Should I exceed my budget for the right house?

First you need to determine what your budget is for your home based on your yearly income, debt, and other expenses. You will also have to determine what kind of debt you have- is it good debt or bad debt. Good debt is an investment; you’ll get back the interest you pay and then some (i.e. car loan, student loans, or even a mortgage). Bad debt doesn’t raise your earning potential in the long run. You’re financing today’s happiness at the expense of tomorrow’s security.

Next you need to determine how much you should save for the down payment on a house. It is recommended you save about 20% of your income and allocate it to a “rainy day fund,” pay off high interest debts, ax out your 401K/IRA, and investments.

Finally, ask yourself “how much should I spend on a home?” It is recommended you spend about 25% of your income on mortgage payments. Finding the right home on your budget is ideal but exceeding that budget may be dangerous. A home that fits into your budget may be the correct and safe answer but it may not be the right home for you. Considering asking yourself if you want to live comfortably or if you want your all of your hard earned money to go towards your mortgage each month. The right house can be found within your budget or can be remodeled to be the perfect home for your family.

What are the three features that drive curb appeal?

When you are looking to purchase a home or considering selling you want everything inside and out to look great. A potential buyer starts viewing the home even before they enter. If a home has driveways that are cracked or pitted with potholes, damaged front doors, and scuffed mailboxes it can significantly detract from a the overall curb appeal.

If your driveway is scuffed, cracked and has holes in it you may want to consider repairing or resurface it. The driveway is one of the largest visual elements along with siding, roof, and lawn. If a driveway is covered in debris it can also drive a potential homeowner away.

Although your mailbox may be one of the first things a potential homeowner will notice. Having a scuffed and damage mailbox may also drive them away, considering sprucing it up. A mailbox can also help identify your home when you are helping your guests find it. Consider painting your mailbox or even swap it out for something that compliments your exterior.

The front door is last feature that drives your curb appeal. If your front door is full of scuff marks consider giving it a fresh coat of paint, but don’t forget about giving the trim around your door a fresh coat. Adding new lighting and hardware can also change the look of your front porch.