Sherry Bourque - RE/MAX Main Street Associates



Posted by Sherry Bourque on 10/14/2018

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: Buying a home   budgeting  
Categories: Buying a Home   budgeting  


Posted by Sherry Bourque on 10/13/2018

This Single-Family in Plaistow, NH recently sold for $459,900. This Colonial style home was sold by Sherry Bourque - RE/MAX Main Street Associates.


6 Cottonwood Road, Plaistow, NH 03865

Single-Family

$467,900
Price
$459,900
Sale Price

3
Bedrooms
8
Rooms
2/1
Full/Half Baths
Back on the market! Sellers have painted and installed new carpet! Fabulous center entrance colonial featuring 8 rooms, 3 bedrooms, 2.5 baths, 2 car garage, with over 3000 sq. ft on large 2+acre, sprawling wooded lot which offers privacy from every window. This lovely home has a generous floor plan with a cabinet packed kitchen with SS appliances and granite counters, island, breakfast bar and computer/mail area, this is open to the vaulted ceiling family room with floor to ceiling fireplace, formal dining room and living room. The second floor features 3 spacious bedrooms, the master suite has cathedral ceilings, and features a luxurious spa like bathroom , tiled shower, double vanity sinks, and extra large walk in closet. The finished lower level fireplaced media room/play room has a walk out to gorgeous grounds with pool and deck, and mature lush landscaping. Central air, central vac, hardwood, all the bells and whistles! Showings start 6/3/18






Categories: Sold Homes  


Posted by Sherry Bourque on 10/12/2018

This Single-Family in Plaistow, NH recently sold for $459,900. This Colonial style home was sold by Sherry Bourque - RE/MAX Main Street Associates.


6 Cottonwood Rd, Plaistow, NH 03865

Single-Family

$467,900
Price
$459,900
Sale Price

8
Rooms
3
Beds
2/1
Full/Half Baths
Fabulous center entrance colonial featuring 8 rooms, 3 bedrooms, 2.5 baths, 2 car garage, with over 3000 sq. ft on large 2+acre, sprawling wooded lot which offers privacy from every window. This lovely home has a generous floor plan with a cabinet packed kitchen with SS appliances and granite counters, island, breakfast bar and computer/mail area, this is open to the vaulted ceiling family room with floor to ceiling fireplace, formal dining room and living room. The second floor features 3 spacious bedrooms, the master suite has cathedral ceilings, and features a luxurious spa like bathroom , tiled shower, double vanity sinks, and extra large walk in closet. The finished lower level fireplaced media room/play room has a walk out to gorgeous grounds with pool and deck, and mature lush landscaping. Central air, central vac, hardwood, all the bells and whistles! New carpets, freshly painted...

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Categories: Sold Homes  


Posted by Sherry Bourque on 10/10/2018


158 Gilbert St, Lawrence, MA 01843

Single-Family

$250,000
Price

6
Rooms
4
Beds
1
Baths
Why Rent?? Great Condo Alternative!!! Put your sweat equity into this desirable mount Vernon home, very close to Andover. This 4 Bedroom cape has 2 first floor bedrooms with hardwood floors, an eat in kitchen, and a living room with hardwood floors. First floor full bath. 2 more bedrooms on second level. There is plenty of room to fully finish the lower level which could be utilized for a game room, office or what ever you choose!!. Flat back yard is fenced in -great for entertaining or for pets and children to play. This location is also a commuters dream convenient to major highways and a short drive to tax free New Hampshire, mountains and the ocean. Property to be sold as is. Showings start at open house on Friday 10/12 from 4:30 - 6:00pm
Open House
Friday
October 12 at 4:30 PM to 6:00 PM
Cannot make the Open Houses?
Location: 158 Gilbert St, Lawrence, MA 01843    Get Directions

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Categories: Open House  


Posted by Sherry Bourque on 10/10/2018


158 Gilbert St, Lawrence, MA 01843

Single-Family

$250,000
Price

6
Rooms
4
Beds
1
Baths
Why Rent?? Great Condo Alternative!!! Put your sweat equity into this desirable mount Vernon home, very close to Andover. This 4 Bedroom cape has 2 first floor bedrooms with hardwood floors, an eat in kitchen, and a living room with hardwood floors. First floor full bath. 2 more bedrooms on second level. There is plenty of room to fully finish the lower level which could be utilized for a game room, office or what ever you choose!!. Flat back yard is fenced in -great for entertaining or for pets and children to play. This location is also a commuters dream convenient to major highways and a short drive to tax free New Hampshire, mountains and the ocean. Property to be sold as is. Showings start at open house on Friday 10/12 from 4:30 - 6:00pm
Open House
No scheduled Open Houses

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Categories: New Homes  




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