25 Tips For Buying Your Dream Home in 2019 – Series
5. Figure Out How Much You Can Afford
It is essential to calculate how much money you can afford to pay toward home ownership before you begin looking for a house. Not only must you be able to provide the monthly mortgage payment but you must also be able to pay all of the bills associated with owning a home. Typical expenditures include property taxes, home insurance, water, electric, heating, gas, oil, telephone, and cable bills. If you don’t want to add the numbers with pen and paper to figure this out, use a specialized calculator designed for this purpose. You can search for this style of calculator using one of the phrases “home affordability calculator” or “mortgage affordability calculator.” Understanding how much money you can afford to put toward a monthly mortgage gives you a good idea as to how much you can buy.