Before you start touring homes, give your financial plan the same attention as your wish list. Understanding what ownership will cost can help you set a practical search budget and prepare for the decisions ahead.
In this episode of the National Association of REALTORS® Real Estate Today podcast, Shawn Yerkes, Group President of Financial Services at Genstone Companies, joins a conversation about homeownership expenses, insurance costs, savings and down payments.
As you prepare for your own purchase, these three planning steps, supported by the Consumer Financial Protection Bureau’s homebuying guidance, can help:
- Build a complete monthly budget. Account for mortgage payments, property taxes, insurance, utilities, maintenance and any association fees. Leave room for expenses that may increase over time.
- Plan beyond the down payment. Include closing costs, moving expenses and initial repairs or furnishings when calculating the cash you will need.
- Protect your financial cushion. Preserve emergency savings and other important savings goals when deciding how much to put toward your home.
Listen to the full Real Estate Today episode for the broader conversation.
Ready to turn your budget into a focused home search? Connect with a Genstone Realty agent to explore properties and discuss your buying priorities. Review financing options and personalized financial questions with your lender or financial advisor.
