Can You Really Afford This Home?

When you are deciding if you can afford a Hoboken home, one of the first measures of deciding how much house you can afford is adding up the cost of your expected monthly expenses.

Keep the following things in mind regarding a home’s affordability:

Be aware that most online mortgage calculators do not factor in homeowners insurance premiums and taxes when they spit out a monthly number. You can decide to roll these into your monthly mortgage payment (called escrow) or pay them annually.

Also, keep an eye out while searching for a house online, the listing will often give you the estimated annual taxes.

Any fees for HOA ( Homeowner’s Association ), Co-op Assessment, or Maintenance Fees, will also drive up your monthly payment.

These fees usually cover any common ground maintenance and expenses. HOA’s often require that residents maintain their own property to a certain standard as well.

Owning a home means being smart and allowing an annual budget for repairs and maintenance. ‘’Home Buying for Dummies’’ states that you can expect to spend at least 1% of an older home’s purchase price.

Stop waiting, there are many positive reasons to by a new home now. Contact me today so I can show you why the The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. With low mortgage rates available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home.

For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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Explore posts in the same categories: Best Buys/ Hot Deals in Hoboken, Hoboken Homes

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