While you’ve been searching for that special place to call home as prices have increased are you still qualified to handle the monthly costs?
Maybe those in the 1-5 percent club aren’t that concerned because they have excess income and are more than qualified. But maybe for those impacted by the COVID-19 pandemic and are just coming back into the market and are ready to purchase, be sure that what you are buying is still within your means.
Whatever your budget might have been, then you should re-evaluate your specific financial needs going forward.
As prices have really zoomed up the last year locally and domestically throughout the 50 states, one needs to be cognizant of the monthly mortgage and interest (as it has increased over the last few months), as well as upkeep, whether it be all the utilities, e.g. gas, electric and water, insurance, etc.) or outside maintenance.
Having crucial “rainy day” money available in…