509 – Hidden Costs of Buying a Home - Surprise Home Ownership Expenses

Debt Free in 30

Join Doug and Ted as they uncover the hidden costs of home ownership that often surprise new homeowners. From maintenance and repairs to rising interest rates and potential job loss, they discuss real-life examples and offer practical advice on deciding whether to buy a home, mitigating risks, and estimating unforeseen costs. Plus, they break down the costs of renting versus buying in today's market. Don’t miss this informative discussion on the true cost of owning a home.

Time Stamps:

00:00 Introduction

01:20 Mortgage vs rent payments

03:31 Upfront costs of purchasing a home

04:41 Maintenance costs

16:05 Unexpected costs of home ownership

18:18 Practical advice

27:22 Conclusion

Related Links:

Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Renting Vs. Buying: Which One Makes More Sense?: https://www.hoyes.com/blog/renting-vs-buying-which-one-makes-more-sense/

Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/

How to Avoid Being House Poor – https://www.hoyes.com/blog/how-to-avoid-being-house-poor/

Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/

How to Get a Mortgage Even After Bankruptcy: https://www.hoyes.com/blog/how-to-get-a-mortgage-after-bankruptcy/