FIRST HOME DREAM:DONT'S Overlook THESE 3BUDGET Essentials!

Congratulations! You're one step closer to your first dream home. But before you get carried away choosing furniture, make sure your budget is solid. Many first-time buyers overlook crucial things. Don't be one of them! Here are 3 key budget aspects you MUST know:

 * More Than Just the House Price: Don't only focus on the property's selling price. Remember, there are other costs involved:

   * Deposit: Usually 10% of the house price.

   * Legal Fees & Stamp Duty: These can amount to thousands.

   * Insurance & Takaful: Protection for your loan and property.

   * Minor Renovations (if needed): Paint, lights, or small fixes.

Set aside at least 15-20% more than the house price to cover these costs.

 * Affordable Monthly Payments: Banks will assess your ability to pay the monthly loan installments. But also consider:

   * Other Monthly Commitments: Car loans, personal loans, credit card bills.

   * Daily Expenses: Food, transportation, utility bills.

Don't let your entire salary go towards the house!

Create a detailed breakdown of your monthly income and expenses. Ensure your house installment doesn't burden more than 30-40% of your net income.

 * Emergency Fund: Life doesn't always go as planned. Imagine if there's an essential repair or you temporarily lose your job.

   * The Importance of an Emergency Fund: This will protect you from having to take on more debt or sell your house in a desperate situation. 

Aim to save an emergency fund covering at least 3-6 months of your monthly expenses BEFORE buying a house.

Buying your first home is a big step. By planning your budget carefully and considering these three essentials, you can avoid unpleasant surprises and ensure your dream home becomes a happy reality.

What other budget challenges are you facing as a first-time homebuyer? Share in the comments below!