With 50 percent of Millennials living from paycheck to paycheck, owning a home is a daunting financial commitment. Your new property comes complete with a load of maintenance costs, taxes and bills. So how do you know you if you're financially ready to take the plunge? To get the best possible interest rate on your mortgage you should have enough cash saved to cover a 20 percent down payment. Closing costs will also set you back, generally you'll have to pay about 2 to 5 percent of the total price of your home. You shouldn't be spending more than 28 percent of your gross monthly income on a mortgage. So make sure your loan estimate determines the price range of your property, not the other way around. Your dream home can never be a reality unless the numbers add up. Having an emergency fund can provide you with a safety net if any unforeseen costs arise. You should plan on having about six to nine months of living expenses stashed away just in case maintenance costs also need to be factored into your financial planning. Take into account any work that needs to be done on the property. That includes any aging appliances like the boiler or the roof. Don't get stung by hidden costs of upkeep. Owning your own place does involve making some financial sacrifices, but with some efficient budgeting you can give yourself a good start on the property ladder.
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