4 ms·
The thought experiment i would suggest is that if you were unemployed for over a year, could you still afford not just the mortgage but also the upkeep, insuran
by kjellsbells 4y ago
The thought experiment i would suggest is that if you were unemployed for over a year, could you still afford not just the mortgage but also the upkeep, insurance, taxes, etc etc.
Houses can be illiquid money pits and will suck you down to the bottom if you are not prepared. If you are prepared, on the other hand, they provide a degree of mental and financial stability that is hard to beat.
Where people sometimes go wrong is to underestimate the cost and necessity of major repairs. One rough winter could mean a new roof, heating system, replaced flooring: all kinds of things can and commonly do go wrong. They cannot be left unattended. Now imagine that when you are unemployed.
- adamhp 4y agoA fun one I had to deal with: tree fell on my power lines the day before I moved in. No big deal, the utility company will come out and repair it, right? Well, it ripped the electrical drop out of my roof, and they wouldn't reattach until a city inspector came and made sure my house was up to code. It wasn't. This was 4th of July weekend, so everyones off. Had to pay double rates for an electrician to come out and fix the drop but also make a bunch of updates to my house to bring it up to code so that utility company would reattach the lines. I learned how expensive copper is that day. $5,000 later... Edit: I've been very lucky since and had no major issues. Got the roof replaced by insurance in another round of storms later that year (tree branch fell). And I really really love my house. Having a place to "call your own" as they say, is really nice. And a place to spread out in (moved from 600 sqft to 2400 sqft) is just an incredible feeling. It is really a privilege that most do not get to experience and I'm grateful for it.