Most people look forward to owning their own house, and financial stretch is needed for this, but the stress which accompanies optimistic borrowing should be avoided, according to livemint.com. This stress can be avoided by budgeting carefully in advance, saving the largest possible deposit and settling for renting while income is too low to buy.

Key Takeaways:

• Don’t buy a home that is going to stretch your budget.
• Don’t buy your first home as an investment, buy it as a place to live.
• Save for a few years for a downpayment before buying a home.

“When buying a house, stretch is okay but stress is not.”

http://www.livemint.com/Money/5LpPvuXvqDRIt5hVRL7lAJ/Buying-a-house-Stretch-your-finances.html