5 Mistakes New Homeowners Make
By Carolyn Mitchell
First of all, congrats! Becoming a homeowner is a big accomplishment that takes time, patience, hard-earned money, and often a little bit of luck. There’s plenty of things to know to be a smart homeowner, but just as many that you should avoid. Thankfully, you don't have to make the same mistakes! Keep these things in mind to avoid some of the common mistakes new homeowners make.
1. Forgoing a Rainy Day Fund
Life is unpredictable. You’ve got your really good days and you're really bad. But there’s a lot more that can go wrong when you’re a homeowner, and it can be very expensive. Sudden maintenance tasks like leaky pipes should be tackled promptly before the damage and costs compound. For this reason, experts in finance suggest saving at least six months’ worth of salary to cover sudden expenses. Talk about things like this before the problem even happens and have a plan and money set aside. Unfortunately, homeowners and couples mismanage money simply because they don't talk about it, so don’t follow suit. Get to talking, work together, and set some goals.
Life is unpredictable. You’ve got your really good days and you're really bad. But there’s a lot more that can go wrong when you’re a homeowner, and it can be very expensive. Sudden maintenance tasks like leaky pipes should be tackled promptly before the damage and costs compound. For this reason, experts in finance suggest saving at least six months’ worth of salary to cover sudden expenses. Talk about things like this before the problem even happens and have a plan and money set aside. Unfortunately, homeowners and couples mismanage money simply because they don't talk about it, so don’t follow suit. Get to talking, work together, and set some goals.
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