Home costs

Transcript

I’m Miriam  Neff,  and I’m Valerie Neff Hogan, with Wise Women Managing Money

 M Home ownership is much more than a mortgage payment.  It is shortsighted to think, “I can stretch to pay that mortgage.”  And sign on the doted line.

 Home ownership requires insurance.  This covers costs of damages like fires and hailstorms.  Then there’s property tax.  This varies greatly by state and community.  And it changes.  Usually going up. 

 V There’s more.  Now you pay utilities, which may have been bundled in your rent before.  And regular repairs.  A thorough preinspection before purchase is a requirement. The sale may be ‘as is’ and then the seller will not cover repairs.  You need to know some of the expenses you’ll have, and you lower your offer accordingly.

 Here’s a big caution.Don’t compare.Your budget and needs and your biblical perspective should determine every decision.Not what your friends or family are doing.