So, you got the financing you need for your condo and you have your down payment saved up. All that’s left is to move in. Right? Well, you may have gotten over your first major hurdle in financing your new home, but what about living expenses? When it comes to buying any home, you must make sure you can afford the monthly mortgage payments, plus all of the other expenses that come with owning a home or condo. NYC real estate developers do their part by providing you with state-of-the-art designs; you have to do your part by making sure you can afford your purchase once you’ve moved in. Here are some things to consider when you’re creating your budget:
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Know your income: If you work for a set salary, then predicting your income becomes simple. If you work for commission or you are a freelancer, the numbers are more difficult to predict. Once you have added up all of your expenses, you’ll have an idea of how much income you’ll need to carry your condo month to month. That will help you devise a plan for how many clients you’ll need to get each month, or how many freelance assignments you’ll need to pick up.
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Condo fees: Don’t forget about these monthly fees. The amount will vary from building to building and can include other expenses like heat or cable.
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Property taxes: Even though you don’t technically own the land your condo sits on, you’ll have to pay property taxes. Again, this will vary depending on your location.
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Household expenses: Heat, hydro, cable, food, clothing, and commuting should all be considered as part of your total expenses.
Owning a home or condo is not without its challenges, but it’s well worth it. The top NYC real estate developers work hard to make sure their buildings are top-notch so you can live in luxurious splendor. For more informtion, visit, Naftali Group.
