Granted, owning your own real estate is a comforting thought. To be able to call a particular house or property yours is a great thing and there’s nothing like having your own land to plant a garden or install a horse shoe pit. The reality of the situation is it is the desire for this very dream that is at least partly responsible for landing us in the financial crisis. People who could not afford homes were lying about their income and taking out mortgages they couldn’t realistically afford. Indeed, these are just a couple of the problems people don’t consider when they max themselves out on a mortgage.
1.) Taxes and Condo Association Fees- Depending on the area of the country you live in, you could be subject to very large taxes when buying property. In addition to those monthly mortgage payments, eventually you’ve got to settle up with uncle same on some property taxes as well. These are thousands of dollars a year and if you wait until the last minute and already finding yourself extended to the gills, then there’s a chance you just won’t have that money to pay Uncle Sam. In you are looking into buying a condo, then you are stuck paying in upwards of $300 a month. The money is then spent on the accord of a committee and it may not even be in a manor that you necessarily agree with,
2.) Costly Repairs- As a renterm it’s nice to call your landlord when any repairs need to be mad. Perhaps you’ve even tuned your skills up a bit by fixing the toilet on your own or replacing that broken ceiling fan motor. Real home repairs however don’t go away so quietly and for so little money. A new roof or new steps can cost multiple thousands of dollars. Consider these points prior to buying.