Sunday, February 19, 2017
Creating my real estate budget
I heard back from the mortgage dept of my bank last night; as I suspected, I am right on target as far as how much of a mortgage I would qualify for, based on my retirement income. Loan officer was impressed with how much I know, and stunned that I have zero debt, not even a car loan. So, Step 1 is accomplished, I have confirmation on my budget, which I'd love NOT to max out.
This upcoming week, I will speak with my realtor. I am making no commitments at this point, mearly doing my homework. I need the Realtor to take me around to physically see homes in my budget. Initially, I am leaning towards a single family on a small lot. While the zero exterior maintenance factor is appealling on a condo, around here, they are multi stories which translates into a lot of stairs. At 53, with my arthritis, I already am pained to do stairs. I'd consider a ranch or split (HATE RR). This condo is 2500 sq feet, including the lower level den, which we don't use. So figure that we're actively using 2000 sq feet, which includes the great room (living-dining combo). I can do without a dining room, so figuring 1600-2000 sq foot range. I am concernced that if I do smaller, the rooms will shrink considerably.