Dot the I’s and Cross the T’s: What are New Homeowners Not Doing?
Being a homeowner pros and cons list:
- Pros: no more rent, build equity, paint and decorate how you want, and no neighbors above you!
- Cons: it’s broken, you fix it.
A new survey from HomeServe USA found that 20% of homeowners do not have money put aside for an emergency home repair – and half of the respondents say they’ve had to complete an emergency project at some point in the past 12 months.
Financial experts agree that homeowners should save 1% of the home’s purchase price each year to cover ongoing home maintenance coasts. They also suggest having savings equal to at least 3-6 months of overall living expenses in an emergency fund.
While saving for a down payment is one battle, the next is making sure you’re able to fix any “uh-ohs” your dream home might experience.