How to Determine What You Can Afford When Buying a Cary Home
If you’re making the transition from Cary renter to homeowner, then congratulations! You are already taking a big first step towards a solid investment for the future of your family.
Real estate prices in Cary, N.C. have slowly but steadily risen over the past few decades, and as Cary’s reputation as one of the best places to live in the Triangle grows, this increase in value shows no signs of slowing down in the immediate or long term future.
And once you’ve made the decision to buy a Cary home, one of the first things you need to determine is how much home you can afford.
Luckily, there are a number of easy ways to make this determination – both on your own, and with assistance. Here are a couple ways you can figure out your Cary, N.C. price range, with little effort involved!
Creating a Budget
One of the preliminary steps you can do is to craft a budget that accounts for all of your monthly expenses, and helps to determine how much mortgage you can afford on a monthly basis. When making your list, be sure and include any current expenses, including groceries, utilities, clothes, vehicles, and other items you have to have, as well as future expenses that may accompany buying a home, such as taxes and insurance.
Once you have your list complete, you’ll also want to consider any future costs, such as college expenses for kids, as well as money that you should set aside for savings.
After your list is finalized, and you have a solid idea of what you can afford for a monthly mortgage payment, utilize an online mortgage calculator to figure out how this monthly payment translates into a home’s asking price. (Many online calculators offered by banks and other financial institutions will also account for current interest rates as well.)
If this process seems a little daunting, or you want the most accurate answer possible, then there are other resources you can use! Which includes…
Talking to a Mortgage Lender
A mortgage lender can give you a pre-qualification letter and / or a solid idea of just how much home you can afford. When you talk to your mortgage lender, you’ll want to bring along associated documents that will help provide a complete portrait of your finances, such as tax returns, paycheck stubs for the past few weeks, and other proof of income or expenses. The best news is that with a pre-qualification letter in hand, you can make an offer on a Cary property for sale with confidence, and will also have a bargaining chip for price negotiations along the way.
Of course, the easiest and most hands-free method for determining how much you can afford is simple, and all it requires is…
Talking to a Buyer’s Agent
A buyer’s agent is a North Carolina Real Estate Broker who represents your best interests through all steps of buying a Cary, N.C. home for sale. From your initial search to the closing table, a buyer’s agent provides valuable information every step of the way – and this includes how much home you can afford!
So if you want the easiest and most accurate answer possible when it comes to how much you can afford in the Cary, N.C. real estate market, talk to your buyer’s agent first. With an in-depth knowledge of what’s available as well as unforeseen expenses involved, (such as homeowners’ association fees), a buyer’s agent is a valuable resource for navigating the Cary real estate market.