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What Does It Mean To Be House Poor?

what to do when house poor

What Does It Mean To Be House Poor?

Getting into a house poor situation usually is the result of stretching ones budget in the hopes of some future promotion, bonus, or new (read pays more) job.  Other times it may be because there is a change it job situation or change in marital status and now what used to be enough earnings to cover the mortgage payment is gone.  Being in a house poor situation means barely being able to afford the mortgage on a home and as a result falling behind in important repairs and maintenance of the house.  There are some different options homeowners can consider when they find themselves in a house poor situation as discussed in this article below.

Figure Out What Fits Within the Budget Before Buying

It is easy to get carried away in the excitement of home shopping and start looking at homes before one has sat down with a mortgage lender to figure out what the monthly payments will be.  That is a sure-fire way to lead to disappointment when one finds that “house of their dreams”, the must have house which leads to stretching oneself to purchase that home.  Any home buyer should first determine how much mortgage they can get pre-approved for and then consider that monthly payment in terms of their monthly take home pay.  Stretching that budget because there is a promotion on the horizon or because of an expected new (higher paying) job while tempting, is a path towards being house poor.

New jobs and promotions are not guaranteed in life and just as easily as those promotions can come a homeowner can find themselves without any job for any number...

Luxury Home Features For Any Home

Luxury Home Features For Any Home

Luxury Home Features For Any Home

Adding features found in luxury homes can be done for any home but to get the best return on investment (ROI) the home should be in a location where it can realize some gain in value.  A home surrounded by other homes which do not have some of these high-end features may seem nice but will not get much increase in value with added luxury features.  On the other hand, homes in neighborhoods where other homes have some of the features, adding those features could possibly help the home value.  Adding one or more of these luxury features for homeowner enjoyment without regards to value though may be just what is called for if the homeowner is wanting it for their own enjoyment.  

Central Vacuum System

Having a central vacuum system is something found in luxury homes.  Rather than carrying around a cannister vacuum to vacuum the house the homeowner instead moves the vacuum hose from room to room as needed.  The central vacuum system needs to be emptied less frequently as well as usually there is a large cannister which holds all the vacuum debris in one location.  Sometimes homeowners install a kitchen vacuum port where one can sweep up debris to a single location and let the vacuum suck it up.

Typically, central vacuum systems are easiest to install when the home is being constructed.  A home being remodeled where drywall is being removed might also be an ideal time to have installed a central vacuum system as the pipes and power for the system are usually installed behind the walls.  Central vacuum systems can be installed...

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