Rental units are just as susceptible as homes to increases in taxes, insurance, utilities and other costs. Landlords will pass along these increases to the tenants. The waiting game is a losing game. Don't put off buying a home waiting for prices to come down. This brochure outlines basic information about homeownership.
Most people have a general idea of how much they feel comfortable spending.
It's equally important to know how much your lender calculates you can afford. With assistance provided by your Better Homes and Gardens Real Estate or GMAC Real Estate sales professional, you'll be able to better prepare the many details required during the financing application process. Evaluate your financial situation as the lenders do. Typically, your total monthly housing costs should not exceed 28 percent of your gross monthly income. Ask how your lender determines the total monthly housing cost figure.