How Much House, Can You AFFORD?

If you wish, to enjoy, the happiest experience, from your home, doesn’t it make sense, to avoid the unnecessary stress and tension/ hassle, from buying, a place, beyond your comfortable, financial – means? In my, over 15 years, as a Real Estate Licensed Salesperson, in New York State, I have come, to believe, the happiest home buyer, is, almost always, one who purchases a house, he can AFFORD, which meets most of his key needs, and requirements/ personal priorities, etc! How much house, can you AFFORD? This question must be considered, seriously, before purchasing, what to most of us, is our single – biggest, financial asset. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it matters.

1. Assets; attention; assumptions: Begin the process, by carefully reviewing all your current assets, and determining, how much, you feel, comfortably, is needed, to maintain, your perceived, nest – egg! During this consideration, one must pay keen attention, to his, other – than – housing needs/ expenses, and, what, he can really afford! It’s important to align one’s assumptions, with a well – considered, focus, on aligning your personal comfort zone, with, your true needs, etc!

2. Finances: Take a close, objective look, at your total financial picture, both, at – present, and into the future! How can anyone, fully enjoy their home, unless/ until, they examine their finances, and, objectively, know, what is currently, within their means, and, perhaps, their future potential?

3. Future: What is the objective of the house purchase? Are you considering it, as a starter – home, or your longer – term solution, to your, and your family’s housing needs, requires, and wishes? Depending on this, and, what the future, might bring, your decision, and action, should vary!

4. Options; opportunities; organized: What are your options, in terms of financial affordability, personal comfort zone, region/ area/ neighborhood, commuting to work, safety, etc? Does a specific house, often, any opportunities, because of it’s bones, region, area, neighborhood, lot – size, safety, schools/ educational system, etc? Your search will be better and more effective/ focused, if/ when, you proceed, in an organized manner!

5. Revenue; realistic; reasons; region: Is a single – family house, best, for you, or would you be better off, and feel more comfortable, with owning and living in a multi – family residence? If so, what is the probable, revenue source? Is your approach, realistic, and are your reasons, in your personal, best interests? Is there any flexibility, in terms of the region, etc?

6. Delve deeply; discover: Go beyond the surface, and delve deeply, into your best interests, etc, so you might discover, the best path, for you!

If you know, and are comfortable with, knowing what you can, truly, AFFORD, you will benefit. Are you ready to proceed, wisely?