The most important thing need to keep in mind when buying your first house is your affordable budget. This is because most important thing when come to buying a property is “Money”, rather “with house with cash” and “no house with cash”, are not “with house but no cash” or worst to worst is “no house no cash”. Everyone need to avoid buy a house and turn your status into a “with house but no cash”, that’s the reason why you need to understand how much you are able to afford.
Here is a simple formula to find out your property purchase budget:
property purchase budget = annual household income * (3-6 times) + rich dad rich mum financial support