Buyer Beware

Services for Real Estate Pros with Alamo City Homes Magazine

A sure way to end up with sleepless nights and worry-filled days is to buy a home that is more expensive than you can really afford. Large mortgage payments, combined with utility bills, taxes and insurance can equal more debt than your income can support. The best way to avoid such a scenario is to think long and hard about what price range you are going to explore.

Many web sites offer mortgage calculators that use variables you input (i.e. expected down payment, salary, other debts / loans, etc.) to determine the maximum monthly payment you can afford. This is a useful exercise, but it does not mean you must buy in that price bracket. Instead consult with your Realtor® and see what a little less might buy you. Perhaps you don't need the extra bedroom or the biggest lot. If you can make concessions and live with a little less, it may help you in the long run.

Remember there will always be unforeseen events that can quickly put you in financial jeopardy if you have bitten off more than you can chew. Some serious examples include medical illness or job loss. But there are smaller events that can have serious implications too. An unexpected house repair, a car accident, or a hike in property taxes can tip the scales pretty quickly if you are already stretched too thin. You can avoid being caught in the red by working with your real estate agent to find the property that meets your needs and your budget.

If you don't want to get stuck getting a house that is more than you can handle. Contact Eric D. Bolton  at 210.918.0307 or email at I'll make sure that you're comfortable with your upcoming purchase and do my best to show you what the future might hold with payments on the house before you go to the closing table.


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