just because you’re good at monopoly
doesn’t mean you’ve got what it takes to
buy your first home without any help hi
i’m rebecca breaking and welcome to
watchmojo.com and today in part two of
our interview with Sandra D’Amato host
of HGTV’s Property Virgins we’ll be
checking in for a little realty check
what are some things to consider when
buying first home well I think you have
to consider where you are in your life
right now so if for example you’re about
to start a family then it’s probably not
a good time to buy that one bedroom open
concept urban funky loft conversely you
don’t necessarily need that three
bedroom family home if you are a single
person and you don’t have any intention
on growing your family right now what
are some things that first-time
homebuyers underestimate when they go to
my house oh the costs they might
overestimate what kind of real estate
they’re going to get and their their
perceptions are sort of a little out of
whack but definitely the finances are
super important I think you absolutely
have to figure out what you can afford
every month and then don’t underestimate
the cost of carrying a home it’s not
just mortgage there are real estate
taxes that have to be paid there are
utility bills that have to be paid new
roof that needs to be put on a fence
that needs to be built things like that
so make sure you factor in those costs
into your budget and ask your realtor
for help with that but one thing you
shouldn’t underestimate is if you are
buying a house with a partner the two of
you need to be on the same page so you
need to have open communication and
really analyze what is important to you
for real estate you know how are you
going to use the property and then
tailor it to that how do you decide how
much you can afford this is a great
thing to do so you’re thinking about
buying a house so what you should do for
one month and it’s really hard to do but
it’s so worth it because everybody
that’s done it has been shocked for one
month track everything you spent at the
end of the month you’ll have a bunch of
data you’ll see what you spent and then
you put your rent in there your car
expenses everything that’s static that
doesn’t doesn’t change you add all that
up and you subtract it from your income
hopefully your income is a bigger number
if it and if it is you look at that
surplus number and you say okay this is
what I’m prepared to spend on
ownership take that number to your
mortgage consultant and say translate
that into a mortgage figure is at three
hundred thousand dollars is it two
hundred thousand dollar mortgage what is
it and then you’ll know how much you can
afford to spend on a house you’ll know
what you can afford monthly which is far
more important than the big number of
two or three hundred thousand dollars
whatever your mortgage amount is
doesn’t mean you’ve got what it takes to
buy your first home without any help hi
i’m rebecca breaking and welcome to
watchmojo.com and today in part two of
our interview with Sandra D’Amato host
of HGTV’s Property Virgins we’ll be
checking in for a little realty check
what are some things to consider when
buying first home well I think you have
to consider where you are in your life
right now so if for example you’re about
to start a family then it’s probably not
a good time to buy that one bedroom open
concept urban funky loft conversely you
don’t necessarily need that three
bedroom family home if you are a single
person and you don’t have any intention
on growing your family right now what
are some things that first-time
homebuyers underestimate when they go to
my house oh the costs they might
overestimate what kind of real estate
they’re going to get and their their
perceptions are sort of a little out of
whack but definitely the finances are
super important I think you absolutely
have to figure out what you can afford
every month and then don’t underestimate
the cost of carrying a home it’s not
just mortgage there are real estate
taxes that have to be paid there are
utility bills that have to be paid new
roof that needs to be put on a fence
that needs to be built things like that
so make sure you factor in those costs
into your budget and ask your realtor
for help with that but one thing you
shouldn’t underestimate is if you are
buying a house with a partner the two of
you need to be on the same page so you
need to have open communication and
really analyze what is important to you
for real estate you know how are you
going to use the property and then
tailor it to that how do you decide how
much you can afford this is a great
thing to do so you’re thinking about
buying a house so what you should do for
one month and it’s really hard to do but
it’s so worth it because everybody
that’s done it has been shocked for one
month track everything you spent at the
end of the month you’ll have a bunch of
data you’ll see what you spent and then
you put your rent in there your car
expenses everything that’s static that
doesn’t doesn’t change you add all that
up and you subtract it from your income
hopefully your income is a bigger number
if it and if it is you look at that
surplus number and you say okay this is
what I’m prepared to spend on
ownership take that number to your
mortgage consultant and say translate
that into a mortgage figure is at three
hundred thousand dollars is it two
hundred thousand dollar mortgage what is
it and then you’ll know how much you can
afford to spend on a house you’ll know
what you can afford monthly which is far
more important than the big number of
two or three hundred thousand dollars
whatever your mortgage amount is
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