The Mortgage Payment Is Only Part of the Cost

Buyers naturally focus on the mortgage payment when deciding how much home they can afford.

But everyday homeownership may include several other recurring expenses.

Depending on the property, that can include property taxes, homeowners insurance, HOA fees, utilities, maintenance, landscaping, pool expenses or other property-specific costs.

The objective isn’t to predict every future expense perfectly.

It is to avoid evaluating affordability from one number alone.

Martha’s Tip

Create a total housing estimate before becoming emotionally attached to a property.

Include the known recurring costs and leave room in your budget for routine maintenance.

A lender can help you understand the financing side, and appropriate insurance and financial professionals can help with other parts of your planning.

Your purchase should make sense on paper—and in your everyday life.

Southern Arizona Buyer’s Guide at MVP-RealtyTeam.com.