Where Should Buying a Home Fit in Finance Priorities

April 25th, 2014 by: relatedchicago

Homes For Sale in Gold Coast: How Much Should You Budget for a Down Payment? Buying a home, especially homes for sale in Gold Coast, is a big up-front cost. Over time, Gold Coast Chicago real estate home ownership will save you money compared with the costs of renting an apartment or condo. When deciding to work with a Gold Coast Chicago realtor, rethink your financial priorities before you go house-hunting.

Setting a budget

First, evaluate your finances. Talk with your local bank about mortgage pre-approval. When you know the amount of personal and mortgage funds you can access, you can set a budget for homebuying and determine what level of risk you want to take on with a mortgage.

How much your Gold Coast Chicago real estate should be a financial priority

This largely depends on your life circumstances, personal preferences, and the size of your family. In general, plan to budget for these expenses before you take on a mortgage:

  • Current debts such as student loans or credit card bills
  • Savings for the future, e.g. retirement and rainy day funds
  • Cost of having/planning for children (including college costs)
  • Insurance (life, health, liability, auto)

These expenses represent everyday and future planning necessities. Once you can afford these, you’re ready to commit to a monthly mortgage payment.

To find out more, contact us today.

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