Attention Buyer's Home prices are at rock bottom and mortgage rates at all-time lows so you may be considering going from renter to homeowner. If you are planning on staying for a while then the choice makes sense. There are a few things you may want to take into consideration before making the leap from renter to owner.
First, you will want to determine how much you can afford how can you do this? By contacting The Albarado Group at Keller Williams Realty we will not only walk you step by step in the process along with getting you in contact with a mortgage professional to help you determine what kind of mortgage you qualify for. Just because you pay $1,000 a month in rent, may not mean you can handle a $1,000 monthly mortgage payment.
There are a few more costs to owning a home than just the mortgage payment. As a Homeowner you will also be responsible for property tax, home insurance, utilities, and repairs of course this is not to fear but in turn good for awareness.
To prepare for those costs plan on adding about 40 percent to your base cost. So, if your mortgage is $1,000, add about $400 a month for a good estimate of costs.
Before you make a rash decision see if you can afford the cost difference. Once you know the cost difference spend a month or two depositing the difference between your rent payment and your cost estimate in the bank. In the previous example you would deposit $400 a month into savings. If you’ve been able to keep up the deposits and pay your other bills, that’s a Great sign you can afford to buy.
Now here's the best part now that you have been saving more you have more money to put toward the down payment of your New Home.
These are just a few tips to get you started. Once you have a good financial picture it is time to start shopping. That is when the fun begins.
Please fill Free to contact us @661-816-6876 with any and all of your Home Buying and Selling needs or question's.
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Respectfully,
The Albarado Group
Keller Williams Realty
661-816-6876
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