So you
recently read the news that renting
is now half as affordable as buying in the US and you are looking
to purchase
your first home in Boston, MA. Congratulations,
that is a fantastic idea! Why continue to build your landlords equity
when you could start building your own? Finding
the perfect Boston, MA home may be easy, but, first you
need to consider how much home you can afford.
Five
year plan. It's not just about how much you make, but, about
what you plan to do with it. Do your best to anticipate the next
five years - do you foresee any future debt due to family, car loans,
or the like? All of these will raise your debt-to-income ratio. Even
if you can afford that mortgage now, life events can bring that ratio
up. Do your best to map out what the next five years will bring and
keep an emergency fund for the unexpected.
Other
costs. Home ownership isn't just as simple as paying the
mortgage. Other expenses will for sure pop up in the form of repairs,
general maintenance, condo fees, and furnishing your
new Boston, MA home. Make sure to also consider your property
tax and home insurance costs on top of closing costs.
The
more thorough you are with your budgeting, the more comfortable you
will be when shopping for a home. When it does come time to search
for that perfect Boston,
MA home,
please make sure to contact
a Boston, MA real estate agent. I
am always here should you have a question on a Boston,
MA neighborhood
such as South
End, Fenway,
Beacon
Hill, or any other. I hope to speak with you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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with me:
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