassle and worry.