House Buying Budget Question

[BLK306]

So the wife and I are back in the market for a new home. This time around we have a shopping list of things that we must have and really like to have when choosing our new home since being first time home buyers.

The wife really likes the idea of new construction so we have spent a lot of our time in and out of model homes. While doing so we came across one that met all of our must haves and really like to haves. However, the only thing it did not do was meet the max monthly budget. Payments on it would be $100 more than the max monthly budget I set. Now I will say this. I do have a little side hustle gig I just got going that has been very profitable and could potentially allow me to up my budget. However, with it being so new I don't want to count on it and would rather base my budget on my full time job only.

So what would you do in the situation? Do you stretch your budget for a house and lot that meets all your needs? Or do you stick to the budget and keep looking since, after all it is still early in the house hunting process? Also we have not really looked at any preowned homes other than what we see on Zillow or some other website.

Bottom line is I'm torn between the idea that I'm rushing out at the first place that we love and that meets our needs. Versus the reality that we have nothing pressing the issue on us buying other than we are ready and there are lots of houses and deals out there.

Thoughts?

[mk5.0]

Make an offer on the house. Never pay what the builder is asking.

[Big A]

You can afford what you can afford, regardless of how much the perfect house costs. Ever heard the term "house poor?"

[talisman]

You can afford what you can afford, regardless of how much the perfect house costs. Ever heard the term "house poor?"

While true, I wouldn't pass up what I considered to be a perfect house, as hard as that is to find, over $100 a month. I would make it work if it really was everything I wanted. Cut back on a hobby a bit or downgrade one of the household cars. Or just find an extra $100 a month. That isn't much money unless you're DammitSteve.

Edit: Also, houses are going for OVER asking out there right now in DFW in most cases, and it's been that way over a year. If you see something you better jump.

[Sleeper]

Buy about 10-15k under what you think you can afford.

A house is great until it needs a roof, gutters, new a/c unit, new furnace. Most of the time you can plan for it, sometimes whapp there goes 5k.

[snacksnack]

what home builder? have you looked into what house value and taxes/insurance will be? i sure wouldn't buy more house then i could afford based on a side job.

[talisman]

Buy about 10-15k under what you think you can afford.

A house is great until it needs a roof, gutters, new a/c unit, new furnace. Most of the time you can plan for it, sometimes whapp there goes 5k.

$500 a year warranty plan will handle a lot of that, and insurance will buy you a new roof after a hail storm in North Texas if you wait long enough. lol

[BLK306]

Buy about 10-15k under what you think you can afford.

A house is great until it needs a roof, gutters, new a/c unit, new furnace. Most of the time you can plan for it, sometimes whapp there goes 5k.

That's kind of what I've been thinking. Right now things are pretty cherry. We are debt free and looking good. But I worry what would happen if we were to stretch the budget and the shit hit the fan with something. Now must of what you mentioned would likely not happen since the house in question would be new construction. And when it did it would be far enough down the road that this $100 I sweatin' would not be a big deal.

[BLK306]

what home builder? have you looked into what house value and taxes/insurance will be? i sure wouldn't buy more house then i could afford based on a side job.

It's a DR Horton home. The Fort Worth property tax is what is eating my ass up. It was higher than I originally thought. So much so that it is what pushed it over budget.

[jewozzy]

those dr horton home's can be had for way under asking price a lot of times. a friend of mine is a realtor and got one of her clients a dr horton home for 23k under the asking price. maybe you'll get lucky and get it down into your range.

[snacksnack]

do you have a realtor? they hate it when you do.

[03mustangdude]

Just closed on a house yesterday woot woot

[BLK306]

do you have a realtor? they hate it when you do.

No realtor at this point.

[BLK306]

those dr horton home's can be had for way under asking price a lot of times. a friend of mine is a realtor and got one of her clients a dr horton home for 23k under the asking price. maybe you'll get lucky and get it down into your range.

On a new construction home?

[black2002ls]

On a new construction home?

It can be done. The nighborhood I was building in at the end of 2013 we were giving away $14k in options and selling pretty cheap to finish up our lots