How Much House Can I Afford? If you really want to keep your personal finances easy to manage don't buy a house for more than three times(3X) your income. If your household income is $120,000 then you shouldn't be buying a house for more than a $360,000 list price. This is the price cap, not the starting point.
You need to look at the bones of the house, Foundation, main beams, sloping, cracks or slants in the walls, ceilings, floors,foundation. Is the electrical up to code, how's the exterior siding, roof, signs of termites, water pressure, furnace, heat pump, mold/mildew, windows, doors, parking.
Location: One of the most important things that impact the value of your property is the location. Buying the right land or home can help you gain wealth as you live in your home over time. Curb Appeal: You'll have to look at your home every single day, so you want it to be something that you enjoy looking at.
Here are some qualities to keep an eye out for: misaligned doors, cracks in the walls, sloping in the floor, and the windows are hard to open or has cracked glass. If you notice a lot of these qualities during a house tour, have an inspector take a look at the foundation before committing to the home.
Normally, you need to have enough savings to cover a down payment of 5% to 20% of the purchase price plus an additional 3% to 7% of this price for closing costs. If you do not have the down payment, you may be able to qualify for a loan under various government programs that are available.
The first house is ruled by Mars, a planet of action, energy and anger. Aries, the first sign of the zodiac, is associated with the first house. Aries is known for being a self-starter and being true to themselves.
The most common way to use the 40-30-20-10 rule is to assign 40% of your income — after taxes — to necessities such as food and housing, 30% to discretionary spending, 20% to savings or paying off debt and 10% to charitable giving or meeting financial goals.
A simple formula—the 28/36 rule
Here's a simple industry rule of thumb: Housing expenses should not exceed 28 percent of your pre-tax household income.
Resale Value and Market Trends
One of the most important things to consider when buying a house is the local real estate market and how it will affect your resale value. The current state of the market in your area is a huge factor when considering homeownership.
Some consumers use an intense system of thorough investigation before they decide to purchase, while others are basic impulse shoppers. Either way, three factors affect all purchasing decisions: economic, functional, and psychological.
Experts say it's smart to avoid properties with major structural issues or bad plumbing or wiring, and those with small kitchens or too few bathrooms. Keep your eye out for properties that are a cosmetic mess but structurally sound. Get the cheapest house in the priciest neighborhood.
1. Check your credit. Once you decide to buy a new home, the first thing you'll need to do is check your credit history. This involves pulling credit reports from each of the three credit reporting bureaus (Experian, TransUnion, and Equifax) to better understand your credit score.
Settlement costs (also known as closing costs) are the fees that the buyer and/or seller have to pay to complete the sale of the property. Depending on the lender, these may include origination fees, credit report fees, and appraisal fees, as well as property taxes and recording fees.
Conventional loans typically require a minimum credit score of 620, though some may require a score of 660 or higher. These loans aren't insured by a government agency and conform to certain standards set by the government-sponsored entities Fannie Mae and Freddie Mac.
Comfort, personal touch and safety predominantly, alongside, functionality, practicality, good lighting, warm, inviting interiors and sustainability make for good living.
The 3 House Rules are respect, responsibility, safety. The great thing about the 3 House Rules is that anyone can implement it.
Know the two hot spots
The rooms buyers most closely inspect (and judge) in a house are the kitchen and master bath. These are the interior spaces where the most value can be added during a sale, so they need to look their best.