Search Property For Sale

Don’t spend it all at once

Google+ Pinterest LinkedIn Tumblr +

One of the biggest mistakes that many first-time buyers make is emptying their savings accounts and underestimating the costs of running a home.

Unless you are buying a brand-new home off plan, you will probably have to do unexpected repairs not too long after you have bought your house.

This means you could quickly find yourself in a financial hole if you have drained all your savings to buy the property, says Claude McKirby, a co-principal of Lew Geffen Sotheby’s International Realty.

“You may also use more electricity than in your previous home and have other monthly bills like rates and insurance.”

Share.

About Author