One year ago, my husband and I bought a house in the Cottonwood Heights neighborhood of Richardson. What an exciting and busy year — I’m a “nester,” so having a place that’s ours for keeps, as opposed to renting, feels more secure and comfortable. Plus I can finally paint whatever I want!
As a real estate writer, I’m quite familiar with the concept of being “house poor,” and we wanted to avoid that at all costs. Being house poor describes a person who spends a big proportion of his or her total income on home ownership, including mortgage payments, property taxes, maintenance, utilities, and other expenses. We bought well below our max budget, which has allowed us to be able to afford the unplanned expenses of our first year. That is one of the smartest things we did.
So what did our first year actually cost us? Read on to find out.