Buying Kettering Ohio homes for sale, to a lot of people, is a dream come true. For some, owning a home brings a sense of pride and independence. To some, owning one means building long-term wealth. Before you take the plunge, it’s best to ask yourself these important questions to guide you on your next financial investment.
How Much Can I Afford
Everything depends on your budget. While choosing from a number of Kettering Ohio homes for sale, the first thing you have to do is to identify how much you can afford.
While it’s tempting to base your budget on how much you make in a month, there’s a more scientific guideline you can use. Specifically, that is the debt-to-income ratio. You can easily do this by adding your total monthly gross income and multiply it by 36% – that will be the maximum amount of monthly debt payments you should have. Afterwards, add all your current debt payments and subtract it from the previous amount. The result will be the maximum mortgage payment you can afford.
The rule of thumb is that your mortgage debt should be less than 28% of your monthly income.
Can I Afford the Other Extras?
While it’s easy to be fixated on the purchase price of your potential home, it is important to consider the other costs associated with owning a home. Insurance costs, real estate taxes, maintenance and renovation costs, homeowner association dues – these are things that would also add to your monthly expenses. Take note of all these other costs and set aside a budget for it.
Is it the Right Location?
Location is important and should be given serious consideration. Choose a location that’s accessible and convenient – preferably near shops, public transport routes, schools, hospitals, or the place where you work. Remember, that extra half an hour commute to work matters.
Check the safety and security of the area and familiarize yourself with your future neighbors – are they warm and welcoming? Choose a neighborhood that will give you a better quality of life in general.
Am I Ready for This Commitment?
If you are considering getting a mortgage, you should be prepared to meet future financial obligations. Make the necessary adjustments to be able to afford your monthly repayments. Also, like marriage, don’t take for granted the necessary paperwork for your own security!
Since there are numerous factors to take into consideration when looking at Kettering Ohio homes for sale, it is best to seek the assistance of a reputable exclusive buyer’s agent. Exclusive buyer’s agents like those from Buyer’s Corner Realty can help you find the dream home that fits both your needs and your budget. Call us today at 937-433-6838. And don’t forget, we also post tips daily on Twitter and Facebook and would love for you to follow us there as well.