With everyone working within a strict budget these days, exactly how much Charlotte home can you afford? There are simple ways to calculate your purchasing power to buy the Charlotte home of your dreams. With a variety of homes in all price categories, there are more options than you might think on each end of the pricing spectrum.

What is the basic formula followed to figure out how much you can afford to spend on a Charlotte home? The traditional method of calculation is to make sure your monthly mortgage payment, property taxes and homeowners insurance are between 25 to 36 percent of your gross monthly income. 

This is a broad range depending on how many other debts you carry. If you are paying off student loans or credit cards, you want to play closer to 25 percent. If you are not carrying other debts, it is possible to go up to 36 percent of your income for a Charlotte home.  Always consider utilities, transportation and other necessary expenses when you calculate how much home you can afford.

Whether your budget for a Charlotte home is $100,000 or $1,000,000, there are many gracious choices. With around $100,000, you can afford a lovely Wesley Heights high rise home with 1 bedroom, 1 bath, ceramic tile, wall to wall carpets and amazing views. For about $130,000, move into an attractive 3 bedroom, 1 bath Villa Heights home with new paint and restored hardwoods.

If your budget is closer to $250,000, appreciate the amenities in a sensational 3-story condo. This lovely Uptown 1^st Ward home has 2 bedrooms, 2 baths, huge windows, hardwood floors, ten foot ceilings on the main floor, stainless appliances and private fenced patio with a small yard. For about $350,000, check out a 3 bedroom, 2 bath NoDa home with tall ceilings, granite countertops and a huge fenced yard.

There are beautiful Charlotte homes available for around $500,000. Consider a gorgeous Uptown 4^th Ward townhouse with 4 bedrooms, 2 ½ baths, gas fireplace, hardwood floors and fantastic skyline views. For about $1,000,000, move right into a breathtaking Myers Park home with 5 bedrooms, 4 ½ baths, open floor plan, gourmet kitchen, sunroom and fireplace.

For more information about all types of affordable Charlotte homes, contact Katie Gray at 704-560-9699 or email katie@katiegrayhomes.com.

 

This entry was posted on Friday, April 10th, 2009 at 4:44 pm and is filed under Charlotte Real Estate, Myers Park, NoDa, Uptown 1st Ward, Uptown 4th Ward, Villa Heights. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.