Buying a home is an exciting time for anyone, especially if it’s your first time purchasing property. If you are having a new home built, which is perhaps the best option for new homeowners, you have to make sure you’re thinking of every important aspect of the home buying process.
Make sure to go over all the housing details with your trusted plan specific homebuilder including home designs, layouts, and financial aspects. The actual cost of the property, obviously, is one of the most important factors of the purchasing process.
There are various tools available to make exact calculations on the price of a specific home, but, as a general rule of thumb, for a comfortable monthly mortgage payment, you should calculate your monthly income (after taxes), subtract all outstanding debts, and then multiply that number by 25%.
Doing this would give someone who makes $80,000 a year, for example, a comfortable monthly payment of around $1,200 a month. Though your number might seem low at first, and you might consider pushing the limit a little bit so you can live in perhaps a more lavish home, you should remember that you’re going to need to balance all the other financial aspects of your life, too. So you want to ensure you are comfortable and have plenty of cash available for various other purchases.
If you want help determining a more precise monthly mortgage payment for your new home, check out this helpful mortgage calculator.
Be sure to account for additional expenses like new appliances, too. Roughly 69% of homeowners said that they are willing to spend more money on their home if they can have new kitchen appliances.
In addition to appliances, the size of the home, shape of the physical structure, and numerous design features will all play a role in impacting the overall cost of the property. Be sure to discuss all these factors with your plan specific homebuilders.
Make sure you consider everything before you start organizing your finances for your future home buying plans. If you want to find great homes in Tampa, Florida, it’s time to speak with plan specific homebuilders. Contact Inland Homes to get started today!