Home First Aid

While today’s real estate market offers many opportunities to first-time buyers, it is important that buyers don’t view the purchase primarily as an investment. Historically, homeownership can build wealth over time, but buyers should not count on home values quickly rising in the short term.

 Most homeowners should budget for 1% of their home’s purchase price each year toward maintenance and repairs, according to financial experts. If the homeowner is hiring someone else to do the work, they should spend a little bit more. To help these costs, experts recommend setting aside some money each month in an emergency fund.