Your Dream House Should Be Within Your Budget

House buying is an experience, which - after going through some hard work and pain - eventually lets you become an expert opinion maker on house buying. The rule of thumb of buying a house is to keep your ground work ready in terms of the loans available to you, and the locality you would like to live in.

Once you decide the budget range, you also need to find out how much cash you have to shell out as these days (post 2008 crash) you will get roughly an 80% to 85% loan and the remaining 15-20% needs to be oaid as a cash instalment. Hence it is of the utmost importance to ensure that your present lifestyle is not affected drastically despite sacrificing a few unnecessary expenditures.

In fact, it's wise to pay down your mortgage more aggressively in those early days, and try to complete paying your mortgage earlier than its term length. This can sometimes create a positive change in lifestyles - people who do set aside more money for their mortgage often find they simply waste less money on things they don't need. As a result, they change their lifestyles for the better - living more frugally and making a habit of it.

Another consideration is how much you want to spend (if any) on renvoating the property. A house surveyor will tell you if any work is required. Be it new trusses for the roof, or hinges for the doors - your surveyor will let you know.


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