When we first bought our home, we decided to buy an older home, in the hopes of fixing it up and reselling it in a few years. We made sure to find a nice neighborhood, close to a school. We found the perfect house, on the perfect street, with the perfect yard. We were so excited, we were going to own our first home!
What we learned over time, was that owning a home isn’t as easy as it sounds. There’s a lot to do and a lot to take care of.
When it comes time to purchasing a home, there’s a lot more to consider than the neighborhood, the paint colors and the yard. One of the first most important things is a budget! Sure you know how much you can afford when it comes to your mortgage, but what about all the extra little things that tack on to your monthly budget when you own a home. Never mind utilities, what happens if something needs repair? Filters that need changing, light bulbs, gutter cleaning. There’s a lot we didn’t even think of when we purchased our home.
We had a flood happen a few years after we bought the house, of course we had home owners insurance, but you have to remember the deductible that it costs, the money you need to foot out front to get a plumber out, these were some of the things we didn’t have a budget for, and it put us in a financial hole for a while. Our furnace went out on us another time, another cost we didn’t budget for. Landscaping, what? Never thought of that either.
Home ownership is hard, there’s a lot involved and a lot I wish we would have thought about and saved up for before we jumped in head first. There’s always a cost that comes up that’s unexpected, so be sure to think about these things when it comes down to purchasing a new home. Do you have enough set aside for the small things?
Think about your household budget before and after you buy a home, and remember all of the upkeep that’s going to cost you money as well. Having a plan and savings beforehand will save you lots of frustration, and financial strain in the end.
This post was compensated by Genworth Financial. Content and opinions are all my own. Please see my disclosure policy for more information.
December 2, 2012 – 10:50 AM - | Posted in daily life | Comments Off on Home Ownership, more than just a mortgage.