How Much of a New Home Can You Afford?Posted by Tony Cikes on
If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford. How do you figure that out?
First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.
Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.
Another factor to consider are the potential proceeds…
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