All the decisions and expenses that go with buying a new home could be overwhelming. A house is a massive purchase and you only want the best value for your money. Affordable housing manager Martin LaMar shares some easy tips on buying your first home without going completely broke or in debt.
Combine and add up your monthly income. If you are buying a home with your partner or spouse, make a budget based on your accumulated income. Take the time to add every source of income you receive each month. Once you have figured out total monthly income, you will be able to draft a budget plan based on the timeframe you have set for buying a house.
Compute your living expenses. Martin LaMar reminds that purchasing a house means spending money on utilities and maintenance each month. These items include gas, water, infotainment bills (cable and internet), electricity, garbage pick up, parking, homeowners association fees, insurance, and so on. Find out your average total each month and work hard not to go overboard.
Keep track of where your money goes. Taking down notes on where your money goes each month will help you understand your spending habits. It will help you determine which expenses you need to cut down.Martin LaMar has over a decade of broad-based experience in the operations and management of affordable housing, which includes a clear comprehension of affordable and public housing programs. For more articles on affordable housing and budget management, visit this page.
