The Goldilocks Dilemma
According to a , the biggest regret of new homeowners is buying a home that is either too large or too small. Whether you can’t find the room you need for your family, or you realize that you’re paying for square footage you don’t use, having a home that doesn’t meet your needs is a recipe for frustration.
Avoid this issue by buying for what you need, not what you think you should need. Of course, you can always consider an addition, or use these 15 ideas to make a small room look bigger to expand the feel of your home.
No Emergency Budget
Making the shift from renting to owning can be an exciting way to build long term wealth, but it also carries certain financial burdens of its own. In addition to a mortgage, taxes and insurance, homeowners also need to set aside money for repairs and maintenance. Often called ‘carrying cost’, these ongoing expenses are simply part of home ownership. You can build these funds gradually, but if your home’s purchase price leaves you with nothing in the bank, you’ll be in trouble if an emergency occurs during your first months of ownership.
Avoid this issue by keeping an emergency fund (many experts suggest between $2,000 and $3,000). Another approach is to invest in a home warranty. And of course, DIYers can keep an emergency home toolkit ready to go.
Weekend Warrior Residue
Just because you are a smart DIYer who does your research (at sites like Family Handyman), that doesn’t mean that everyone is as responsible. Some poorly planned home repairs are simply band-aids, and while they need to be addressed, they aren’t anything to worry about immediately. Others, however, are time bombs waiting to go off on the unwary new homeowner!
Avoid this problem by pushing your home inspector to look closely at any home you’re considering for purchase, and by not ignoring any signs of sub-par craftsmanship. This Family Handyman article demonstrates some of the shockingly poor maintenance nightmares you might encounter.