What Can I Afford
When you lokk for the perfect home, yo want nice exteriors, well-polished or well-crafted doors, walls, furniture, pleasing colors and so forth. But sometimes it come down to what we can afford. Here is some sage advice from the AR admins breaking down the bear basics.
Thanks, Admins!
Love and light,
Laura
You know a good price range for your clients to be in. You know what their PITI should be in order to not feel strapped each month when the bills come rolling in. Some of you even provide mortgage calculators on your websites. But we all know the mortgage payment isn't all the monthly outgoing.
Laying out a good rule of thumb for your clients to follow is a good idea. Kathy Sheehan was the inspiration for this post as she did a great job of breaking down just how much each household should realistically be spending.
With interest rates rising it's not realistic to narrow it down to the penny but you can give a pretty good ballpark. First time homebuyers especially want to know what their payment would be. Don't forget to let them in on things like:
PITI Mortgage Payments
HOAs
Electricity
Insurance
Water, Sewer, Garbage
Cable, InternetEverybody should be prepared for the unexpected. Having 6 months of reserves just in case someone loses their job or a water heater goes out. You never know what will happen and you don't want to stress over the bills each month!
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