These 4 factors determine whether a home is truly available to you.



When you To buy a housethe most important thing you need to do is make sure that you can easily afford the property.

Although usually the first thing to pay attention to is mortgage payments are within your budget, this is just one of several costs you will have to deal with when you become a homeowner.

You must make sure you accept four big home ownership costs into consideration when deciding whether a home will be affordable in the short and long term.

6 simple tips to secure a 1.75% mortgage rate

Safe access to The Ascent’s free guide, which explains how to get the lowest mortgage rate when buying a new home or refinancing. The rates are still at their lowest level in several decades, so take action today to make sure you don’t miss the chance.

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1. Payment on the mortgage

Your monthly mortgage payment plays a huge role in whether your home is affordable or not. If your mortgage payment barely fits into your budget, this is a huge problem, as any cut in income can make your payments unmanageable.

You can aim to get an affordable mortgage payment by limiting the amount you borrow and by making purchases looking for mortgage lender offering the best rate. Taking steps to improve your credit rating before applying, it can also help make sure you are not paying more than necessary, which helps keep costs down.

2. Property taxes

When you own a home, you have to pay not only on the mortgage – you have to pay property tax too. And they can be very different depending on where you live.

Typically, more expensive homes come with higher property taxes. Thus, lowering the value of your home will help you avoid costly and burdensome tax payments. But a geographic region can also have a significant impact on tax spending. In fact, a larger home in a county with a low real estate tax rate may have much more affordable property taxes than a smaller home in an area where these taxes tend to be very high.

You should take a close look at the county tax rules for the various areas close to where you would like to live to find out how much you can expect to pay if you buy a home in that area. If you find that one of your chosen locations has high taxes, this could make homes in the area unavailable.

3. Utilities

Utilities can also be a big expense for homeowners. Again, these can be affected by the size of your home, but also the condition of the property.

If you’re buying an old home with an inefficient stove or air conditioner that doesn’t have a ton of insulation, and all doors and windows require sealant replacement, you can get much higher utility bills than with a new property that prioritizes energy efficiency.

You can ask the current homeowner for an example of monthly utility bills to get an idea of ​​how much you can expect to pay to make sure the utilities fit your budget.

4. Maintenance

Finally, once you’ve purchased a property, home maintenance is required – and you want to make sure you have the money to pay for ongoing maintenance as well as repairs.

It can also be influenced by the size and condition of your home. An older home that will soon need a roof renovation and that has begun to age in other ways could lead to much higher maintenance costs in the future.

Be sure to pay attention to all of these factors for any home you are about to buy. This way, you can most accurately estimate how much the accommodation will cost over time. Then make sure you are comfortable with the numbers before proposing.


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