Buying Within Your Means

January 9, 2009 · Print This Article

Buying within your means involves taking stock and evaluating your lifestyle, spending habits, income, savings and assets….in short setting yourself up for success when buying a home in Charlotte NC.

Some key points to consider and evaluate before buying a home in Charlotte NC:

- What do you earn and take home each month in income (after taxes!)?

- What monthly expenses do you have (car payments, student loans, credit cards, any outstanding loan obligations), how much of your take-home income do these payments take up?

- What lifestyle are you accustomed to (eating out, vacations, monthly clothing, entertainment)?

- When looking at all of the expenses (lifestyle and current monthly bills) what’s left over from your take-home income?

- What do you have in savings and assets - do you have money set aside for unexpected expenses in addition to what you’re planning to use as a down payment on a home?

Taking an honest look at your income and spending habits before buying a Charlotte NC home is crucial - know where your money’s going each month, what you have left over and what you have available in savings/assets. Set yourself up for successful home ownership!

Home ownership can be tremendously rewarding but it’s also a responsibility. When the water heater breaks, the roof needs repair or the lawn needs maintenance those costs can add up. Being financially aware and prepared, knowing your spending habits and how you’re managing your income and what you can realistically afford in a mortgage payment (and utility, maintenance costs of owning a home) are truly a part of laying a firm foundation for becoming a successful homeowner.

By taking the time to assess your income, spending and debt, when you consult with your Charlotte NC mortgage professional for pre-approval you’ll be much better prepared to evaluate how any mortgage payment will fit into your own spending/saving lifestyle.

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Written by Diane McDermott