How Much Home Can I Afford in San Antonio
Click HERE for a fill-in PDF form, or HERE for an EXCEL document that will help you calculate your total cost of home ownership in San Antonio
Buying a home for the first time in San Antonio brings up several financial considerations. An honest realtor should want you to have the whole picture when buying a home.
This financial form can help you calculate the real cost of home ownership. As a San Antonio realtor, Catalina Garcia can help you fill in the financial numbers related to any home you are considering making an offer on.
____________ TAX PAYMENTS
Even when a mortgage is 100% paid off, tax payments continue. Residents in Bexar County pay property taxes on the full market value of their homes. This value could go up yearly if the house increases in value. (Divide the yearly tax amount into 12 to see the rent that you will be paying to Uncle Sam each month).
____________ HOA FEES
The difference between various San Antonio neighborhood fees can be enormous and make a huge difference in home affordability. Gated communities usually cost more than ungated.
____________ INSURANCE
Insurance rates are quickly becoming a large portion of the home ownership pie. Realtor Catalina Garcia can help you avoid costly mistakes by helping you avoid homes that could be prone to flooding or other expensive hazards. ____________ MORTGAGE PAYMENT (SHORTEST POSSIBLE TERM)
A long term loan is LONGER than you believe. Take your current age and add 30 years. Would you still like to be making payments when you are that age? Or, would you prefer to enjoy freedom 15 years earlier with a shorter loan? Shorter loans traditionally have lower interest rates as well.
____________ HOME MAINTENANCE
Plan to put approximately 1-4% of your home’s value toward repairs yearly, depending on the age of the home. For example, if your brand new home is worth $250,000, put aside at least $250 a month in a maintenance budget. If your 50 year-old home is worth $500,000, consider up to $1800 a month for upkeep. This money is used to save for large expenses such as a new roof, siding, broken windows, or air conditioning unit. One frequently overlooked expense in San Antonio is tree trimming as many houses have beautiful large trees which are expensive to properly maintain. As your realtor, Catalina Garcia can help you work with inspectors and other professionals to understand the cost of potential home repairs.
____________ EMERGENCY SAVINGS (3-6 MONTHS of MORTGAGE)
Ask yourself, “Would I have a way to accumulate an emergency fund to pay three to six months of mortgage payments if I lose my job, get sick, or have a family tragedy?”
____________ TOTAL
Your total should reflect how much you will spend on your home alone each month.
Experts suggest that this total amount should only be a quarter (25%) of your income. For assistance in calculating the actual cost of home ownership when buying a home in San Antonio, contact Catalina Garcia, Realtor
