Don't Become House Poor

HOW TO KEEP FROM GOING HOUSE POOR

Written by Jaymi Naciri on Wednesday, 27 January 2016 2:23 pm

The only thing worse than not being able to buy a home when you want to is owning a home and not being able to do anything but sit inside because after your house payment, HOA fee, taxes, and household bills, there's nothing left.

A few smart strategies can help you avoid becoming house poor.

Think hard about that preapproval amount

Just because the bank tells you that you can buy a $400,000 home doesn't mean you have to spend all $400,000. It might be that you're not comfortable with a payment that high if it means you won't have a cushion and can't continue to contribute to your savings.

Things you'll want to consider:

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