Todays tip is for those looking to buy a home. Credit is one piece but more importantly you need t…

Today’s tip is for those looking to buy a home. Credit is one piece but more importantly you need to plan for the additional expenses of owning. You may qualify for a certain mortgage amount but make sure you account for the cost of utilities, home owners insurance, real estate taxes and maintenance and make sure the additional expenses are manageable!
A way to do this is to start putting that extra money away now. So for example if your current rent is $1,000 and you’re mortgage payment is projected to be $900 and the additional expenses are $500 then you need to put the difference between your current expense and your projected mortgage payment plus expenses into a savings account which would be $400 in our example.

If you find that the additional expenses are not manageable you can adjust your budget now instead of later when you’re already in the house.
Benjamin Franklin once said if you fail to plan then your planning to fail. If you need help developing a plan for your finances schedule a free discovery call today. Check the link in my bio.
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