Be the smartest West Bloomfield home buyer

I received a call from a client that just bought a house 6 months ago from me. They wanted to sell already. I thought they might have been transfer or maybe a divorce. You would think I would be happy to sell their home and make money. But the reason they were selling made me sad.

They finally realized that they couldn't afford all the costs of the home. Unfortunately I had hints that they shouldn't be buying a home. They wanted an even more expensive home but they couldn't get approved for the mortgage amount. In fact in the beginning we were looking at homes $100,000 less because that is all the Michigan mortgage lender would approve them for.

They had previously had a short sale so it had dinged their credit. Some how they found a lender that approved them for $100,000 more. Then we had to delay the closing twice because the buyer was scrambling to find the money needed for the closing.

I want you to be the smartest West Bloomfield home buyer you can be. I don't care if we are buying a West Bloomfield Lakefront home or a West Bloomfield home for sale in a subdivision I want you to be able to afford the home for years to come.

So sit down and figure out a budget of all your living expenses. Include gas, medical, eating out, and car payments. If you are renting and your proposed house payment is more than your current rent here is a way to test whether you can afford the higher payment. Let's say your rent is $1200 a month. You want to buy a home that is going to cost you $1700 a month. So do the test for 4 months. Take the $500 more a month that it is going to cost you for a home and stick that $500 in the bank. Don't touch it or use it.

If you are dipping into the $500 to live or buy something then you can't afford to have a $1700 a month payment. You need to adjust your budget. When you buy a home you don't want to be house poor. You want to be able to go out to dinner, or take little trips. You want to enjoy life and not live for your home.

Most of all I want you not to call me to sell your home. At least not because you can't afford it. If you want to call because you are being transferred, or would like to buy a bigger house that is fine. I want you to have many great memories in your home. I hope this tip of being a smart West Bloomfield home buyer helps you.

If you need a experienced realtor that looks out for his clients give me a call at (248) 310-6239 or email me at yesmyrealtor@gmail.com Remember I also offer a great home buyer bonus that most realtors do not. I will buy you a new kayak, or grill, or lawnmower when you buy and close on a home with me as your agent.

Have a great day Russ Ravary