Before Viewing Homes For Sale, Know What You Can Afford To Pay
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J Harris
Mar 29, 2013, 10:50:03 AM3/29/13
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Please consider this free-reprint article written by:
J Harris
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Article Title: Before Viewing Homes For Sale, Know What You Can Afford To Pay
Author: J Harris
Word Count: 609
Article URL: http://www.isnare.com/?aid=95522&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=95522
Easy Publish Tool: http://www.isnare.com/html.php?aid=95522
*********************** ARTICLE START ***********************
Before contacting a realtor and begin looking at homes for sale, there are a few things you need to do. Your realtor will assist you in discovering how much home price you can afford, but he/she needs information from you to do it. So, go prepared with your financial data to your first appointment with your realtor in order to begin looking at homes for sale immediately.
To determine a homes for sale price that you can afford, you need to review your financial situation to determine how much down payment you can afford and how large of a monthly payment you can comfortably handle.
Net Worth
So, before looking at homes for sale, put together a statement of your net worth. Begin by doing an inventory of all your assets (what you own that may be sold for cash). This includes all investments, savings accounts, household furnishings, your current home and any other real estate, vehicles, recreational vehicles and equipment, furs and jewelry, guns, electronic equipment, loans owed to you, any vested equity you own, cash and surrender values of insurance policies, collectibles, and precious metals and gems.
Now, list the value of each item. This is the amount you believe you could sell the item for cash within a reasonable timeframe. Deduct any money owed on the item from the sell price. For example, you might be able to sell your current home for $150,000, but you owe the mortgage company $75,000 (pay-off amount) and another $3,000 in property taxes that would come due before it could be sold.
Now, list all of your liabilities. They are anyone to whom you owe money for whatever reason. They include mortgages, loans and credit lines of any types (including credit cards), and even your Uncle Bob that loaned you $2,000 last summer.
Total your assets and liabilities. Then, subtract the liabilities from your assets to determine your net worth.
Down Payment
To determine your possible down payment for a homes for sale, take your net worth and subtract out the following: Savings for emergencies, education and retirement; settlement and moving costs of buying the homes for sale; and cash you will need to improve, decorate and furnish the new homes for sale. The remaining is your possible down payment.
Monthly Payment
Next, calculate the possible monthly payment you can afford for your homes for sale. List all of your actual and projected monthly expenses. Include all the monthly costs of your liabilities listed above, adding the following items: Insurance premiums, all household expenses (including cell phones and DSL costs), any taxes owed but not already withheld by your employer, all transportation costs (include maintenance, fuel, and licensing), clothing costs (new and maintenance), pocket money for family members, groceries, personal care, recreation and entertainment, medical and dental costs, charity, special expenses (such as tuition), and miscellaneous costs. Divide into monthly costs any expenses paid quarterly or annually.
Now, total your monthly expenses. Subtract out your monthly mortgage or rent. Subtract the remaining expenses from your total monthly household income. This is the amount you can comfortably pay for a monthly mortgage payment on a homes for sale.
If the monthly payment for a homes for sale seems a bit low, review all of your monthly expenses. Where can you decrease or eliminate expenditures? For example, paying off your high-interest credit cards to eliminate the high monthly payments.
Once you have this information in hand, your realtor can determine just what you can afford to pay for a homes for sale.
About The Author: John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.themortgagecity.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=95522
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
J Harris
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=95522
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=95522
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Before Viewing Homes For Sale, Know What You Can Afford To Pay
Author: J Harris
Word Count: 609
Article URL: http://www.isnare.com/?aid=95522&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=95522
Easy Publish Tool: http://www.isnare.com/html.php?aid=95522
*********************** ARTICLE START ***********************
Before contacting a realtor and begin looking at homes for sale, there are a few things you need to do. Your realtor will assist you in discovering how much home price you can afford, but he/she needs information from you to do it. So, go prepared with your financial data to your first appointment with your realtor in order to begin looking at homes for sale immediately.
To determine a homes for sale price that you can afford, you need to review your financial situation to determine how much down payment you can afford and how large of a monthly payment you can comfortably handle.
Net Worth
So, before looking at homes for sale, put together a statement of your net worth. Begin by doing an inventory of all your assets (what you own that may be sold for cash). This includes all investments, savings accounts, household furnishings, your current home and any other real estate, vehicles, recreational vehicles and equipment, furs and jewelry, guns, electronic equipment, loans owed to you, any vested equity you own, cash and surrender values of insurance policies, collectibles, and precious metals and gems.
Now, list the value of each item. This is the amount you believe you could sell the item for cash within a reasonable timeframe. Deduct any money owed on the item from the sell price. For example, you might be able to sell your current home for $150,000, but you owe the mortgage company $75,000 (pay-off amount) and another $3,000 in property taxes that would come due before it could be sold.
Now, list all of your liabilities. They are anyone to whom you owe money for whatever reason. They include mortgages, loans and credit lines of any types (including credit cards), and even your Uncle Bob that loaned you $2,000 last summer.
Total your assets and liabilities. Then, subtract the liabilities from your assets to determine your net worth.
Down Payment
To determine your possible down payment for a homes for sale, take your net worth and subtract out the following: Savings for emergencies, education and retirement; settlement and moving costs of buying the homes for sale; and cash you will need to improve, decorate and furnish the new homes for sale. The remaining is your possible down payment.
Monthly Payment
Next, calculate the possible monthly payment you can afford for your homes for sale. List all of your actual and projected monthly expenses. Include all the monthly costs of your liabilities listed above, adding the following items: Insurance premiums, all household expenses (including cell phones and DSL costs), any taxes owed but not already withheld by your employer, all transportation costs (include maintenance, fuel, and licensing), clothing costs (new and maintenance), pocket money for family members, groceries, personal care, recreation and entertainment, medical and dental costs, charity, special expenses (such as tuition), and miscellaneous costs. Divide into monthly costs any expenses paid quarterly or annually.
Now, total your monthly expenses. Subtract out your monthly mortgage or rent. Subtract the remaining expenses from your total monthly household income. This is the amount you can comfortably pay for a monthly mortgage payment on a homes for sale.
If the monthly payment for a homes for sale seems a bit low, review all of your monthly expenses. Where can you decrease or eliminate expenditures? For example, paying off your high-interest credit cards to eliminate the high monthly payments.
Once you have this information in hand, your realtor can determine just what you can afford to pay for a homes for sale.
About The Author: John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit http://www.themortgagecity.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=95522
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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