Homeowner finance anxiety

There is something called buyer’s regret. As the house appreciates in value, that regret fades. And you soon reach a point that if something goes wrong and you have a lot of equity, it seems not to matter.

As i work in homes, i hear more of this with much younger people and more in the city than in the burbs. As with everything in here, homeownership seems more intense. There is also more at steak in here.

stevecym

in Conversion 3 years and 1 month ago

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steve.vogel | 3 years and 1 month ago

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Hello I was browsing on the web and saw a post that was dated from back in 2009 with a similar topic. I have recently been experiencing terrible anxiety when it comes to being a new homeowner and dealing with alot of problems occurring and maintaining the home. Looking to connect with others and see how they manage this stress and overcome the feelings of regret and ways they happen to manage it. Just trying to connect and get some help. Thanks in advance.

cate | 3 years and 1 month ago

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Hi. I’m a homeowner and I’ve been renovating for over 12 years. (This is what they say at 12 step meetings, right?) Do you own a townhouse, new condo or something else? If you own a townhouse, it helps to have at least $10,000 (and hopefully more like $50,000) set aside in case of emergency such as the heating system failing. Another thing that is a good idea is to set aside $300 a month or $3,000 a year for repairs and maintenance just in case. Some years you won’t spend anything, other years you will spend more. As for general free floating anxiety, it’s also probably helpful to know that your house probably isn’t going to fall down, black mold isn’t always as dangerous as people say, etc.

stevecym | 3 years and 1 month ago

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Ok, have you ever seen what i write under this screen name and under doorsby and i advise people how to source contractors and not choose the cheapest and save the headaches and save their money for a while and get real pros? I am a small contractor and i own a house. I used to get called to fix other conteactors screw ups (i priced myself out of that market, thankfully) and i have watched couples fight, seen women cry and in the past year someone admitted to me that homeownership has put her on meds and another person admitted to me they are in counseling because of issues with a flip house.

As far as my own house? Nothing gets done here and in truth i can do most of it myself; i barely maintain my own house. And i dont put aside the money cate is talking about for repairs.

So you are not alone.

First, really prioritize. The things that must be maintained are electric and plumbing. And if things work, leave them alone. And by the way, get the water and sewer insurance.

Next, maintain the roof. Yourself. I have maintained mine for 16 years and i am not a roofer. These flat roofs are easy to patch and easy to paint; a first grader can do it, start learning now. Very easy.

The heating system must be maintained and if you have steam understand that make up water will have to be added and the low water cut off must work. Not to add to your stress thinking about those but a neighbor of mine ran his boiler with no water and it ended up out for recycle. This is simple stuff and in truth that is the one thing i know to worry about because if i do not it will get pricey fast.

And do not plan to do anything other than spackling and touch up work until you have the money saved for the project plus the numbers cate mentions. Any time you open anything in these houses, it grows. That’s why nothing gets done in my own house.

I think if you learned a little even by reading a very basic book you would realize that nothing is rocket science (stay away from the boiler and electric and gas) and some very basic tools can put you in a position to take on emergency repairs. There are classes out there.

Painting and glass repair, you can do it. My mother painted and taught me to stain molding when i was 12. She spackled the office my father put in our house. She wall papered. She replaced the broken window i put a marble through when i was eight. My parents nor grandparents called any one to do anything in their houses, they did it themselves. What i am saying is if they can do it, so can you.

As for me, i am working on getting my home inpectors license. Part of the reason i am doing this is i walked around a newbie’s house with him and told him things and solved a problem that he paid an engineer to look at and he looked at me and said “you need to become a home inspector”. I am not licensed yet but i am wondering if there is any benefit to walking through people’s houses with them pointing out what they need to really worry about, should worry about, and should let their kids and grand kids worry about. I have a website, www.thetinkerswagon.com. if you would like to talk and see if i might be able to help you aleviate any concerns about your house, feel free to reach out.

This 1928 house i am in, we maintain it on a shoe string.

ceci | 3 years and 1 month ago

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Honestly, what anxiety you’ve made a wise investment!!! Sure, at times its a real headache dealing with maintenance issues that arise at the most inopportune times, and can be costly!! Rest easy, you can always sell and walk away!!