Before stopping renting your place, have you thought about everything before buying your first house? We all know the closing fee of becoming an owner, the insurance cost that will be higher and the mortgage payment. But they are not the only expenses of your first house.
First, you have to think that you need to keep your house in shape. You need to work on it and that cost some money. If you do it yourself you will need new tools to do it and parts or if you don’t do it you will pay someone to do it. Depending on the size of the house you need to do each room every couple year.
Second, you will need some basic utility like lawn mower, shovel for winter and summer.
Third, the emergency funds need to be bigger since a problem can happen in the house and you need to repair it NOW.
Fourth, don’t think you have seen everything at the visit and the inspection. There are some kinds of stuff like the floor you though was OK, but it‘s scratched. You will see all the little problems and big one once you own it. Some will bother you, but nobody will see them.
These are some of the things I thought before buying my house, but I didn’t thought they will be so high expense. For some person, the mortgage payment, will be the same as the rent, but the other fee will not permit them to live in a house. So sometime, renting is not throwing away your money. It can permit you to continue to live well and save some money.
Readers : have you had some unexpected expenses you didn’t think with your first home ?