After all your hard work to make your dream home become a reality, it’s finally time to relax … once you’ve made a financial plan, that is. When deciding how much you can invest in your forever home, consider the following:
The house and all that goes with it. This is usually the largest monthly expense, regardless of square footage. According to visionretirement.com, housing expenses represent 35 percent or more of annual expenditures. This includes mortgage payments, HOA fees, insurance, taxes and maintenance. Since no home is completely maintenance free, one way to cut costs is to find a company that offers packages of multiple services you’ll need frequently. Finally, don’t forget to consider utilities.
Health care. This category, including insurance, medical services, supplies and medications, ranks high on large…