<ul><li>Buying a house can become risky if not budgeted smartly.</li><li>One way of budgeting smartly is to downsize before buying.</li><li>Your mortgage should never go past 28% of your gross income.</li><li>Shop around to find the best loan deals.</li><li>Closing costs will require a hefty upfront payment, typically 2-5% of the total purchase price.</li><li>After purchase, moving costs, appliances, maintenance tasks, homeowner's insurance etc. may damage your financial capabilities.</li><li>It is important to improve your credit score for better loaning capabilities.</li><li>Consulting an advisor may help improve the score, affecting finances and when the figures will go up.</li><li>Take an honest look at personal finances before buying a house.</li><li>This will give you a better idea about how much you can spend on the property and how that will affect your financial capabilities in the future.</li></ul>

6 Tips For Planning a Smart and Realistic Budget When Buying a House

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