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Replies (3)
- Dan, "the_country_hick"
- Contributions:4699
Years ago I set a price I could afford. It was what I had in my bank account and what I could borrow with about 1/4 of my income. I knew I could not afford more. Now I look at my bank account and decide I will spend less on a house than I have in it.
- SoCal_Engr
- Contributions:5666
Budgets are worthless. The discipline to stick to a budget is priceless.
One of the best pieces of advice I received, early on, was to establish a budget and then to use it...before making entering home ownership. Doing this for a year gives time to "test drive" the budget and make sure it's doable.
Of course, the other side of the equation is to make sure the budget includes more than the PI payment. It should also include things like insurance, taxes, a set-aside for maintenance, a set-aside for reserrves, and enough cushion so that you own a house - vice the house owning you.
One of the best pieces of advice I received, early on, was to establish a budget and then to use it...before making entering home ownership. Doing this for a year gives time to "test drive" the budget and make sure it's doable.
Of course, the other side of the equation is to make sure the budget includes more than the PI payment. It should also include things like insurance, taxes, a set-aside for maintenance, a set-aside for reserrves, and enough cushion so that you own a house - vice the house owning you.
- TD Bank, "TD Bank"
- Contributions:2
Hi there, this is Sunayna from TD Bank. Thanks for sharing your experiences!
When setting a budget, factor in costs beyond the monthly mortgage payments. There are several upfront costs to home ownership such as closing fees, inspection fees, legal fees etc. These are often easy to overlook but important to consider!
Setting a budget
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- 1.0/5.0
- (1 review)
Contributions:2An important step when taking the plunge into homeownership is determining exactly how much home you can afford. Setting a budget helps you narrow your house-hunt to only homes in your price-range so you avoid falling in love with a home you can't afford. Have you set a budget? How did you arrive at that magic number?
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