- Check the selling prices of comparable homes in your area. It can give you a general idea of what you should expect to pay. Or you can utilize FLEX MLS in Arizona, to use a tool to find homes that meet your criteria.
- See what you can afford. Speak to your Lender to see “What you would Qualify for based off your income and any other factors?”
- Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment. **To get an idea of what you’ll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate.
- Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowners association fees.
- Look at your budget and determine how a house fits into it. We recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.
- Give us a call to see what the market is doing!
- Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs can drain your bank account.
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Coldwell Banker – 19232 N RH Johnson Blvd, Sun City West AZ 85375