What’s Your Home Buying Power?

If you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “What can we afford?” Many buyers become so caught up in how much they can afford that they don’t realize their total buying power—that is, the total amount of purchasing potential they actually have.

Buying Power Defined

oan amount you’re willing to finance and qualify for.

Most lenders advised buyers to spend no more than 35 to 45 percent of their pretax income on housing, meaning all your income and sources of revenue prior to paying taxes. Make sure you factor in not only your mortgage payment, but also property tax and home insurance to the cost of housing.2 However, other financial experts advise spending no more than a very conservative 25 percent of your after-tax income on your housing expenses.2  Whether you plan to spend the average, play it conservative or split the difference is up to you.

Traditionally, mortgage lenders have targeted the ideal housing expense amount to be a ratio of 28 percent or less.3

However, these figures bring up an important point: you don’t have to spend all of your savings and available monthly income on a mortgage payment. It’s important to set money aside for regular home maintenance, unexpected repairs and monthly fees, such as a condominium or homeowners association fee. While the above ratios are commonly accepted, a lender will look at your total financial picture when they decide how much they’re willing to lend. It may be tempting to take out a large loan in order to purchase the home of your dreams, but keep in mind the less money you have to borrow, the stronger your buying power may be.

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Just listed – 9206 Lantana Way, Austin, TX 78749 – Large Spacious Home in SW Austin

9206 Lantana Way is now on the Austin market and available for sale.  This 2-story home was built in 1999 and boasts a very spacious 3456 square feet with 4 bedrooms and 4 full bathrooms.  The master bedroom/bath are downstairs and the 3 other bedrooms are upstairs.  There are two bathrooms on the first floor and two bathrooms on the second floor.  It has a spacious kitchen with recessed lighting, lots of cabinets and countertop space, a built-in microwave, a built-in oven, an island and a gas cooktop.  The countertops have a breakfast style bar and there is a place next to the kitchen with lots of windows that has enough space for a full-sized table.  The floors are wood, hard tile, and carpet.  This house has 2 living rooms downstairs and 1 game room upstairs and a large office near the front entrance.  The master bedroom has a walk-in closet and a gigantic bathroom with a garden tub and a tiled and separate walk-in shower.  There is a large second story open balcony that you access from the game room.  The house has a medium sized private backyard.  The trees are between 20 and 40 feet tall and the yard has a sprinkler system.  The front yard has an elegant brick walk-way and the tree in the front yard has a brick basin.  The home has an attached 2 car garage.  This home has both electricity and gas.  There are arched passageways and built-in niches in the walls to hold paintings and decorative items.  The home has a rich colored brick masonry exterior on all four sides with some hardboard only in the back of the house on the second level.  This home is on a quiet cul-de-sac. 

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Price reduced to $699K on 1304 Leona St. – New 2 Story Home in East Austin Neighborhood

We just lowered the listing price on 1304 Leona Street.  This is a brand new home built in 2016 and it has never been lived in.  It is a 2-story home with 2235 square feet of living space with 3 bedrooms and 2.5 bathrooms. All 3 bedrooms are upstairs.  It has an amazing kitchen with granite countertops, pendant lighting, dark cherry color cabinets, and a center island.  The floors are dark cherry wood floors and tile and there is no carpet in the house.  This house has an incredible 3 living areas with two downstairs and one upstairs.  The master bath has a garden tub and a full-tiled walk in shower as well as a double vanity and a walk in closet.  The master bedroom has its own balcony so you can enjoy the outdoors before going to bed or just after waking up.  The house interior of the home is painted in a warm Tuscan yellow color that will make you believe you are on an Italian villa.  The kitchen and dining room and living room are all combined with an open floor plan.  The kitchen also has a place for a breakfast table.  You won’t believe the amount of windows in this house and you can bet it will make sure to keep the house looking bright.  The house has a first floor covered patio and a small private yard.  The home has a full finished attached 2 car garage that is accessible from the alley.  The home has hookups for both electric and gas dryers.  The new reduced listed price for this beautiful home is now $699,000

Contact me here to schedule a showing: http://torobravorealty.com/contact-us/

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Top 5 Home Design Trends of 2017

The current trends are all about utilizing rich color, maximizing texture and creating comfortable interiors you can’t wait to relax in. Use these trends to get inspired to makeover your home’s interiors and create spaces you love that also appeal to your personal style. Remember, if you plan to sell in the next few years, you may want to avoid doing anything dramatic and instead incorporate small changes that would appeal to buyers.

Why are these trends gaining popularity?

The underlying theme of these trends is creating a home environment you love; one that appeals to your emotions and feels like a retreat from the stresses of the world. Although the home is a place where you can relax and spend time with loved ones, work expectations are beginning to blur the line between work and home. Even if people don’t work from home specifically, many are stretching their work hours into their evenings and weekends to complete work projects.

It’s no wonder the Nordic concept of hygge (most often pronounced “hoo-gah”) has become a hot trend. A centuries-old concept, incorporating hygge in the home means creating simple and comfortable spaces that make you feel cozy and safe and appeal to your senses.1 The emphasis is on simplicity and fostering positive experiences, whether you’re spending time with family, reading a good book or catching up on work emails. 

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