Knowing How to Budget for Home Ownership
While many people focus solely on the mortgage pre-approval & application process to base their financial real estate decisions off of, it’s important to remember that this number doesn’t fully encapsulate the extent of your home-buying budget.
A mortgage pre-approval tells you how much you’ve been approved for by the bank/lender, which is quite different from the amount you can actually afford in your monthly budget!
Your monthly budget can consist of expenses like your mortgage payment & other home costs (condo fees, maintenance, etc.) in addition to regular, everyday costs such as that daily coffee or lunch out, car payments, gas + more.
We’ve created a handy Budget Planner that you can download below to get an idea of what your monthly expenses look like & how it might impact your homeownership goals
Be sure to let us know if you have any questions or concerns about plotting your monthly budget in the comments below or by email!
Rylie C aka The OneWheel Realtor