In this market, becoming a homeowner can seem out of reach. Many properties are expensive, and interest rates keep going up. But with these steps, you can create a budget to help you find the right home!
Step 1: Add Up Your Income. Make sure to capture ALL income sources, not just the income from your full-time job.
Step 2: List Your Household Expenses. Get all the bills and expenses you usually have to pay listed in one spot. It’s not the most fun, but it’s an important step!
Step 3: Calculate Homeownership Costs. Owning a home can come with extra expenses outside of your mortgage payment, like repairs and maintenance. Be prepared for these expenses by budgeting them in.
Step 4: Give Your Budget Room to Grow. Budgets aren’t meant to be one-and-done, so give your budget a little space to grow–both on the income and expenses side.
Step 5: Make Adjustments. Take a look at your budget. Can you afford a house? If it’s a little tight, see what you can take out. If yes, then awesome! You’re ready to reach out to a real estate agent. I
f you follow these steps, you’ll develop a great budget that will put you on the path to homeownership–without busting your budget! Call us today to find your new home!