One of the biggest mistakes I see homeowners and buyers make is assuming that a problem automatically means the entire plan has to change. Your windows are drafty, so you think you need to replace every window in the house. Your student loan payment is killing your mortgage qualification, so you assume you can’t buy…
Most homeowners are pretty good at reacting to problems. The driveway cracks badly enough, so they replace it. A parent falls, so the family starts talking about grab bars and ramps. Mom or Dad moves into assisted living, and suddenly somebody has to figure out what to do with 50 years of furniture, clothing, tools,…
Some of the most expensive homeowner mistakes start with a sentence that sounds perfectly reasonable. “I thought FHA loans were only for people with bad credit.” “I figured I should refinance because I need some cash.” “I assumed a better roof would automatically lower my insurance.” “I thought solar would require $40,000 out of pocket.”…
Owning a home with a lot of equity feels reassuring. You may have lived there for decades. You may owe very little on the mortgage. Zillow may tell you the property is worth $500,000, $600,000, or more. That doesn’t necessarily mean you’re financially comfortable. I’m talking to more homeowners who are sitting on hundreds of…
Most homeowners don’t ignore major risks on purpose. They assume the backup sump pump will work because it worked the last time they checked it. They assume the water heater will make it another few years because it hasn’t leaked yet. They assume their condo will be easy to finance when it’s time to sell.…
Homeowners spend a lot of money fixing problems that may not require the solution they’re being sold. An air conditioner stops working and suddenly someone wants to replace the entire system. A door feels drafty and the assumption is that the whole thing has to go. A homeowner wants to improve the house and immediately…
Buying, selling, financing, or inheriting a home involves a lot of paperwork. Most people understand that in theory. The problem is that once the process gets moving, it becomes very easy to rely on someone else to handle the details. The attorney will check the numbers. The real estate agent knows what was agreed to.…
