Find Out How Much You Can Afford in Beverly Hills and Los Angeles – With Christophe Choo! | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
One of the first questions buyers ask me when we meet is how much house can I afford? It’s kind of a general rule of thumb that lenders look at, and what you as a buyer should look at, about one-third of your gross monthly income is allowed to go towards housing, which means property taxes, mortgage payment, insurance, and maintenance. So you want to keep that in mind about one-third. But to really, truly decide what you can afford, when we meet, we put you in touch with a great lender who can qualify you today based on the current rates and then the price range. You want to buy the property taxes, the insurance, and all of the costs to come up with a ratio range that’s comfortable for you. Sometimes you stretch a little bit. We bought our first house. We bought about 30% higher than we were planning to for our budget, but we did that because we found a much better house in a better neighborhood for about 30% more. And I’m glad we did because today it’s worth six times what we paid. So it’s always based on what you can afford, based on your income, the rates, and what you’re comfortable with.
Call Christophe Choo at (310) 777-6342 to tour your future home “HERE” or click “HERE” to estimate your home value