Decisions are agonizing! What house should you buy? How big of a mortgage payment can you endure? Does the home have the right bells and whistles? Is it in the area you desire? You need a House Hunting Checklist to make your options plain as day!
We found the PERFECT house for us! It’s a rambler with the space we need, curb appeal, all the bells and whistles, and an unforgettable view! Hazel and I are ready to call it home! There’s just one issue that Blake can’t seem to overcome.
House Hunting Checklist
Of course, there will be give and take to any house you look at but you want to make an educated decision based on the cold hard facts.
There are the obvious facts like the price, square footage, and number of bedrooms and bathrooms.
It’s time to dig deeper and do an analysis of the homes you are considering, side by side.
What is the difference in price per square foot?
How big is the lot?
Is it on sewer or septic?
Does it have wasted space?
Does the home have conveniences you are accustomed to such as air conditioning, custom closets, sprinkler system, storage space, etc.?
You may even want to dig so far that you know what percentage of your take-home pay your mortgage payment will be.
Guess what? We’ve created the House Hunting Checklist just for you!
Click the picture below to print and start analyzing!
Back to that perfect house. Blake can’t seem to overcome the fact that the house payment would be a whopping 44% of our take-home pay! Oy vey!
According to Dave Ramsey, your total mortgage payment, including tax and insurance, should not be more than 25% of your take-home pay. He also suggests a 15-year fixed-rate mortgage!
To figure what percentage of your take-home pay your mortgage costs will be, check out this handy dandy calculator! It will show you how to do the math AND do it for you! Win!
If you’re a mathematician and want to figure it out yourself the equation looks something like this:
100%/X%=take home pay/total mortgage payment
I would do total injustice in teaching you how to solve that equation but the link above does a swell job helping you out with that!
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