Biggest Mistakes First Time Home Buyers Make

Not Knowing How Much You Can Afford

Home buying process involves huge investment and sometime it is the biggest purchase some buyers do. So, it is important to know how much you can spend on your new home each month apart from your monthly expenses. If you are planning to borrow a home loan, banks might say several things to lure you but only buy a house you are comfortable with paying EMIs. Preparing a budget is the first thing to do. Make a checklist of your monthly expenses, from credit card payments to vehicle costs to groceries; subtract this total from your earning and you will know the exact amount you can spend on buying a new home. It is always better to stick with the pre-planned budget and never to go beyond it. Exceeding budget may bring problems in future that may put you through weak financial situation.

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