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.

Latest News About

  • Ready to Sell Your Home? 7 Budget-Friendly Renovation Ideas that Attract Home Buyers

    7 BUDGET-FRIENDLY RENOVATION IDEAS THAT ATTRACT HOME BUYERS When it comes to selling your home, you want to consider what renovations are most attractive to the home buyer. Small, less costly improvements, can have a bigger impact than you may think, and increase your odds of getting your selling price. Ask your Related Broker for help in deciding which upgrades will best meet the unique expectations of buyers in your market. 1. Be more efficient. Improving energy efficiency in your home is not the sexiest of all upgrades, but arguably […]

    Ready to Sell Your Home? 7 Budget-Friendly Renovation Ideas that Attract Home Buyers
    View Detail
  • Chicago Related Realtor specializes in Homes that Welcome Fur Babies

    Chicago Pet Friendly Real Estate finds homes for the whole family We are so proud of Related Realty broker Jason Feldman! Inman published a story featuring Jason’s pet friendly niche in the Chicago market that focuses on finding homes for the whole family. Click below to read the article. http://www.inman.com/2015/12/22/chicago-realtor-specializes-in-homes-that-welcome-fur-babies/

    Chicago Related Realtor specializes in Homes that Welcome Fur Babies
    View Detail
  • International Home Buying in Chicago

    Chicago is a very attractive option for affluent foreign homebuyers. Read what Related Realty broker Kristine Chen Frost has to say about the state of international home buying in Chicagoland in Chicago Agent Magazine’s cover story! Click here for the full story.

    International Home Buying in Chicago
    View Detail

Looking to Buy or Rent a Chicago Property?

Let one of our professionals assist you Schedule a Call

subscribe

  • Subscribe now to get daily updates
  • * Required Fields
We are processing your message...
Please wait while we create your document