Money mistake #4: Buying an expensive house
When it comes to houses, almost everyone wants a bigger space. But bigger is not necessarily better. That’s because a 6,000-square-foot home, for example, comes along with higher taxes, utilities, maintenance and other hidden costs.
Buying a house at the top of your budget or even beyond ties all your money to a non-liquid asset that puts you at risk of owing more than the house is really worth. So, don’t be in such a rush to move to a bigger house, unless you have a large family and actually need to make this change.
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