QUESTION: How to plan for a housing purchase so as not to "drown" in debt?

Planning a real estate purchase requires cold calculation and strict discipline so that the debt load does not destroy the quality of your life. The first step in this process should be a conservative calculation of the future payment. Focus exclusively on your stable and guaranteed income that you receive regularly, and perceive any additional earnings or bonuses only as a bonus for early repayment, but not as the basis for mortgage approval by the bank.

The second critically important point lies in the competent distribution of starting capital. Never give all your available savings as a down payment. Be sure to leave a financial reserve that will go towards paying for the services of a realtor, notary, appraiser, as well as for urgent repairs, buying basic furniture, and moving. Depleting all savings to zero at the time of the transaction will almost guaranteed lead to new debt within the first few months after housewarming.

The third rule is to choose a property strictly within a pre-determined budget, without emotional overpayments for things you like. At the planning stage, it is useful to draw up a step-by-step action algorithm:

By following these principles, you will be able to purchase housing consciously and avoid the stress associated with the need to constantly find funds to service the debt.