15 days ago
6
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Posted On: July 11th 2026, 12:05 pm
1. More than 1 income stream
If you were to lose your job you want to still be able to pay the job. The perfect scenario would be to have investments that you’ve made being able to cover the mortgage payments so that your mortgage payments is not tied to your salary
2. All high interest debt paid off
This is an important one because mortgage is another form of debt you are taking on. This will just give you breathing room and it’s one less thing to think about
3. Saving 10%-20% of mortgage payments for repairs
This is one you must likely forget. As a homeowner you are responsible for repairs. It’s important to set aside some money for that. It should be included when considering can you afford to buy a home. A bad boiler can be a recipe for disaster if not planned for
4. Being able to make over payments
The first 7-10 years of a mortgage payments goes to interest. If you make over payments you can reduce the interest you pay and shorten your mortgage term
5. Residential home is not a investment
It’s a lifestyle choice. There is also the opportunity cost of what you could have done with the deposit money. It could have been invested to get a return on investment.
Buying a home is a good thing as long as you understand the above criteria and you have run the numbers and it makes sense to you
#buyingahome #investing #personalfinance
If you were to lose your job you want to still be able to pay the job. The perfect scenario would be to have investments that you’ve made being able to cover the mortgage payments so that your mortgage payments is not tied to your salary
2. All high interest debt paid off
This is an important one because mortgage is another form of debt you are taking on. This will just give you breathing room and it’s one less thing to think about
3. Saving 10%-20% of mortgage payments for repairs
This is one you must likely forget. As a homeowner you are responsible for repairs. It’s important to set aside some money for that. It should be included when considering can you afford to buy a home. A bad boiler can be a recipe for disaster if not planned for
4. Being able to make over payments
The first 7-10 years of a mortgage payments goes to interest. If you make over payments you can reduce the interest you pay and shorten your mortgage term
5. Residential home is not a investment
It’s a lifestyle choice. There is also the opportunity cost of what you could have done with the deposit money. It could have been invested to get a return on investment.
Buying a home is a good thing as long as you understand the above criteria and you have run the numbers and it makes sense to you
#buyingahome #investing #personalfinance
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