Many clients have asked me over the years how to figure out just how much house they can afford. There’s so much more than the purchase price to consider when determining how much house you can actually afford. For example, consider the following items as typical expenses in home ownership:
- Mortgage Payment
- Taxes
- Insurance
- HOA Fees
- Maintenance
Closing Costs
Further, being aware of all the closing costs that can be associated with your new home purchase can help avoid unpleasant surprises later. Here are some common closing costs:
- Earnest Money
- Down Payment
- Loan Costs
- Recording Fees
- Prepaids
- Title Policy
Mortgage Resources
On my Albuquerque Mortgage Pros page, you’ll find several loan officers that will be able to assist you in determining a house price you can be comfortable with. Further, they can provide you with a pre-approval letter so you can make a strong offer when you find the right home. This page also features a Mortgage Calculator to help you estimate what your mortgage payment would be, including taxes and insurance.
Home Search Tips
When searching for your dream home, take this tips to heart…
- What is the location to your job and schools?
- What is your lifestyle?
- Do you need to be close to outdoor recreational activities or would you be happier located in a neighborhood with a vibrant nightlife?
In other words, make a list of your wants vs. needs to help you focus on your home search.
Search Online
Start looking at homes on the Internet. According to the NATIONAL ASSOCIATION OF REALTORS® in a 2014 study, ninety-two percent of buyers used the internet in some way in their home search process! Searching the Albuquerque MLS will help you become familiar with the inventory of homes available in your price range.
Open Houses
Visiting open houses will help you focus on the features and locations that are important to you. This is especially important if you are relocating to Albuquerque and are unfamilar with our area. You can search for open houses in Albuquerque to make finding them easier.
Inspections
There are many different types of inspections that are available when purchasing a new home. It is important to consult with your real estate agent to determine what home inspection you should have performed. Here is just an example of some of the inspections available.
- Full Home Inspection with warranty
- Pest and Dry Rot Inspection
- Duct inspection Inspection
- Pool inspection Inspection
- Radon Inspection
- Mold Inspection
By doing just a little “homework,” you’ll be well on your way to a wonderfully successful home purchase!
Do you have any home searching tips to add to this post? Please leave them in the comments below. And if you have any questions about selling or buying a home in metro Albuquerque, be sure to contact me today!
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