"My budget is..."

"My budget is $995,000." Before you pick a somewhat ambiguous budget to abide by, consider first, the cost of ownership. This is significantly more important. Let me make my case.

The monthly cost of ownership for properties of similar size and quality may vary dramatically from one development to another. Consider the following: an apartment purchased for $995,000 with $1,600 in carrying charges will have the same monthly outlay ($6,078) as an apartment purchased for $1,084,000 with $1,200 in carrying charges (examples are based on 75% financing at a 6% mortgage rate for 30 years). So, keep your mind open when apartment hunting, as there are many ways to view a situation.

Check out the mortgage calculator at Bankrate.com (http://www.bankrate.com), to play with some numbers and determine what your threshold is, in regards to monthly payments (+ carrying charges).