Congrats, you have made the decision to purchase a house! This thrilling time in your life also can be stressful, yet asking family and friends for their feedback, as well as tackling those questions, will help you be ready for the home-purchasing process – as ready as possible.

Have you made a budget for mortgage payments and additional housing expenses?

Recent regulations prevent lenders from making home loans which exceed 35% of your month-to-month income. According to Forbes, the accepted rule of thumb is to not exceed 28% of your gross month-to-month income. To find out what this looks like for your situation, establish a budget which includes housing expenses as a line item, in conjunction with other month-to-month bills and routine living costs. You also will want to factor in things such as homeowners insurance, home maintenance costs, and HOA fees.

Have you made certain to consider other possible expenses?

As a homeowner, you have the job of managing more than simply a mortgage payment. Things such as fixing leaking pipes, winterizing, clearing overflowing gutters, and yard care are merely a few regular projects homeowners must make time for in their routines to either maintain themselves or to contact a professional to fix. This might influence what kind of home you search for. Are you able to live with a fixer-upper until it is possible to save for a remodel or get the skills yourself, or do you actually want something in move-in condition? Are you able to make certain repairs, or will you have to hire basic maintenance out?

Have you considered needs and wants?

Needs and wants associated with homeownership may vary from one person to another. Create a list which includes a number of things which are important to you and your loved ones, from the size of yard and quantity of bathrooms to the commute to your present job, school options, as well as the stability of the community. Be certain when you think about these larger items, you also browse accessibility to daily amenities like movie theatres, parks, shopping centers, and grocery stores.