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Find a Home that You Can Afford

Posted on April 16, 2014

destin real estateHave you ever dreamt of investing in Destin real estate? Perhaps you are more interested in buying a South Walton condo, or maybe your vision is to find a nice, quiet long term rental in Crestview? Whatever your real estate dreams are, more often than not, your budget becomes the issue.

Aside from the common calculators that determine how much you can stretch when you find yourself house hunting, there are few things you should know regarding how much house you want and how much you can afford.

Whether you are in the market to buy or in the market to rent, the best way to find a dream home that you can afford is to go shopping with a set maximum price. No matter what, the general rule of thumb is that no more than 1/3 of your monthly income should be allocated to housing. So, if you are considering buying Emerald Coast real estate, keep in mind your target mortgage payment and consumer debt. These combined and divided by .36 will typically give you your average monthly income needed to qualify for a home loan. If you are a renter, combine your annual income and divide by 40 and that should typically provide you with your maximum rent.

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