Julie Rains over at Wise Bread has written an excellent article entitled, "What It Really Costs To Own A Home". It's a great run-down of all(or most) of the costs of homeownership.
Now, of course I'm all for investing in a home, but the real costs of ownership cannot be ignored, and need to be given serious consideration when buying a home.
However, there's much to be said for the intangible benefits that draw people to buy a home in the first place. The main point of the article is to make sure you set aside enough money every month so that you can eventually deal with the maintenance issues that are bound to pop up.
Enjoy!
http://www.wisebread.com/what-it-really-costs-to-own-a-home#comments
Thanks for stopping by my blog!
Burien, thanks for the great post and thanks for making it RAIN!!!
Burien, these are all serious considerations for anyone interested in buying a home. There is much more involved that new homeowners do not realize until they move in. I still think the positives outweigh the negatives, but it's good for anyone to go in with full knowledge.
I totally agree with Barbara. Homeownership extends way beyond PITI, however, yes the positives outweigh the negatives.
Prevention is the name of the game! New homebuyers can take steps to avoid costly repairs.
Lisa, this is a very good point. Buyers need to budget their money when buying a home. The benefits definitely out weigh renting. Thanks.
Thanks to all of you for commenting - just got back from walking my kid to school in the RAIN...:)
I've had my house for 10 years. I've never set aside an account for future maintenance. Can you imagine how much I'd have set aside for the roof I'm going to need soon if I had?
New homeowners need to know also that if something goes wrong a few months after the house closes it is most likely NOT your Realtor's fault!! It is part of owning a home, your welcome mat into the world of home ownership if you will.