Home ownership’s unexpected expenses
Here is some food for thought for all those young people bellyaching about not being able to buy a house and how hard it is to save a deposit. Never mind the deposit; it’s all the unexpected expenses that can come with a house or unit once it is yours.
I bought my house nearly four years ago. Things are tight as I pay more than I need to offset my mortgage to brace for the interest rate rise that is coming. But now the 20-year-old timber retaining wall that runs along the border of my property needs to be replaced. This will cost $20,000 to $30,000 and my neighbour is not keen to contribute towards the project.
So now the stress begins. Do I just pay for it myself or do I pay a fortune in legal fees to make him contribute? I now need to borrow more money on my mortgage, something I was not expecting. Sometimes it’s easier to just rent. Elana, email