The Very Unexpected Costs Of Buying A House
Buying a house is very, very expensive. I specifically use the words “buying a house” to indicate that it is an active, ongoing process. You don’t just see a house you like, say “We’ll take it,” hand over a check, and—bam—it’s done. From the moment you start looking for a home to the moment you’re in your new home, months could pass. Over a year could pass. And there are a lot of steps involved, both in searching for a home and making an offer that is accepted, each of which cost money. Even then, don’t be fooled by the little mortgage calculators that try to tell you you’ll only be spending $1,100 a month to own this home. That’s far from the truth. There are a lot of hidden costs to buying and owning a home. If you aren’t prepared for them (aka don’t have that money in the bank), buying a house could financially destroy you, rather than help you.
Lost income while searching
It may not seem like a big deal at first, but once you start truly actively looking for a home, it can take up a lot of your time. When you get serious about it, you may take several hours a week driving around the city to do walk-throughs of properties. Depending on the line of work you’re in, that can mean substantial lost income for you.