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3
Keep your budget conservative
You should work out what your monthly mortgage repayments will be and ideally keep these to a value which does not exceed 50% of your take home pay.
Any more than this and you are taking a large risk: as a home owner, compared to someone renting you have many more items and matters to maintain and upkeep. As time progresses, the number of these is likely to grow!
Any more than this and you are taking a large risk: as a home owner, compared to someone renting you have many more items and matters to maintain and upkeep. As time progresses, the number of these is likely to grow!
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4
Keep your emotions in check
If you're a first time buyer, you'll already have done very well to get to this position. You owe it to yourself to stay logical and to keep within your planned budget.
You don't, for example, want to fall head-over-heels in love with a particular home if it means risking financial annihilation in future. As it is so often in other matters, patience here is a virtue!
You don't, for example, want to fall head-over-heels in love with a particular home if it means risking financial annihilation in future. As it is so often in other matters, patience here is a virtue!
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5
Don't sleepwalk!
You may be tempted to switch off from time to time during your home buying process, for example once you've had an offer accepted. This would be a bad mistake - there are many obstacles in your way before you get your set of keys.
You have to stay focused and prepared for negotiating, organising valuations and surveys and chasing people up.
As with most things in life, eventual success is invariably linked to excellent preparation. The more you do for yourself before you buy a home, the greater the chance that you'll enjoy living in it once you've purchased.
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