Casey Reynolds

Cell 778-892-3717 | creynoldsrealty@gmail.com

How Much of a New Home Can You Afford?

 

If you’re thinking of shopping for a new home, one of the first considerations
is price range. You want to know what you can reasonably afford.
How do you figure that out?
First of all, you need to determine the initial out-of-pocket costs you will
need to cover. There are often more costs associated with purchasing a
home than its actual price. You need to take into account such additional
expenses as moving costs, legal fees, and a home inspection, not to
mention the costs of prepping your current property for sale.
Experts say you should budget 5-10% above the purchase price for these
items. So if you can afford to spend $470K on a new home, you should be
shopping in the $425-445K range.
Another factor to consider are the potential proceeds from the sale of your
current home. Your REALTOR® can help you determine how much your
property will likely sell for in today’s market. Any existing mortgage will need
to be subtracted from that amount to determine how much cash will be left.
Of course, you should speak to a mortgage broker or lender who can
compute how much of a mortgage you qualify for. Remember, qualifying for
a big mortgage doesn’t necessarily mean you should have one. You also
need to consider your personal finances and desired lifestyle – and whether
or not having a large mortgage is a good idea for you.
Once you have gathered all of your information, you can add any potential
sale proceeds to the amount of mortgage you qualify for, add other sources
of cash available for this purpose and subtract 5-10% for initial expenses,
and you’ll have an idea of the price range you should be considering.
Finally, it’s important to take the time to decide what kind of home you want.
Do you want a large backyard with trees? A quiet, family-oriented
neighbourhood? Four bedrooms and a finished basement? Once you
decide what you want most in a new home, it becomes much easier to find
one that’s in your price range.

 
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You probably don't think buying a lighting fixture for a room is all that
complicated. It isn't. However, it does require you to consider which types of
lighting you may need. According to the Lighting Association, there are
three types:
1. General lighting. By far the most common, this is the type of lighting
that is designed to create a functional brightness that spreads
throughout a room. A good example is a main ceiling light.
2. Task lighting. As the name implies, this type provides extra light
needed for a specific task, such as working at a desk or chopping
onions on a kitchen countertop. A bedside lamp used for reading is
another example of task lighting.
3. Accent lighting. This type is designed to set off a particular feature
of a room, such as a painting. It creates some practical light, but its
main purpose is to add to the overall decor.
When choosing lighting for a room, it's important to consider these three
types. First, decide how best to light the space generally. Then think about
any special lighting you might need for specific functions, such as reading.
Finally, consider how accent lighting might add to the overall look.

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