Can You Afford Your Dream House?


There have been enough newspaper articles, TV news segments, and online articles about how millennials are not as interested in buying a house as compared to previous generations, and that is fine. It makes sense given how the cost of living has been rising and our salaries not as much. If you do aspire to own a house though, you want to be sure that you are making the right decision in terms of affordability both in the short and long term. You can consult with a real estate agent and check out listings in different areas like Escoba Bay and so on.

When it comes to buying a house, you want to be sure that you have enough savings, and enough job and financial security to be able to continue paying off your monthly mortgage for the next decade or two. You also have to consider other factors like how much the average energy bill is in that area (keeping the weather in mind), how much you will have to spend on fuel for commuting from place to place every day, how much you have to pay for maintenance, and so on. These are additional costs that you have to keep in mind when you own a house, so you have to be able to meet these every month as well. Ideally, you need to be able to pay off your monthly mortgage, bills, fuel costs, groceries, and other necessities, and still have some money that can go into your savings.

If you notice that your dream home is too far away from everything, you will need to factor in a higher fuel bill and consumption every month, and if the house is located next to the sea, you then have to factor in annual maintenance, repair and even replacement of items due to erosion from living next to the sea.

About the author

Pranali Tushar
By Pranali Tushar