Home Size1,559 sqft
Days on Market1
How to Make the Most of Your Home Budget
- October 26, 2021
The process of buying a home can be stressful financially. The best way to approach this process is to create a budget, and make the most of it! The cost of buying and owning a home is filled with a lot of nuance. Take a look at these tips to make your budget stretch:
Create a Realistic Budget
Before your budget can stretch, it needs to be realistic. Typically, your estimated mortgage payment should not exceed 28% of your gross monthly income. This includes principal and interest, as well as taxes or home insurance. In total, you should have no more than 36% of total debt, including your mortgage and student loans.
Factor in all the Costs
Plan for Ongoing Expenses
Stay Within Your Budget
The best way to stretch your budget is to be realistic and plan ahead. Without proper planning, you may be blindsided by the additional costs of home ownership.