Can we talk about how homeowners accidentally become house poor?

by Christopher Stager

Don’t make this mistake…

It’s way way more common than you think.

You fall in love with the house.

A cool view…being close to schools…a tub you’ve always dreamed of.

But in the excitement to “make it work,” you skip the math. Here’s how new homeowners end up broke and stressed 6 months after closing:

1. You only budgeted for the mortgage.

Your lender said $3,200/month sounded doable… But you didn’t factor in $900 in property taxes, $180 in HOA dues, and a $400 utility bill in winter. Now you’re $1,500 over budget every month and running red…not really knowing how you got there.

2. You drained your savings at closing.

You put every last dollar into the down payment + closing costs. Then the water heater died…(this actually happens a lot) The fridge broke. And now you’re charging repairs to a credit card with 21% interest.

3. You financed every piece of furniture.

You bought the $6,000 sectional. The king-size bed. The new dining set. “It’s 0% for 18 months!” It always sounds great… until you stacked up 4 of those offers. Now your monthly minimums are killing you.

4. You skipped a homebuyer consult with a capable agent.

You relied on Google or ChatGpt and your coworker’s advice. No one told you about the sewer capacity fee, the special assessment, or that your dream home backed up to a planned freeway expansion.

Bottom line?

Buying a home is one of the biggest and (should be best) financial decisions in your life.

But not if you are set up for failure and stress in the future.

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