How Much Gulf Shores House Can You Afford?

Many Gulf Shores house hunters are entering the home market due, in part, to low interest rates. One of the most commonly asked questions of home buyers concerns how expensive a house they can afford. This video offers a little advice on how you can best determine the answer.

Gulf Shores House Search: Remember These Tips

1) Online Pricing Calculators.

There are a number of free online home buying calculation tools available.

2) Be Smart… Every Situation is Unique.

Although the pricing calculators are helpful, remember they often don't take into consideration factors such as your credit score and other monthly obligations. Review your overall financial situation in deciding how much Gulf Shores house you can afford to purchase.

3) Don’t Just Buy a Home You CAN Afford.

The experts recommend not just buying a Gulf Shores house you CAN afford… buy one you can comfortably afford. There's a big difference between what you could spend on a home and what you should spend. Also, remember the decision is ultimately yours. Don't necessarily rely solely on what an online calculator or real estate agent tells you your family can afford.

4) If the Timing Isn't Right, Consider Other Options.

If you feel temporarily closed out of the home buying market, there are other steps you may take. Consider a lease with an option to buy. Or you could hold off buying a Gulf Shores house until you save up a larger down payment. Lastly, you could consider purchasing a "fixer-upper" at a reduced price if you're willing and able to make the necessary improvements.