Buying your first home is an exciting but stressful time. It requires careful consideration and support from experts in the field to guide you through the process. The first question to ask is how much house can I afford?
Good question and sensible. I have had a lot of experience working with first time home buyers and many are unprepared and surprised when they find out that they could afford much more or in some cases, much less. Sit down with a full time Realtor who will explain the process to you and go through all associated costs involved. Work out all the numbers with your Realtor or a mortgage specialist so you have a clear picture of what your monthly costs will be and your debt load that you will be carrying. Be sure you understand the value of the house today, potential value in years to come and future earning power. Be careful not to burden yourself with too much initial debt that will not let you enjoy your current lifestyle.