RE/MAX Journey



Posted by RE/MAX Journey on 7/23/2019

Home prices may vary greatly throughout the country. But, buying a home is most likely the largest purchase you will make in your life.

Deciding just how much to spend on your home isnít just a matter of numbers--it also depends on your lifestyle and long-term goals.

In todayís post, Iím going to give you a few ways you can help determine how much is a safe amount to spend on your home so that youíll feel confident moving into the home buying process that youíre making the best decision for you and your family.

Mortgage as a percent of your income

Like most large purchases, buying a home typically isnít dependent on the amount you have in the bank. Rather, it depends on several factors including your income, credit score, and the type of lifestyle you want to maintain.

One of the simplest ways to determine how much house you can afford is to figure out what percent of your monthly income your mortgage and insurance will be.

For most homeowners, a mortgage payment that is 25% of their income or less is ideal. So, if you earn $6,000 per month, you donít want your monthly mortgage payment to exceed $1,500.

This ď25% ruleĒ does have one flaw, however, and that does not--and cannot--account for each individualís financial circumstances.

Letís say, for example, that you earn $6,000 per month, but that you have a large monthly car payment and are trying to aggressively pay off your student loans. You might find that paying another $1,500 toward a mortgage on top of your current bills is bringing you over budget, especially when combined with your other monthly expenses and retirement contributions.

Plan for homeowner expenses

Another caveat to determining how much to spend on a home is that the home itself will require a budget for maintenance. When renting an apartment, repairs are mostly the responsibility of the landlord or property manager.

Homeownership, on the other hand, requires you to make the repairs yourself or hire a professional. And, if you neglect these repairs, you might find that they cost you even more in the long run or drive down the value of your home.

Create a comprehensive budget

Throughout a given personís life, theyíll experience raises, promotions, layoffs, medical expenses, childcare costs, and any other number of financial changes. While it isnít possible to foresee all of the financial fluctuations youíll experience in life, it is always helpful to have a comprehensive budget.

What do I mean by ďcomprehensive budgetĒ? The goal of a good budget is to know where each dollar of your income is currently going and to have a plan for each cent that you make. This is a proactive approach to budgeting that will give you an exact number for the amount you can afford when it comes to a mortgage payment.

Within your budget, itís vital to account for things like an emergency fund, retirement, savings for vacations, and so on.

If you take this due diligence, not only will you have a better sense of where your money goes, but youíll also be confident in knowing exactly how much you can spend on a home.




Tags: budgeting   Buying a home  
Categories: Uncategorized  


Posted by RE/MAX Journey on 7/19/2019

This Single-Family in Clinton, MA recently sold for $286,000. This Cape style home was sold by - RE/MAX Journey.


28 Beacon Street, Clinton, MA 01510

Single-Family

$289,000
Price
$286,000
Sale Price

6
Rooms
3
Beds
2
Baths
This is a great 3 bedroom Cape conveniently located close to the center of town and schools. 2 full baths (one on first floor and second full bath upstairs). Featuring wonderful front to back living room with ceiling fans and a slider to deck overlooking nice fenced back yard, it also offers hardwood floors throughout first floor, economical gas heat, and easy maintenance vinyl sidings & replacement windows. The dining room and kitchen with island is a nice open area. The finished lower level is a bonus with additional living space that can be used as a play room, den and office - and there's a rear door to another deck and yard for outdoor enjoyment! This home is move in ready and a quick closing is fine if desired.

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Categories: Sold Homes  


Posted by RE/MAX Journey on 7/19/2019


27 Mountain Laurel Ln, Lancaster, MA 01523

Single-Family

$525,000
Price

7
Rooms
2
Beds
2/1
Full/Half Baths
Breathtaking panoramic views and your own sandy beach! Direct WATERFRONT ranch home. Boat, kayak, canoe, fish, and swim to enjoy all the recreational fun that 75+ acre Fort Pond has to offer! Main level is an open living space. Kitchen boasts stainless steel appliances and a center island flowing into the family room with hardwood floors and brick wood burning fireplace; Master suite with walk in closet and full bath; Second bedroom; Half bath. Enjoy watching the sunset nightly from the expansive deck that spans the width of the home and offers unobstructed water views. Finished lower level is an entertainers dream featuring a custom wet bar, wood stove and amazing game room that overlooks the beach. Bonus room presently used as a 3rd bedroom plus a ¾ bath complete this level. Your private oasis awaits!
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by RE/MAX Journey on 7/18/2019


97 Otis St, Lancaster, MA 01523

Single-Family

$367,900
Price

7
Rooms
3
Beds
2
Baths
*OPEN SUN JULY 21st, 11 AM-1 PM* Completely renovated ranch home in a serene, peaceful setting sprawling over 1.5 acres! Enter the totally open living area w/ gleaming hardwoods, recessed lighting & crisp new paint. Bright & open chef's kitchen w/ custom granite, white cabinetry, stainless appliances. Fabulous deck off the eating area will provide a perfect retreat to enjoy morning coffee. Convenient main level laundry. 3 bedrooms including master w/ walk-in closet & its own private deck. The lower level features a fantastic open living area w/ fireplace and slider leading to the oversized backyard. NEW roof, siding, windows, plumbing, electrical, heating & hot water system, septic, all cosmetics etc. Super convenient location, close to major routes and shopping; highly desirable school system only 0.3 miles to Luther Burbank Middle and Mary Rowlandson Elem, 2.7 mi to Nashoba, 3 mi to Kimballs ice cream, 4.3 mi to Town Beach on Spec Pond. The perfect blend of location, comfort & style!
Open House
Sunday
July 21 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 97 Otis St, Lancaster, MA 01523    Get Directions

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Categories: Open House  


Posted by RE/MAX Journey on 7/18/2019


97 Otis St, Lancaster, MA 01523

Single-Family

$367,900
Price

7
Rooms
3
Beds
2
Baths
*OPEN SUN JULY 21st, 11 AM-1 PM* Completely renovated ranch home in a serene, peaceful setting sprawling over 1.5 acres! Enter the totally open living area w/ gleaming hardwoods, recessed lighting & crisp new paint. Bright & open chef's kitchen w/ custom granite, white cabinetry, stainless appliances. Fabulous deck off the eating area will provide a perfect retreat to enjoy morning coffee. Convenient main level laundry. 3 bedrooms including master w/ walk-in closet & its own private deck. The lower level features a fantastic open living area w/ fireplace and slider leading to the oversized backyard. NEW roof, siding, windows, plumbing, electrical, heating & hot water system, septic, all cosmetics etc. Super convenient location, close to major routes and shopping; highly desirable school system only 0.3 miles to Luther Burbank Middle and Mary Rowlandson Elem, 2.7 mi to Nashoba, 3 mi to Kimballs ice cream, 4.3 mi to Town Beach on Spec Pond. The perfect blend of location, comfort & style!
Open House
Sunday
July 21 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 97 Otis St, Lancaster, MA 01523    Get Directions

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Categories: New Homes