Home own­er­ship’s un­ex­pected ex­penses

Money Magazine Australia - - FROM THE EDITOR -

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

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