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  • Writer's pictureCurtis Avenir

Determining Your Home Buying Budget: 3 Key Tips from Real Estate Expert Becky Ashby

Buying a new home is an exciting milestone, but it can also be a daunting task, especially when determining your budget. With numerous variables to consider, even the most experienced home buyers may be overwhelmed. However, by following a few key tips, you can simplify the process and make a more informed decision. Becky Ashby, real estate agent in Las Vegas and Henderson, Nevada, shares her expertise in assessing your financial situation and determining your home-buying budget.

Becky Ashby is a highly respected real estate agent representing buyers and sellers. Her unparalleled attention to her clients' needs and her ability to advise them on all aspects of buying or selling their homes have led her to success. She has been awarded the Executive Club award for highest sales for the last 7 years.

Becky works tirelessly for her clients, providing them with all the resources they need to make informed decisions. She is dedicated to making the process as seamless as possible.

1. Assess Your Current Financial Situation

The first step in determining your home-buying budget is to take a comprehensive look at your current financial standing. Start by evaluating your monthly income, including your salary, bonuses, and any additional sources of revenue.

Next, list all your debts, such as student loans, car payments, and credit card balances. Understanding your debt-to-income ratio is crucial when applying for a mortgage.

Finally, consider the amount of money you have saved for a down payment and closing costs. Generally, a larger down payment can lead to a lower monthly mortgage payment and better loan terms.

2. Factor in Ongoing Expenses

In addition to your monthly mortgage payment, there are several ongoing expenses to consider when determining your home-buying budget. Research the property tax rates in the area where you plan to buy a home, as these can vary significantly from one location to another. Estimate the cost of homeowners insurance, which is required by lenders to protect their investment in your home. Set aside funds for routine maintenance and potential repairs. Factor in the cost of utilities, including electricity, gas, water, and sewer services. If you're considering a home in a community with a Homeowners Association (HOA), account for the monthly or annual fees.

3. Consider Your Long-Term Financial Goals

When determining your home-buying budget, keeping your long-term financial goals in mind is essential. Ensure that your monthly mortgage payment allows you to continue contributing to your retirement accounts, such as a 401(k) or IRA. Maintain an emergency fund to cover unexpected expenses, such as a job loss or medical emergency. Consider any significant future expenses, such as starting a family, sending children to college, or caring for aging parents.

By carefully assessing your current financial situation, factoring in ongoing expenses, and considering your long-term financial goals, you can determine a home buying budget that allows you to comfortably afford your new home while still achieving your other financial objectives.

As a trusted real estate agent, Becky Ashby is dedicated to guiding her clients through a stress-free home-buying process, to ensure her clients make a sound investment in their future.

If you're considering buying a home in the Las Vegas or Henderson area, don't hesitate to contact Becky Ashby at Signature Real Estate Group.

Contact Becky Ashby today:

Signature Real Estate Group

2200 Paseo Verde Pkwy #300

Henderson, NV 89052

CELL: 702-816-6292


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