What's one of the worst feelings you can have after บ้านมือสอง ราคาถูก a long and hard day at work? How about opening your mail (or online banking info) and finding a nice big bill that you forgot to budget for? What about having that same bill arrive (or be depleted from your account automatically) every month? Every. Single. Month.
Most of us know, or should know, what our lives cost. Not just our basic bills of housing, food, and utilities, but our actual lives. These can be two very different things and if you are venturing into home ownership, potentially for the first time, you need to look at the big picture of your financial life before signing the dotted line.
Having your own home is fantastic. You're building equity, you have creative control, and can turn those four walls into a homey and comfortable place for your family. It's a smart investment that serves up financial and sentimental value in spades. It could also be considered the pinnacle of responsibility. Suddenly you have a property to maintain, repairs to be kept up, and a mortgage payment to be paid each month. Plus all those other pesky bills! So what can you do to avoid budget blunders and start this journey the smartest way possible? Make your own budget to determine what your life costs, and figure out what monthly mortgage payment you can comfortably afford.
So, you've saved up a little (or a lot!) for a down payment. Congratulations! That is not easy to do and is an accomplishment in itself. Whatever sacrifices you have made and the hard work you have done, be proud of it and take a moment to give yourself a pat on the back. Now it's time to figure out what loan amount (mortgage) you can afford. The bank will assist with this step during the pre-approval process, but the responsible homebuyer knows not to solely rely on the bank figures. More often than not, they are not working with your in depth financial information (i.e. what your personal lifestyle costs). Do you enjoy a few dinners out every month? Have a math tutor for your son? Maybe you have a secret shoe addiction? Many of our personal costs are not collected or figured into the equation when we apply for that mortgage. The bank can answer the 'can you afford it', not the 'will you afford it' questions. When we don't make room for our 'extras,' it's surprise or not accounted for bills and costs that can wreak havoc on a financial future.
When you are completing your budget, remember to include the costs incurred with the new house. Your real estate agent should be able to help get property tax information as well as average cost for utilities. The bank or a financial advisor can assist with determining house insurance, mortgage insurance and interest rate costs and options. Make the budget realistic- don't guess or underestimate. And do your best to include everything. That $1.50 cup of coffee you get every workday morning? That figure turns into $30 a month and $360 per year. And realistically, who only drinks one cup of coffee these days! Double or even triple that for coffee-holics. And what about that dinner for two at a restaurant? That's at least $40 if you get chicken or pasta, $50 plus if you enjoy the steak. And at that price, you're sipping water instead of wine. Meals out, gym memberships, an occasional shopping day at the mall are all examples of leeches on a wallet that can sneak up on us and often go unconsidered.
It might be uncomfortable at first to write everything down and take a serious look at it, but it will be more than worth it. With the financial information in hand, you and your family will be able to purchase a home that is in your financial means as well as allowing you to continue to enjoy your life. By setting a realistic budget based your personal lifestyle, you are being a smart and responsible homebuyer and soon you will be enjoying a new house that you have earned. And a nice bonus will be how relaxed and confident you can feel knowing that you can afford it.
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