Dennis Eusebio’s Story
Categories
Made on December 12, 2007
So, long story short...
While Dennis Eusebio was buying a house
Dennis Eusebio made the mistake of
underestimating ancillary costs
My Advice to You is
get the whole picture
Here's the whole story
So I'm about to close on a new place and I get back the final term sheet from the mortgage company. Its a good 10% higher than what I budgeted and expected. While its not enough for me to break the deal, its definitely not nice to have costs just spring up on you.
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Comments (4)
It's these exact same costs that some people don't take into account when they think that they can just flip a house in a couple of years and make good money. If the house isn't appreciating at 10% a year, you are more than likely to break even or lose a little after you take into account the ancillary costs, selling fees, and property tax.
It's a good thing your initial price was under budget
Just wait until you get the notice that your HOA fees are increasing by 40%+ 2 months after you buy the place. Good times.
You have this listed under Cars and Transportation btw.