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How Much House Can You Reasonably Afford?

adobestock 111863032There’s a term called house poor, and it’s something you absolutely want to avoid.

When you hear someone saying they’re house poor, it means they’re spending a significant portion of their income on all-things related to housing. This can include their mortgage payments but also maintenance, utilities, insurance, and taxes. When you’re house poor, you can’t afford many other things, and certainly not big extras like vacations.

Being smart when you buy a home and knowing what you can realistically afford can help you avoid being house poor.

There are a few mistakes people commonly make in their home search that increases the likelihood they may feel house poor. One is simply being overly ambitious during the homebuying process and taking on a loan that’s too big. Another big mistake is thinking only about mortgage payments and not anticipating the other expenses that go into homeownership.

The following are ways to get a home you can reasonably afford and lower your risk of being house poor.

Crunch the Numbers

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What You Should Know About Virtual Home Tours

virtual home tourStarting in March, life as we knew it started shifting for most of us because of the coronavirus pandemic. Non-essential businesses were shuttered, schools were closed, and we started spending a lot more time at home.

The pandemic is still going on, despite most states being in some phase of their reopening plan, and people are doing more things virtually than ever before.  

For example, some employers are saying they’ll keep their employees working remotely for the foreseeable future.

A Changing Real Estate Market?

Read more: What You Should Know About Virtual Home Tours

5 Vital Tips for First-Time Home Buyers

first homeBuying your first home is equivalent to embarking on a grand adventure. Although extremely thrilling, learning the ins and outs of the process can often seem overwhelming. From determining a budget to obtaining a loan, there are numerous factors to take into consideration along the way. Keep these five tips in mind throughout the journey.

Check your credit score

Read more: 5 Vital Tips for First-Time Home Buyers

Understanding a Listing Agreement

We are here to help you understand the Selling process. Selling a home for the first time? As you’re choosing a listing agent, you’ll want to do some due diligence and make sure you understand exactly what’s included in your real estate agent agreement.

Because it’s a legal document, listing agreements can be complicated to decipher, especially since you may see it only a few times over a lifetime. It helps to know the most common elements in a listing agreement so you recognize if what you’re signing is standard or if it’s missing seller protections or has excessive agent benefits.

Read more: Understanding a Listing Agreement

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©  Barbara Handy California DRE #01959103 :: Phone: (760) 443-3196 :: Website by 422Media

Burke Real Estate Consultants, Inc. California DRE Corporate Broker #01995787
12707 High Bluff Drive Suite 200, San Diego CA, 92130 :: (858) 509-7500

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © San Diego MLS.