As you’re probably aware, there is more to the cost of owning a property than the mortgage payment. There are a myriad of other expenses that can impact the affordability of a home. Say, for example, you find a home on the market that you like. However, you discover that you and your family will need to commute much farther to work and school. That will add to your monthly expenses. You should factor in those costs before deciding to make an offer.
On the other hand, you might find a home that is in a great state of repair. The roof is new. The furnace is new. There are no obvious maintenance issues. The efficiency benefits will save you money and you’ll also benefit from knowing you don’t need to anticipate major capital expenses. That will be especially important during your first few years in the home. You should definitely factor in those savings when evaluating a home. A property on the market that costs you a bit more today may actually be more affordable over the longer term when you consider anticipated expenses. A good REALTOR® can give you a clear picture of the cost of ownership for any property you’re considering. When you choose a house to buy, do a cost analysis of the features and location.