A: You’ll want to crunch some numbers to determine how much house you can afford. How much do you (and your co-signer) earn each month? Include all of your revenue streams including alimony, investment profits and rental earnings.
Next, add up all your monthly expenses. This includes what you usually pay for food, utilities, healthcare, as well as any debt you are paying down. Take the final number and subtract it from your earnings. This is how much you realistically can pay each month for a mortgage.
Having said that, you will want some wiggle room to be able to put money into savings as well, so don’t plan on spending everything that’s left on your mortgage payment.
The good news is real estate is incredibly affordable right now in Puerto Rico. You won’t have to pay a lot to get a wonderful beachfront condo or ocean view home.