Buying a house is probably the single most expensive item you will ever buy so it’s important to fulfil your needs at the right price. There are a few ways to help you achieve that which we will outline in this advice guide for you.
Be warned though, buying a home is rarely a quick process, so you need to make sure the property you choose is worth waiting for, making endless phone calls for and also worth getting a little stressed over!
Work out the maximum price you can realistically afford to pay for your home. While your earnings may entitle you to a sizable mortgage, there’s not a lot of point owning a great home but being unable to furnish it or enjoy it in the way you want to. Of course, stretching yourself a little isn’t always a bad thing but over-stretching yourself isn’t advisable.
Try to be realistic about your monthly outgoings including bills for a larger home or mindful of the fact that only you will be paying all those bills from now on, rather than contributing in a shared household. People’s financial situations can change, both for better and worse, so try to keep that in mind too.
With regards to actual figures, you can speak to your own bank, a financial adviser or mortgage broker about how much you can afford to spend. Or, if you’re a financially confident person there are lots of good, easy-to-use online calculators that give accurate monthly repayment costs for different prices, deposits and mortgage interest rates.
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