3 expenses other than the mortgage you need to be able to afford

Your loan terms greatly affect how much you can spend on a house, but the mortgage isn’t the only cost you need to take into account when buying property. Consider the government Find out what the property taxes are on a house. Will yours differ? You may not qualify for the same exemptions as the current owners, or you may not benefit from appraisal caps in place. Also, taxes can vary from one neighborhood to the next, so see if comparable homes relatively close to one another are subject to different taxing entities. The cost of membership Are you buying in a homeowners association? Fees for HOAs can reach several hundred dollars a month. That cost may be worth it to you for certain amenities, but you should factor this cost into your buying decision. Keep the lights on Even though utility costs are consistent within a community, the size of a house and its energy efficiency can mean great differences in your bills. You may be able to look at past bills from the utility company, or you can ask the current owners if they will provide copies of their past statements. Once you know how much your mortgage will cost, figure out what else will contribute to your monthly bills. Be sure to have your Texas REALTOR® help make these determinations.