Watch Out for Upkeep Costs When Buying a Big Home
A bigger home generally means bigger maintenance costs -- a common rule of thumb estimates regular maintenance at 1.5% to 4% of a home's value. But the cost of repairing a roof or replacing a furnace has risen with inflation even as home values have plummeted (housing costs were up 2.4% during 2008, according to data from the Bureau of Labor Statistics). Making sure you properly budget for regular maintenance such as cleaning and yard care, and set aside enough money to cover bigger, one-time expenditures, such as replacing your furnace, will be critical for your long-term financial health.
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