How much house can you afford?

If you want to enjoy the happiest experience, from your home, doesn’t it make sense, to avoid unnecessary stress and tension / annoyance, to buy a place, beyond your comfortable and economical means? In my more than 15 years as a licensed real estate salesperson in New York State, I have come to believe that the happiest home buyer is almost always one who buys a home, he can TO PAY, that meets most of your key needs and personal requirements / priorities, etc. How much house can you TO PAY? This question should be seriously considered before buying what is our most important financial asset for most of us. With that in mind, this article will briefly attempt to consider, examine, review and discuss, using the mnemonic approach, what this means and represents, and why it is important.

1. Assets; attention; assumptions: Begin the process by carefully reviewing all of your current assets and determining how much you feel, comfortably, it takes to maintain what you perceive as a nest. During this consideration, one should pay close attention to your non-housing needs / expenses and what, you can really afford! It is important to align one’s assumptions, with a well-considered approach, in aligning your personal comfort zone, with your true needs, etc.!

2. Finance: Take a close and objective look at your total financial picture, both now and in 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 future potential?

3. Future: What is the purpose of the home purchase? Are you considering it, as a starter house, or your long-term solution, to your and your family’s housing needs, requirements and desires? Depending on this, and what the future may bring, your decision and action should vary!

Four. Options; opportunities; organized: What are your options, in terms of financial affordability, personal comfort zone, region / area / neighborhood, transportation to work, safety, etc.? Do you have a specific house, often, an opportunity, due to its bones, region, area, neighborhood, lot size, security, schools / education system, etc.? Your search will be better and more effective / focused, if / when, appropriate, in an organized manner!

5. Income; realistic; reasons; region: Is a single family home best for you, or would you be better off and more comfortable owning and living in a multi-family residence? If so, what is the likely source of income? Is your approach realistic and are your reasons in the best of your personal interests? Is there any flexibility, in terms of the region, etc.?

6. Dig deep; to find out: Go beyond the surface and delve into your best interests, etc., so that you can discover the best path for yourself!

If you know and are comfortable with knowing what you can, really, TO PAY, you will benefit. Are you ready to move on, wisely?