EMERGENCY BUDGET IS A MUST

Dated: June 11 2021

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June is National Home Ownership Month!
#nationalhomeownershipmonth

Home Ownership Tip #8:

Emergency Budget is a MUST

Part of homeownership is making the shift from the renting mindset to owner mindset.  It is an exciting way to build long term wealth, but it also carries certain financial burdens of its own. In addition to a mortgage, taxes and insurance, homeowners also need to set aside money for repairs and maintenance. Often called ‘carrying cost’, these ongoing expenses are simply part of home ownership and are necessary to protect your home’s value. You can build these funds gradually, but if your home’s purchase price leaves you with nothing left in the bank, you could be in trouble if an emergency occurs during your first months of ownership.

It is helpful to keeping an emergency fund (many experts suggest between $2,000 and $3,000) to avoid any surprises. Another approach is to invest in a home warranty but more about that on another post. 

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Donna Meeuwsen

I'm an Oregon native, and I've witnessed its great transformation – from a relatively unknown into the true gem of the Pacific Northwest. My intimate knowledge of this region, and my experiences of ....

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