![]() But if you’re only plugging in the principle and interest rate into your mortgage calculator, you’re missing out on a huge expense right out of the gate - property taxes. For that, I could be paying a mortgage and own my own place!” Well, yes. ![]() You might think - “I’m paying $1,200 in rent. “I suggest people make all financial decisions with their head - and leave their heart out of it!” Cunningham advises.Ģ. “That can put them on a very slippery slope.” They get emotionally involved with the property,” said Gail Cunningham, vice president of public relations for the National Foundation for Credit Counseling. “Oftentimes, homeowners make the largest financial decision of their lives - buying a home - with their heart, not their head. You may set a budget for how much you can spend on a new house, but then you find something you love - something you can’t stop thinking about - and even though it’s $50,000 or $100,000 over your budget, you buy it anyway. To help you get prepared, here are 20 Hidden Costs of Home Ownership.ġ. “When the toilet starts flooding, you can’t call someone like you did when you were renting. “Most people are unprepared for the big repairs - and even the small repairs,” said Guy Cecala, publisher of Inside Mortgage Finance magazine. They soon discovered that their neighborhood is prone to power outages, so they needed to consider dropping $10,000 for a backup generator. Then, the air conditioner went on the fritz. Then they had a baby girl! It cost an estimated $10,000 for the first year of a baby’s life, according to this baby calculator. Two months after they moved in, a FedEx truck accidentally backed into the house, damaging the gutter. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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