I’m a first-time home buyer. How do I know how much I can afford?

This week’s featured Answer from the Ask the Pros section:

“Many first time home buyers and many are unprepared and surprised when they find out that they could have afforded much more, or in some cases, much less.

  • Sit down with a full time real estate agent who will explain the process to you and go through all associated costs involved.
  • Work out all the numbers with your agent or a mortgage specialist so you have a clear picture of what your monthly costs will be and the debt load that you will be carrying.
  • Be sure you understand the value of the house today, its potential value in the 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!”

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About Aaron Joshua Barroso

Marketing at Zoocasa, Brokerage.

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