Often, when people go house hunting, they think about what they need or want in a house, or what the neighbourhood is like, or how close they will be to a particular school or to family. Something else that you should always consider is how much house you can afford, with all other expenses factored in, and not just the maximum mortgage payment you can manage.
That is why this article is so great: it goes through the five elements of owning a house (mortgage, insurance, maintenance, taxes and upkeep), and shows how much house you can afford based on keeping those five items in total under 25% of your total income, to ensure that you have enough income to pay for the rest of your life.
Buying a house is really exciting, whether it’s your first or your tenth. A little preparation and research will make owning that house a lot more comfortable.
