Buying a New Home? What Can You Afford?
Are you in the market to buy a new home? If so, you’ve come to the right place. Becoming a homeowner is a big step in your journey to independence. If you have been saving up for a while and have started looking for your forever home, you want to know what you can afford. This will help you better direct your search, leaving you with less stress and more time to consider reasonable options within your price range.
Before diving into your home-buying journey, you'll want to evaluate your current home and know how much you will get for it. Of course, if you have been renting, this will not apply to you. But if you are going to sell your current home and put the funds towards buying a new one, it is important to know how much you will get for it as this will contribute to the purchase of your next residency.
The money you get from your current home can be put towards a down payment so that you can lower your monthly mortgage rate and invest in a higher-quality home due to the extra flow of cash. Speak with your real estate agent to see how much you should price your home for.
Understanding your mortgage payment is key. Prior to buying a new home, you will want to understand how much you will be paying monthly for your new place. This may seem like a big jump from renting, but this is often a misconception. In fact, sometimes buying a home is less than renting! Speak with your realtor and mortgage professional to determine your buying power, and you might be surprised what you can afford. Your mortgage will be a monthly rate to pay off the rest of the cost.
Oftentimes, certain locations and states offer stipends and benefits for new homeowners moving to town. Work with your real estate agent to look for any stipends or benefits you might qualify for. If you are a first-time homeowner, you are more likely to be granted a stipend or relief fund to help you pay for your down payment.
Use an affordability calculator with the help of your real estate agent so that you understand exactly how much your home will cost. Before touring a home or putting an offer down, it is important to understand if you can afford the house, to begin with.
Working with your real estate agent and being transparent about your salary and how much money you have saved towards your new home will help you make the most realistic purchase.
Contact VSells & Associates today to learn more about what you can afford, and have support along your entire home-buying journey.
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Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.