10 steps to set your budget before buying a home

Buying a house is for most people the largest purchase they will ever make in their lives. This requires a lot of preparation and research, before even considering signing your name on the papers. Realize that your home purchase as a lifelong investment, and try to fine-tune your finances in order to minimize financial concerns and have a happy outlook for the future.

Here are 10 tips on how to get your budget in shape and buy the new home you have been dreaming of:

  1. Calculate your household income after tax.
  2. Create a list of all the monthly expenses like bills, insurance, groceries, utilities etc.)
  3. Look for areas where you can cut back.
  4. Pay off debt this way you won’t have to worry about outstanding debt.
  5. Save for a deposit (if you are not planning to take complete financing).
  6. Buy what you can afford.
  7. Get pre-approved from a lender.
  8. Hire a home inspector.
  9. Check the market before you make an offer (e.g. similar homes in the area to compare prices).
  10. Make your dream a reality, buy your dream house!

Purchasing a home is a new experience and an exciting chapter in everyone’s life, therefore it is important to be prepared in order to reap the benefits of a secure and happy future.

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