Ideas on How Much You Can Spend on a Home

Ideas on How Much You Can Spend on a HomeA house is more often than not the biggest purchase that people are going to make in their whole lives, and it is one that they will be paying off for years, sometimes even decades, to come. However, if you are going to spend too much on your home then that situation could probably leave you with little money for of the other goals that you might have in your life – like retirement, college funds, and vacation.

If you have already made a decision to become a home owner, then the next step for you is deciding how much of you can afford when it comes to your home. Typically, most lenders would suggest that you spend no more than 28% of your monthly income on a mortgage. When you’ve thought about your price range, take a look at the market and the issues that matter. Research school districts, crime statistics, impending construction or anything that could decrease or increase the value of a home.

More ideas on how much you should spend on a home, click here.

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