You should examine your income, savings (for down payment and closing costs), and recurring debt to figure out how much of a home you can afford to buy. The debt-to-income ratio (DTI) standard of 43% is a good guideline for getting approved and being able to repay a mortgage loan. A first home is both a lifestyle decision and a financial decision, so consider the time it will take you to travel to work, as well as the price. Try or test public transportation along the route you would take to work during work hours.
And make sure you have transportation available if you work odd hours. One of the most important steps to buying a home is knowing the final cost when everything is said and done. There are many charges that come with buying a home beyond the mortgage. Insurance, repairs, association fees, property taxes: You must have the income and budget to handle all of these things if they are relevant to your purchase.
Everyone has a wish list in mind when buying a home. Whether for a price, size, style, location, or another, preferences matter. But the most important things to consider when looking for a home are location, location, and location. Most other aspects of a home can be changed, but you can't move the location of your home.
She reiterates: “Most other aspects of a home can be changed, but you can't move the location of your home. Obviously, you should choose a home within your price range. And you should have a monthly mortgage payment that you're comfortable with. That's why, for most buyers, home price is a decisive consideration.
All of these additional costs will increase your monthly housing bill and your total cost of living. So, take some time to compare expenses if you're considering housing in multiple locations. But remember, buying a home is personal. You'll need to decide which factors to prioritize based on your needs and price range and which aren't that important.
Not all square footage is created equal, which is where the floor plan comes into play. If you compare two 2,000-square-foot properties, one could devote most of the space to the living room, while the other could focus on more spacious bedrooms. If you need inspiration to refresh yourself, check out these 10 simple design touches for your master bathroom. Remember that you don't have to take care of everything right away, but you'll want to get an idea of how much work it will take to transform the property into the dream home you've been waiting for.
