Friday, August 12, 2011

What priced house could I afford to buy?

We can't tell you that. I recommend you make a budget and stick to it so you know where and how you spend your money, then you will know how much you can afford in payments every month. Too many people go by "formulas" that say what percentage of your income you can use, but we are all different, so it depends on what your lifestyle is like and how much other money you need/want after you pay you housing bills. I highly recommending picking a price, then put that money aside each month (minus what you pay in rent because you won't have that expense anymore). Then if you can live comfortably for 8 months to a year, you will know what YOU can afford. I know too many people who did the "recommended" 30% of your income and highly regret it because now they have a house but can't afford anything else!

No comments:

Post a Comment