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Judging the buffer against the purchase price is understandable, but measuring it in months of essential household and mortgage spending may give a very different answer. Neither approach is enough by itself: the ratio shows the scale of the commitment, while the monthly calculation shows how...

I’d work backwards rather than assign percentages of the purchase price. First ring-fence an emergency fund based on your actual monthly household and mortgage spending. Then set aside known moving costs, the first payment and any charges due soon after possession. Inspection items that affect...