Do You Know The Real Cost of Homeownership?
I am pretty sure that most do not and I think a big reason is due to a lack of proper planning and guidance. Here is a great article from HousingWire called “Most Prospective Buyers Don’t Know Real Cost of Ownership.”
Not only do buyers not know what it will cost them but they don’t know how much they should be spending. The majority of the time the client calls into a bank, tells them what they want, and the bank does what they ask rather than being a mortgage consultant for the borrower. It’s not what can they be pre-approved for but what is a responsible mortgage payment and what is the best product for them.
Owning a primary residence needs to be viewed as a lifestyle, not an investment. Owning a home has additional costs and although the benefits can outweigh the costs that is only if you buy within your means and have money leftover after closing in reserve.