09 Jun Your First Home– Where?
Naturally, your income and amount of debt load you carry (don’t you just get a visual of a person carrying a heavy load on his/her back?) will determine how much you can spend.
Then, you, yourself will determine what you WANT to spend on your first home.
I generally multiply gross income x4 for a max mortgage. If the client is conservative, I multiply by 3 (this highly technical method is based on a five-year interest rate of 2.5).
So, where do you find a home if your household combined income is $80,000 and you living in fear of the first of the month is not a lifestyle you are opting for?
- East End offers nice, comfortable starter homes and amenities are plentiful, schools are nearby, transportation is good.
- Central Hamilton, around Gage and over to Emerald has nice Victorians and 1940’s homes in this price range.
- Hamilton Mountain offers homes built in the 50’s in this price range.
- Townhomes and condo apartments are an option as well.
Remember, you are buying:
Location and space, two things you cannot alter however many improvements you make to your home.