What they don’t tell you about homeownership

Understandably, it is one of the most abiding dreams of millions of people across the globe to have their own homes.

Many people put in all the resources they can get into having their dream home. Eventually, they have the home and that is when the reality of the whole thing begins to set in.

This piece is going to focus on the things that no one will tell you when it comes to homeownership and the details will be useful for anyone planning on owning a home.

Maintenance

The first whiff of reality that you are soon going to encounter when it comes to homeownership is the sheer scale and cost of the maintenance.

From cleaning the home to replacing the fittings to the cost of electricity, gas, water and trash removal; many are often stunned as to how astronomical the prices can be when it comes to owning a home.

Not a few are carried away with the price used in the purchase of the house and they are not aware of how much it will eventually take them to do the running and maintaining of the house itself.

Unexpected Renovations

Another thing about owning a home that is closely related to the maintenance of a home is an unexpected renovation.

After you have taken possession of the home that you have had in mind for a long time, you may have to also do renovations that you never even planned for in the first instance.

You may need to replace a wall or overhaul an entire section. This can be shortly after you purchased the house or even after a while when you have started living in the home.

For example, you may decide to do a full scale renovation of your kitchen, add an additional floor, turn the basement into an in-law suite, change the design of the lawn or even add a swimming pool in the backyard. All these come with attendant costs.

Expect Buyer’s Remorse

Have it at the back of your mind that there is no way you are not going to experience buyer’s remorse when you have eventually purchased the home. Even the minor challenges that accompany the purchase of a home are enough to stress the life out of you.

Of course, the stress can be worth it if you get a good deal and bargain on the house, but what you should know is that at one point or the other, you are going to experience buyer’s remorse.

The house can have damages you did not anticipate of earlier and that can be truly heartbreaking…
 
Continue reading the article and learn more about homeownership on Mike Gregory’s blog.