BHW: Save today and build tomorrow
Now that Sophie and Mark are in a civil partnership, they are thinking more and more about building a house. Sophie already sees herself planting roses in her…
A financing plan is used to find out both how much your investment will cost and your available resources.
As a general rule, you should be able to spend a third of your monthly budget on repaying your real estate loan. This limit may be exceeded, however, providing that you are still able to balance your budget. Your personal circumstances are unique and only your housing advisor will be able to provide you with a tailor-made financing plan.
To find out how much you need to borrow, just list all of the project costs, such as the building purchase price or construction cost, the cost of the land, and the cost of any renovations, without forgetting related expenses such as architect's fees and mortgage deed fees. This will tell you the total costs.