It’s easy to get caught up in the excitement of buying a Windsor house, especially if it is your first home. If you are not careful, though, you may fall into the trap that ensnares many first-time homebuyers – trying to buy more home than you can afford. What throws homebuyers off the most, however, is trying to impress their friends, family members, and even associates by purchasing a bigger house than they really need.
Let’s face it. Human beings are social animals and conditioned to seek the approval of our peers. If people in your social network have five bedroom homes sitting on two acres of land, chances are pretty good that you will strive to attain that as well, even if you don’t have enough money to pay for it.
To prevent yourself from purchasing more Windsor house than you can afford, you need to take an honest look at your finances. Most financial experts agree that your mortgage should be no more than 30% of your total monthly income. So, if you bring in $5,000 per month, then you can afford a mortgage of $1,500 or less per month.
For those in a dual income situation, you should also consider whether each of you can carry the mortgage on your own. If one person loses his or her job, for instance, can the mortgage still be paid with only one source of income? Considering this will help you avoid the unfortunate foreclosure situation that many homeowners find themselves after suffering a job loss or other hit to their income.
It can be tempting to keep up with the Joneses and buy more Windsor house than you can really afford. However, keeping your mind on what’s really important will help you overcome that temptation