Hi, if you are wondering how expensive of a house should I buy, then I can help you. I bought a house in the year 2022 and before doing that; I consulted a financial advisor. The advisor told me I shouldn’t spend higher than 3 to 5 times my household's annual income. Following that, he provided me with points that I should remember before buying the house.
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How Expensive Should My First House Be?
When deciding how expensive a house I should buy, he suggested I consider a few factors, such as my income, financial goals, etc. Let me explain those below.
Income
The first important point is to remember that not more than 30% of my take-home salary should be spent on loans. He said that the maximum amount that I should consider for my EMI should be at max 40% of my salary.
Down Payment
The down payment should be around 20% of the house cost as most lenders only lend up to 80% of the total amount.
Other Expenses
He said that I should factor in additional costs, such as registration fees, interior design, furniture, etc.
This is all he had told me in response to my query. I hope this helps.
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How Expensive of a House Should I Buy?
Rajal
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1
8 months
2024-10-21T23:19:25+00:00 2024-10-21T23:19:26+00:00Comment
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