As I stated in my previous posts that buying a house just not only entails getting the key to the house and paying the mortgage but it is also about the up keeping and taking care of the house. Like you take care of your kids, pets, yourself, car and other things, house is also one of the items that if not taken care of properly will reduce in value, decay and sometimes become inhabitable. This up keeping is besides what you do to improve and renovate your house in order to accommodate your wishes and family needs. And to up keep a house is not easy or cheap. You need to have substantial amounts of money saved just to have such an up keeping done regularly plus have some money for emergency repairs if needs arises (and I really mean they do).
The most money you need is to keep your house safe from water damage as water damages not only the outside of house but it can seep into places inside the house during rain or just a leak from your several faucets in the house. Then you have to maintain your yard and it requires that either you do it yourself or hire some professional (which will mean more money out of your pocket). Then you have to make sure that paint outside of your house has not eroded due to rain, snow and sun. Inside the house you may need some paint from time to time and little repair here and there due to accidental breakup or kids destroying your property while playing. All in all, a house is an investment as well as a money pit and if you don’t have that in mind while trying to get buy your house then you should decide against being a property owner.
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