Can You Afford Your Arizona Dream Home?

You are probably having a nerve-wracking time preparing for an exciting journey in buying your new custom home in Arizona

. But before anything else, you have to first consider some factors before you start moving into the new luxury homes in AZ how much of a home are you prepared to spend? Or maybe a more practical question is, can you afford your Arizona dream home?

Take some time to calculate how much you can afford to spend and later on, determine how big of a mortgage you can get. The first thing to look into is how much money you make without taxes, that amount is your gross income. The recommended guideline is that you should spend no more than 28 percent of your gross monthly income on your mortgage payment. The mortgage payment includes the principal interest, real estate taxes, and homeowners insurance. The recommended maximum for your total monthly debt is 36 percent of your income. That means that all your expenses other than a mortgage such as your car payment, credit card bills, student loans, child support payments, and other bills should total no more than 8 percent of your gross income.

Moreover, you should also have an idea of how high the property taxes or also known as the real estate taxes these are in the areas where you're looking for your custom homes in Arizona. The tax rate can vary greatly. If the area is entirely residential, generally it has a higher tax rate. The tax rate can make a difference when you're deciding whether you'll be able to afford a particular home.

Do not panic if it looks like you cannot afford your Arizona dream home as much as you had hoped for. There are a number of mortgage options that will make it fairly easy to stay within your budget. These strategies for calculating your monthly gross income, debts, and other expenses can give you some basic ideas of what you can afford. The best way to truly understand your buying ability is to also determine the type of Arizona dream home you want.

Dorn Homes the new custom home-builder in Arizona will help you build your new custom-built home all in favor of your choice in a unique, comfortable, energy-efficient, and convenient way of living. Dorn Homes will guide you in every step of the way and does not let their clients get buried in debt from the kind of Arizona dream home you can afford to the new custom-built home you truly desire.

http://www.dornhomes.com/

by: Daniel

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