Some people may miss these, but apart from your monthly mortgage, there are other things that you need to consider, and how to avoid them.
- Budget – Please do fill the monthly income and expenses of your household. So you know how much money in, and out.
- Renovation / Maintenance – After a while, your property will definitely worn-out. i.e. scrapped paint, moldy floor, or leaking roof. When this happen, you know that sooner or later you will need to do some renovation. If you rent out your property, these will definitely lower your rent. And if you are living inside, just a matter of time until you get tired of the situation.
Obviously, you can always seek a tradesman to do it for you. But it will save you quite some money if you can DIY it. There are many Youtube tutorials available for it. But seriously, don’t try to do things that you know you really can’t do it.
- Furniture Cost – A trip to local IKEA can be a nice trip. And a 0% interest on a quality furniture that you want is also very nice. While these are very nice experiences, the monthly payments are not. Especially if you are paying it with your credit cards.
- Bills – Having a fast internet, very nice Air Conditioning during hot nights, warm shower water during a cold morning sounds awesome for your lifestyle right? But wait until the bill came in. This does not mean that you have to cancel your subscription, but please do it in moderation.
- Mortgage – This is your monthly payments for the property. Among all of the above, this is the most important one that you have to prioritise. And make sure you have the money every month for this.