Having a finger on the pulse of how much your household
brings in each month and also how much money flows out in that time
period will be what helps you to understand which price range you should
be shopping within.
One helpful tool that can get you on the right track is the Homebuying Calculator
from MSN Money. By filling out the fields required on this calculator
as accurately as possible, you’ll be given a solid estimate of how much
money you can put toward a house.
One area that remains hazy on this calculator, however, is
the “Other monthly obligations” item. Here’s a sample of what these
items might include:
- Student loan payments
- Healthcare/gym costs
- Monthly utility bills
- Your household’s entertainment and recreation budget
- Food budget
- Clothing budget
- Savings budget
- Transportation budget
In addition, first-time homeowners must realize that it
costs a lot to get a home up and running. Items you may want or need to
invest in include:
- Furniture
- Large appliances — washer, dishwasher, refrigerator, etc.
- Furnishings and home accessories — lighting, dishes and cookware, window dressings, rugs, etc.
- Outdoor items — lawn mower, ladder, outdoor furniture, etc.
Tally up the amount allotted to all these items — as well
as any other areas where you have payment commitments — to get the best
estimate possible for your home-buying budget.
Once you’ve squared away how much you can afford and are
ready to begin shopping for a home, contact me to get the ball rolling
on your home search!
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