- Mon - Fri: 8:00 AM – 6:00 PM, Sat - Sun: Closed
How to budget for a New Home
Owning a home means that at some point you have to look at getting new roofing in Jupiter. This means taking some time to plan for it and get your personal finances in order. Budgeting for a new home once you have it is a little bit too late. This means you’ve got to get a handle on it way before you close or even consider what you are putting down for a home. Sorry, but the truth hurts. But, this truth doesn’t hurt quite as much as the ouch you’ll feel when something goes wrong in your new home and now you are working two jobs to support it.
Homes take a lot of planning:
Most people work hard just to save the down payment for a new home. But, they fail to consider several aspects of personal finance in this way. They are forgetting about home insurance and land taxes that are several thousand a year. Even if you buy a home outright you still have a tax bill. Then there are the major repairs that can begin straight away after buying it. The main ones to consider are the roof; the air conditioner and the hot water heater. You need to have an extra $10,000 laying around between you and the other working adults in the home to take care of just these such emergencies and investments. You can’t go without any of these. In fact, if you buy a home in an HOA that is a Home Owners Association you need to look at that agreement prior to buying. They have very strict rules about having your roof repaired and the home on the outside looking great. Can you afford all that?
We aren’t trying discourage you from buying a home—we are trying to get you to take a realistic look at it and make sure you can deal with it. A happy home is one that is not wrought with bills that come out of nowhere. Don’t fall for a false sense of security and you’ll win.