Budgeting

Budgeting to Eunice Dzodzome is important when it comes to purchasing and renovating a property. The key to budget effectively is writing down expenses and seeing what you can save and put aside. If aspiring to purchase a property, first gage the average price of a property for the area you desire… and see if it’s within your means, begin working out what you will need as a deposit if it’s a mortgage you will be using to purchase your property. 

 

A good way is seeing if affordability is there…. Mortgages are offered about 4/5 times the amount of your salary/income. Doing this will give you an indication whether your salary can afford the property of your desire. From there you can work out what amount of deposit you would require, minimum is 10-20% of property value this is what Eunice Dzodzome believes is the minimum require deposit amount.

For example, a property of £200,000

A 10% deposit would be £20,000

With this amount you can gage, how long it will take to save such a deposit.  

For example, £20,000\£300 (the amount you save each month) 

Which is around 67 months/ 5years 7 months to save for £20,000. 

 

Having these figures helps to see how much that you have to consider to save monthly.