I asked my financial planner for help buying my second home, and he recommended a 3-part strategy that worked

Business Insider | 1/17/2020 | Cheryl Lock
MicaellaMicaella (Posted by) Level 3
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My husband and I wanted to upgrade to a larger home but weren't sure how much we could afford, so we asked our financial planner for help.

He told us to break our budget into two parts — flexible and non-negotiable amounts — and figure out what we'd be able to put down as a down payment.

Numbers - Months - Home - Finances - Shape

Once we ran the numbers, we figured out how much we could comfortably spend. Two months into our new home, our finances are in great shape.

When my husband and I first got the idea that we might be interested in upgrading to a new house, we both knew there was one person we would need to call before we put anything into motion: our financial planner.

Planner - Years - Guidance - Expertise - Decisions

Since we've been working with our financial planner for three years now, we've come to count on his guidance and expertise when it comes to making big financial decisions.

Having a financial planner isn't necessarily about having someone tell you what to do with your money, but it helps to get an opinion from a neutral source who just so happens to also be educated on all things finance.

Call - Experience - House - Considerations - Planner

We weren't really sure what to expect on the call, since this would be our first experience selling a house and buying a new one with so many additional budgetary considerations. After all was said and done, though, our financial planner was able to help us home in on some very important considerations when putting together our new-home budget.

1. What items in our budget were non-negotiable?

Goal - House - €? - Place - Backyard

Since our goal with a new house was to make a few upgrades — like finding a place with a larger backyard, a dedicated guest room, and a home office for me — we knew that we were likely going to be looking at places with...
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