As an addendum to my previous post (yes, I am in my thinking mode again LOL) I was reflecting about home ownership versus renting because in the last month we have had to pay nearly $2,000 to replace a stove, hot water service and some other repairs to a property we rent out that is only 7 years old and that we had built. When you rent, you report the fault and a responsible landlord attends to getting it sorted and paid. I think that when people buy their first home, they may sometimes not put time into thinking about the ongoing extra expenses incurred in home ownership. They calculate their loan repayments and think that it equates to what they pay for rent anyway so why not? Then the rates come and things break down and repairs have to be done and the budget gets blown to smithereens. The other thing is that, if you are barely affording the mortgage payments while the interest rates are low, how will you cope when the rates go up? Just a few things to think about I reckon. I have learned these lessons over the years of home ownership. Work out the REAL cost of home ownership before you sign on the dotted line
Posted on: Thu, 03 Jul 2014 06:44:51 +0000
Trending Topics
Recently Viewed Topics
© 2015