Unless you are buying a brand-new home off plan, you will probably have to do unexpected repairs not too long after you have bought your house.
This means you could quickly find yourself in a financial hole if you have drained all your savings to buy the property, says Claude McKirby, a co-principal of Lew Geffen Sotheby’s International Realty.
“You may also use more electricity than in your previous home and have other monthly bills like rates and insurance.”