Budget – house purchase?
Looking to buy my first house, I have one in mind, I’ve calculated a rough estimate of a payment online, and put together a budget to see if I can afford everything before I go to the bank. Those of you that own a house, look at my list and see if I’ve missed anything. The house has had a lot of work done (carpet, shingles, plumbing, cabinets, sink/stool, furnace) so I don’t see a lot of repairs coming up.
Thanks!
Mortgage
Groceries
Clothing
Car Gas/Maint
Electric
Gas
Sewer/Water/Garbage
TV/Internet/Phone
Church
Other/Misc
Car Insurance
House Insurance
When I factor the above expenses with my income, I have 12% left over, or $225.92.
All advice is appreciated!!!! Thanks!
Tagged with: Internet Phone • Rough Estimate • Sewer Water
Filed under: Renting & Real Estate
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You forgot property taxes.
maintenance on the house, entertainment (sounds silly but you don’t want to be what they consider “house poor”)
Gifts are a big part of our budget – I have two children and lots of neices and nephews. You can always make things if you want to cut this part down!
House maintenance and repairs and your own savings are huge. Don’t be fooled into thinking that you won’t need to make repairs. You’ll be shocked at how quickly something (or many things) break.
to qualify for the mortgage, make sure the mortgage, int and taxes, plus any monthly debt payments you have are less than 40% of your GROSS income before taxes – if you go over that ratio, you may not qualify – don’t forget, utilities in a house will be a lot more than an apt – did you remember to add car payment to your budget – if car is pd off, then you have to start thinking about saving down payment for next car and do you have a 3-6 months of expenses emergency fund?