Halifax Chronicle Herald
HALIBURTON: When buying a home, sticking to your budget is important. But in many cases, the reality is you get what you pay for. Often young buyers are most concerned with their monthly cash flow. Knowing when to push a budget or when to get the 'fixer-upper' is difficult. This is why I have coined what I refer to as 'The $5,000 Rule.' I explain to my buyers that for every $5,000 of borrowed funds, they will pay about $25/month in additional mortgage and property tax. An extra $10,000 equates to about $50/month, and so on.