Major Purchase Planning

by Steve Robinson 06/16/2019

Planning important purchases like your first new car or home are significant steps in life. While the purchase itself is a thrill ride, lack of planning may end up in buyer's remorse. To avoid such a pitfall, you need to impart a few guidelines around those larger purchases to protect yourself from disappointment or frustration later. Taking stock of your financial goals and your current situation can clear the way to confidence when shopping for your dream car, home, or other more significant purchases.

Plan, Plan, Plan

Having a written spending plan that you can use to guide your decisions gives you a snapshot of where you are currently. Laying out a 6-12-month plan for your income and expenses will allow you to determine when you start shopping or even, make an offer on something. Remember a plan is only as good as the information you have, so make sure you keep yourself up to date on all aspects of your financial life. This includes retirement accounts, debts, interest rates on those debts, any fluctuation in income, and any possible changes in your cost of living expenses (rent, insurance rates or gas prices). Any of these things have the potential to delay or accelerate your purchase. When you are elevating larger purchases, remember the monthly payment is not the only expense associated with the purchase. 

The Big Picture for Housing Expenses

When it comes to purchasing a home, it may be a bit more complicated. You will need to ask for information from those in the real estate and mortgage industry to get the information you need to see the big picture. Again, the monthly payment is not the only thing you will be paying each monthly, especially if you are currently a renter. Knowing what expenses, you will be taking on is essential. Besides the money you will need to purchase a home initially there are other increases to your monthly expenses as a homeowner. Home owner's insurance is more expensive than renter's insurance; make sure your spending plan adjusts accordingly. You will want to think about your commute to work if you have one, you may want to budget more for gas if your trip to work will be longer from your new address. Sometimes the utility costs will be lower especially if you are buying an energy efficient or more modern home.

Home buying, when you have processed all the information and are confident financially, is an exciting adventure. When you reach that point, contact a real estate professional that knows the community where you want to live.

About the Author
Author

Steve Robinson

Hi, I'm Steve Robinson and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.

Transitioning to selling real estate came naturally for me, having successfully invested in many of my own real estate deals over the past 35 years. I know how to find a property that is a good purchase, whether it’s for you personally or for investment purposes. I also have experience selling homes and getting the maximum value for them. I am a skilled communicator and negotiator, and I focus on getting the best deal for my clients. I also have a keen eye for what work needs to be done to a home and the cost involved as you seek to either stage your home or inspect a home that may need work. I am completely committed to serving my clients; going above and beyond what is expected to make sure you enjoy top-notch results.

My background? I raised three great kids and they are almost through college now. For twenty years, I taught history at an independent school, as I invested in real estate on the side. In addition, I coached three state champion mock trial teams, and honed my communication skills as a part of that work. I have a masters from the Fletcher School of Law & Diplomacy at Tufts University in diplomatic history, which helped me to understand the world and relate to people of all backgrounds and cultures. My hobbies include skiing, sailing, hiking and biking. I decided recently that as much as loved teaching, I wanted to finally commit to the world of real estate full-time. It’s in the family blood, since both of my brothers are professional real estate investors, and real estate is like breathing to me.

I look forward to serving you and helping you to find the best deal possible.