Experience Stern | News & Events

Excerpt from Wallethub -- "Buying a home is a substantial commitment. In addition to the monthly mortgage payment, there are property taxes, homeowners insurance, and regular maintenance expenses which add up to 3-6% of the value of the house each year. And that is absent major maintenance expenses such as roof replacement, new HVAC systems, kitchen remodeling, etc. Therefore, it is important to have some financial buffer before making the plunge. I think a good rule of thumb is that the total cost of spending on a house should not be much more than a third of total spending budget."

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