An important aspect of homeownership is the responsibility that comes with it. You may be able to afford your mortgage payment each month, but you also have to consider the other expenses with owning a home.
This includes the cost of insurance, maintenance, taxes, and repairs. If something major goes wrong and you do not have a financial safety net, you could be asking for a lot of problems in the near future, which may result in the loss of the house you just bought.
Again, saving money is the key to being able to maintain a home for the long haul. If you can’t make ends meet as it is, you’ll likely end up in debt.
Related: How A Self-Employed Writer and Single Mom Bought A House
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