OAKVILLE NEIGHBOURHOODS AND HOME PRICES

Setting A Home Buyers Budget

One key thing is not to underestimate your normal daily personal expenses or you will end up house-poor.

The Latte Factor calculator shows how easy it is to drain your discretionary funds - but a little self-indulgence is only normal!

Also, don't over-estimate how quickly you will pay off other debts - student loan, car loan, line of credit etc. or you will end up house-poor. It is always harder to pay it down than accumulate it. Figuring out a total repayment plan is useful step.

Further, know that you will want to spend, in the first year, a chunk of change on decorating or fixing up your new home - and plan for that amount, or you will end up house-poor. Windows do need blinds and known flaws do need to be fixed.

There are so many sites like Get Smarter About Money with tons of information. I also gently consult with all my clients to ensure they've truly thought through their personal budget.

It's much better to change the target price of the house you planned on buying or re-consider the location and go where it's less expensive than it is to blow your budget on a house that will drain you!

Happiness is buying a home that you love AND planning for that vacation as well.