Consider the costs
When you’re starting to look for a home, it can be easy to focus solely on the carrying costs of a mortgage and compare that to your current expenditure.
However, there are several other costs involved when you own a home. Looking at freehold homes, you will have property tax to pay, utility bills, home insurance (which is likely more expensive than insurance on a property you are renting). You should also budget some money to put aside each month and save for unexpected expenditures like emergency repairs, general upkeep, and less-frequent maintenance like changing the shingles on your roof.
For condo properties, you might have to put less aside each month for repairs but you do have to pay condo fees.
Get an idea about what these costs are for the home you are looking at and you’ll get a true idea of how much you’ll need to pay each month.