How much home can I afford? It’s a common thought to ponder. In fact, most homebuyers have no idea how to even calculate it. As a first-time homebuyer the most important thing to consider are your finances, any assets and any debt, all of these things should be used to help you create a budget.
It is important to note the actual cost of homeownership. Think of it like this: when renting a home or an apartment and the dishwasher breaks, you simply call the landlord or maintenance person and the problem is resolved. In homeownership, there is so landlord or property maintenance person, so the cost of repair shifts onto you. When given all possibility of potential damage in a home, it’s easy to see how these repair costs can quickly add up.
Taking into account basic living expenses such as the mortgage, cell phone bill, internet, car payment, groceries, etc. it is recommended that a person be able to pay all of these with one paycheck. It is more realistic to suggest that the homeowner be able to afford these expenses with two paychecks while maintaining three months worth of emergency savings.
The crazy thing about life is all of its unforeseen twists and turns. The same can be said about owning a home, so it is important to be prepared. An understanding of one’s finances and proper savings are essential to owning a home.
Henderson homes for sale are unlike any other! Contact a member of Gore Group Realty today to help you find your dream home!