It can happen but there are many things that you can do to prevent this from happening.

Here are some tips on how you can buy a house that you can afford:

1. Get a mortgage pre-approval.

One of the things that you can do is to get a mortgage pre-approval. A mortgage pre-approval helps you understand how much you can get from your bank. From there, you can make a financial plan to ensure that you can set the right budget for your home.

2. Consider your current expenses.

List down your essential expenses every month. From bills to your grocery expenses, you need to know just how much money you spend every month. That way, you can determine how much of your budget is left for the mortgage. Many people go over their budget because they don’t know how much they are spending on their monthly expenses.

3. Build your emergency fund first.

Start saving up for an emergency fund. You should have at least $1000 in your emergency fund before you start buying a house. In case of emergencies such as if you lose a job or you need help fixing the car, you have the emergency fund to help you instead of worrying about extra costs.

4. Consider the closing costs.

Take into consideration the costs of closing as well. You should talk to your realtor to find out how much these costs so you can allocate this in your budget as well. Find out if you can negotiate the closing costs such as if the seller can shoulder some of it. This can be done if the house has some repairs that need to be made but they have no time to fix it prior to selling the house.

5. Get an accountability partner when buying houses for sale in Penticton.

If you don’t want to go over budget, you should talk to your realtor about showing only houses for sale in Penticton that are within your budget range. Bring an accountability partner as well when checking out houses for sale in Penticton so someone can talk some sense into you when you are tempted to go over your budget.

Penny Morrison Real Estate Group can help you find houses that are within your budget.