How Much Should You Make Before Buying? | Bost Real Estate ...

If you?re at the point where you?re considering purchasing a home you have probably wondered at one time or another just how much you should make prior to becoming a Boston homeowner. While the number varies, what would you think if someone said $200,000?

Believe it or not, some people feel that a family should make close to $200,000 prior to buying. Why?

It seems some feel that the cost of living is so high here in the Boston area (increasing by the day it seems) that if you buy a house and have a family of even a small size you?re going to struggle. While this is all a matter of personal opinion, it?s not totally off track if you look at the numbers.

If you take into account the costs of a mortgage, childcare for a couple children and daily living expenses, $200,000 suddenly starts to seem like a much smaller number. Does that mean that every single person interested in purchasing a home and having a family should wait until they make $200,000 a year? No. People?s lifestyles play a big part in their daily and monthly expenses. Those that budget carefully and spend wisely may not require the same amount as a family that spends more freely. In addition to spending wisely, it?s important to buy Boston real estate wisely. Part of that means really analyzing your cost of living, income and the way in which you intend to live. If you?re the type that doesn?t mind taking 1 less vacation a year in order to be able to purchase a home then that?s your choice. But if you?re the type that likes to jet-set at a moment?s notice, you may want to make sure that buying a house won?t affect your carefree lifestyle.

Also read: Should We Relax or Tighten Debt-To-Income Requirements?

Whether or not you have children and how many children you have should also play a part in your Boston real estate purchasing choice. If you?re buying now with the intent of starting or expanding your family you want to make sure you purchase a property you can grow into and not become burdened by when it comes to paying your mortgage.

If you?re ready to begin searching for a Boston home, contact First Boston Realty International to discuss your budget, lifestyle, and what kind of home you would like to purchase.

Source: http://www.firstbostonrealty.com/blog/how-much-should-you-make-before-buying/

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