Our nation is in the midst of a serious housing crunch, and the DFW area is feeling the full impact! Last year, a lack of inventory and soaring prices left many would-be homebuyers feeling pinched.
Tip 5 - Determine How Much House You Can Afford
Dated: April 6 2022
Now that we have discussed the Home-Buying Process, let's look at how to determine the price of home you can afford.
HOA fees - An HOA (Homeowners Association) is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA's jurisdiction automatically become members and are required to pay dues, known as HOA fees.
Utilities - These include (but aren't limited to) your electricity, natural gas, water, garbage pickup and sewer service.
Taxes - Collected property taxes are used by the governing body of the jurisdiction where the property is located. This money funds education, road and highway construction, public servants, and other services that benefit the community. Property tax rates vary by jurisdiction.
Insurance - Standard homeowners' insurance safeguards your home from a multitude of hazards, including wind damage, fire, vandalism, tornadoes, hurricanes, and thunderstorms. Homeowners' insurance may be required when securing a mortgage to protect the mortgage company when making a financial investment in your home.
Home Warranty - A home warranty is a one-year service contract that covers repairs and replacements of most major home appliances and system components due to failure, standard usage, and other problems that happen due to age. Although never a requirement to have, a home warranty may be a great option to obtain to protect you from having to pay large expenses if a system/appliance breaks down.
Brandon is a Dallas native that considers himself blessed to be serving clients across DFW in their search for real estate property. Real Estate has offered Brandon a career he never knew he always wa....
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