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How to Prioritize when Buying a Home on a Limited Budget

Como priorizar al comprar casa si no te da el presupuesto - How to Prioritize when Buying a Home on a Limited Budget

Buying a home is, for many, the most significant investment they will make in their life, and also a difficult decision to make. On the one hand, there are needs and preferences and, on the other, the budget. A budget that in most cases forces to establish which will be musts of the new home. Finding the balance between what's truly important and what's not may be complicated, and it requires a previous analysis before starting the search.

What aspects should be taken into account when buying a home?

Objective and subjective criteria will weigh in the final decision and are different for each person. The problem comes when you have to stick to a budget. It is then that there is no choice but to consider some basic questions:

The price

It is the starting point when buying a home. In this sense, as banks offer mortgage loans up to a maximum of 80% of the property's value (except for entities that finance 90% if the property is from their real estate stocks), it requires having savings. In addition, the purchase of a dwelling carries other expenses (taxes, notary, registration and reforms, if it is second-hand).

Property size and location

They are fundamental aspects because they influence the price, and sometimes you have to sacrifice one of them for the benefit of the other. If you have to choose between having more metres or a garden or being close to work or the children's school, it is advisable to contemplate the real needs and the services in the area, communications and public transport.

And also, look to the future. It is possible that the current home is perfect in a central area with easy access to the leisure offer, but that in a few years, the hustle and bustle of most urban areas will not be so comfortable for family life.

However, if you don't mind travelling by car for most tasks, the peripheral areas tend to offer bigger and newer properties. That would mean choosing metres instead of the location.

But, if you look to commuting and doing your day-to-day tasks on foot, the most central districts are usually better communicated, even if it means choosing a location instead of the size.

Other property features

Ideally, each family member should have their room, and it is also necessary to assess whether an isolated space is required to study or work. The number of bathrooms, whether it has a terrace and the distribution are also important issues.

To this, we should add facilities that improve quality of life. It would be the case of having a garage or storage room, safe children's areas or a community pool. These aspects make the sales price more expensive, so it must be clear whether or not you can do without them.

If the budget is tight, the idea is to opt for a real need and not just a preference. That is, you may prefer to do without a second bathroom but have a space to breathe on a small outdoor terrace.

A brand new home or a second-hand one

It's another essential question to prioritize when buying a home. When it comes to housing under construction, you have time to increase your savings, but it won't be possible to value the property.

Buying a second-hand home allows you to do so after visiting it and the area; there will be no surprises in the future. Besides, there is much more offer of second-hand homes. The downside may be having to invest in renovations.


If you consider the possibility of obtaining revenue in the future by renting or selling, the prioritizing criteria will be different. For example, it would be necessary to assess the odds of expansion if it is a new area; or the state of conservation and renovations if it is a second-hand home.

Analyzing the evolution of prices and demand in the area in recent years is also a good idea to find out if it is an area that has got revaluated in recent years or if it is a trendy district in the city.

Finding the ideal home is possible

It takes time, effort, and having clear priorities, but you can find your ideal home. Or at least one that looks a lot like it. Nowadays, there is a wide range of real estate on offer, which is an advantage. helps you in this task of making your dreams come true. It is as simple as going to the web and setting your preferences in the browser. In one click, you will have a list of homes according to your needs. Just choose the best one and make it your home.

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