regret about purchasing their property
Property ownership often comes with a side of regret.
The No. 1 thing they regret: Not understanding how expensive the
maintenance, repairs and other hidden costs would be.
And a survey released last year from personal-finance
found that 44% of people who had purchased a home experienced
their first unexpected repair within a year of closing.
If the home is less than five years old, then 1% is the better number
because the home’s equipment, appliance, and building materials are
still relatively new.
But if a home is 20 years or older, then the 4% number is more realistic
because many of the home’s equipment, appliance and building
materials have reached the end of the their useful life, and you
will need to replace them.”
On $300,000 home, you would need to save $3,000 to $12,000.
It is recommended you save this on top of what you already
put in your emergency fund.
(Experts typically recommend anywhere
from 3 to 12 months of income in an emergency fund.)
Learn more by attending LIVE workshops and networking
meetings at www.preigCanada.com