Buyers: Math For Future Homeowners

Dated: May 7 2024

Views: 57

Math every future homeowner needs to know!⁠

⁠Today, I'm spilling the tea on all the numbers you need to know for your next big purchase. Let's crunch those numbers together!⁠

⁠But first, pre-approval! Connect with a LOCAL lender who will look at your debt, income, and credit score and determine how much you'll need to put down and what your budget is. It's a quick process, but these numbers are vital for your home-buying journey. ⁠

⁠Next, let's talk money! Here are the key figures you should think about:⁠

⁠💵 Down Payment: Forget the old 20% rule! In this market, it's not uncommon to buy with just 3.5% down. Early conversations with your lender are key so don't put this off⁠

⁠🔍 Home Inspection: Budget around $400-600 for peace of mind.⁠

⁠💰 Earnest Money: Set aside 1-3% of the purchase price. Your agent will guide you on the exact amount⁠

⁠📊 Appraisal: Plan for approximately $500.⁠

⁠💵 Closing Costs: These vary, but some of the items mentioned above are part of it. Your lender will give you a clearer picture.⁠

⁠🏡 Taxes & Homeowner's Insurance: Smooth out those payments by rolling them into your monthly installments.⁠

⁠Pro tip: Don't max out your budget! 📉 I encourage buyers to look slightly under their max amount. Your home should empower the life you want, not leave you stretched too thin. Balance is key!💲⁠

⁠So get your calculators ready, future homeowners - Let's make those numbers work for you. Have more questions or need help connecting with a trusted local lender? DM me the word MATH and I'll help you get started!⁠

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Blog author image

Angelica Olmsted

Angelica’s path into real estate is rooted in a life full of diverse experiences and a deep appreciation for what “home” means. Growing up as an Air Force brat meant constant moves, and later, h....

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