Your First Home: Can You Afford It?
Filed under Buying a home, Home Buyers on Oct 05,2017 |
If you’re dreaming of ending your life as a “rent” and becoming a home owner, you may be obsessed with browsing real estate listings, visiting open houses and finding the perfect home. But, be sure you are equally obsessed with crunching the numbers to confirm that buying vs. renting is a sound financial decision.
According to this very helpful article in the New York Times, it’s important to be clear about your spending habits, current financial obligations and debt. You’ll need funds for a down payment and closing costs, and should do the calculations to determine what your dream home may require in the way of repairs or ongoing maintenance. It’s a lot to consider – but time spent with your calculator now, can reward you with peace of mind going forward. Vanguard Realty Associates can make it easier by helping you understand the numbers related to your home purchase. Call us and let’s do some figuring together!