How To Find a Budget-Friendly Home

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting optout@55places.com. Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

Avoid breaking the bank by setting a realistic budget before starting the hunt for the perfect home.
asdfasdf
Avoid breaking the bank by setting a realistic budget before starting the hunt for the perfect home.

Many active adults are looking for budget-friendly homes, yet a home that is affordable for one homebuyer may be out of the reach of another. When looking for an affordable home in your ideal community, what does budget-friendly mean to you? When looking to buy your next home, here are some things to keep in mind.

Set a Budget

According to Money magazine, not setting a budget is one of the biggest home buying mistakes you can make. Too often, homebuyers get wrapped up in the idea of choosing a dream home and they forget to consider how much of their income they want to spend on housing. This can be an especially important point for retirees (or soon-to-be-retirees) who are living on a fixed income. You don’t want overly expensive mortgage payments to put you at risk of running through your savings.

To be safe, experts often recommend that your mortgage and other debts should not exceed 36 percent of your income before taxes. These guidelines are used by a variety of online calculators to help you decide how much home you can afford, yet sticking to financial recommendations may not be enough to help you set your own definition of a budget-friendly home.

Consider your Lifestyle

Empty nesters and retirees often look forward to many different pursuits once they have more time to themselves. Maybe you want to travel, buy a boat, take up a hobby, or spend more time going to cultural or sporting events. Whatever your interests, your plans are likely to cost money, and you don’t want your housing expenses to keep you from doing the things you love. Estimating the costs of your interests and factoring them into your budget may make it easier to cut back on the price of your next home.

Remember Additional Expenses

It’s also important to consider all of your housing expenses, and not just the sales price, when choosing a budget-friendly home. You will have to factor in property taxes, homeowners’ association fees, and any other community or regional fees. You will also want to research the cost of utilities, as both the size and location of your new home can greatly change its expenses.

For many homebuyers, looking for a budget-friendly home means making some compromises. You may decide to buy a smaller home or look for a home in a less expensive area. Many online resources let you limit your search to homes under a certain price. However, doing some research to decide your own budget-friendly range will help you more easily find the right home for your needs.

How do you define a budget-friendly home? Do you have tips which might help other homebuyers? Share them in the comments below.

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

We're here to help! (800) 928-2055

Call us to speak with a customer service representative.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting optout@55places.com. Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

Exterior view of an attached home at Windsor Lakes in The Woodlands, Texas.

Houston 55+ Communities With Attached Homes for Sale

Imagine having more time for hobbies, travel, and friends—and less time spent on yard work and home repairs! In Houston, there are plenty of vibrant communities to choose from, each offering unique character and amenities. Let’s take a look!

The grounds of Gatherings at Potomac Station in Leesburg, Virginia.

New Active Adult Communities Added to 55places.com

In this comprehensive roundup, we bring you the latest additions to 55places.com—a trusted resource for exploring active adult communities. Over the past 30 days, several new communities have joined the ranks, each offering different amenities and locations.

A golf cart outside the golf club at CountryPlace in Pearland, Texas.

Retire on the Links in Houston, TX: Golf Course Homes for Sale

Active adults who are lifelong golfers or newfound golf enthusiasts can easily enjoy the sport when their neighborhood contains a golf course. Homebuyers who desire a golf course lifestyle and want to remain near the heart of a big city can find a great fit at one of these exceptional Houston area communities.

Moving to South Carolina? Here’s Everything You Need to Know

South Carolina is a state known for its incredible coastal beauty, charm, hospitality, acclaimed golf courses, and vibrant culinary scene that’s full of rich Southern dishes. It’s also home to some of the most desirable retirement destinations in the country–and for good reason.

Close up on a tiny wood home model on green grass, a representation of the real estate market.

Real Estate Summary: This Month in the 55+ Housing Market

This month, we brought in more than beautiful flowers. There are also lower mortgage rates and new homes for the housing industry! Below is a more in-depth breakdown of what happened and why now is an excellent time to enter the market.

A side-by-side image of Savannah, Georgia and Atlanta, Georgia.

Savannah vs Atlanta: Which Is Better For Your Retirement?

Georgia is a popular destination for active adults looking to retire–and Savannah and Atlanta are two of the state’s biggest draws. So how do you know which city is better for you? We’ve put together a guide to offer some helpful insight into both cities to help decide which one might be best for your retirement.

About 55places

We’re changing the way people 55 and older are searching for their perfect next place. With a national network of hand-selected real estate experts, plus comprehensive information, unbiased content, and on-the-go insight about thousands of communities across the country, we’re a trusted resource paving the way from here to home. Whether you’re interested in a low-maintenance single-level residence, an active lifestyle or age-qualified community, an intimate enclave, or anything in between, we can help you make your next move the best one yet.

Scroll to Top