How do you know if you can afford to buy a house if you are renting or living in an apartment?
Home ownership is the American Dream, and surprisingly it isn't that hard to buy a house. There are just a few things you need, and I'm going to tell you all about them.
As housing prices rise in Austin, the ability to buy a new house becomes very realistic.
Sure it might not be the biggest nicest house, but it will be YOURS. No pounding on the ceiling asking your neighbor to turn it down. No more having to fight for parking places close to your door. A place you can paint any color you want (without having to ask permission). A home of your own.
As a general guideline, approximately 1/3 of your income should go to housing. So if you are making somewhere around $4,500 a month (combined income if you are married), then now is the time. You can get a great house for $1,500 a month in Austin.
Really? YES! It's not going to be downtown in a modern hi-rise, or in one of the popular central neighborhoods, but it could be a brand new house in a nice subdivision. A great 3 bedroom with a new kitchen (with granite counters even), that goes to good schools, and has a private yard. Something like this new house.
Steps to buying a house
There are two things you need when you are ready:
- Talk to a Real Estate Agent
- Talk to a Mortgage Broker