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Beyond Mortgage Payments

Tuesday, October 6, 2009 at 10:29 PM

Now if there are people who are unable to hold on to their homes despite the fact they’ve gotten them for free, what can we expect from the rest of us who actually have to fork out the money to own a home?

Well, it’s tough. A house will take a chunk out of your budget. And a big house will rack up even bigger expenses.

Many hopeful home buyers assume that a sufficient down payment is all they require to qualify as homeowners. But that’s a fallacy even I wound up believing so many years ago, as one young, fresh-faced would-be-homeowner. Only with time did I realize how costly it really was to maintain a house, with the cost of property ownership being proportionate to the size of the house one chooses to live in.

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