Have a firm idea of what you can afford.
Whether you’re a first time homebuyer or getting into your second home, when you begin your home buying process, you need a firm idea of what you can afford and where your price point should be.
Consider the following factors when planning your home purchase:
Most buyers require a mortgage. Work with your lender to pinpoint your monthly payment, the costs of your mortgage and the difference in offers. Your mortgage costs can vary significantly depending on your loan type and interest rate. Today’s most common loans include:
Property taxes can significantly raise your monthly outlay and may slowly increase depending on a variety of local factors. Typically, a home is taxed on the assessed value, which is an amount equal to a fraction of its appraised value
Utility expenses are a given, especially water, gas and electricity – and don’t forget your cable and internet bills. Have your Foxfire agent ask the home seller for their average monthly cost over the last year to help you estimate how much to put aside monthly.
Upkeep and Upgrades
Don’t forget to reserve time and money for upkeep inside and outside your home, from landscaping to flooring to appliances. You must hire a gardener to mow, weed and care for beautiful flowers and shrubs, unless you have a green thumb and the desire for time for maintenance. Ask your Foxfire agent for referrals and compare costs.
Once you tally these costs, you may need to adjust your price range. This will make for a smooth financially comfortable transition into your new home. Your Foxfire agent will help you each step of the way.