Building A Budget When Buying A Home


Building A Budget When Buying A Home
By Scott Rogers • August 16, 2019
Several buyers have recently asked me about how to determine how much they can and should spend on a home purchase. Those are actually answered differently... CAN -- How much you can spend will best be determined through a conversation with a mortgage lender. They will evaluate your income, existing required recurring debt payments, credit score, etc., to tell you the maximum that you can spend on a home. SHOULD -- How much you should spend is best determined by calculating what portion of your income you are comfortable spending on housing while still having enough left over for all of your other life expenses. In other words, a budget! I created the budget spreadsheet shown above (download it here) as a starting point for thinking this through. Let me know if you have questions about how to use this spreadsheet. And let me know if you'd like a recommendation on a local mortgage lender. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
Comments (0) or Subscribe