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Reply to "How to convince spouse home renovations make financial sense "
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[quote=Anonymous]OP's petulant behavior aside, I'm still amazed that so many people do not factor in these types of costs when making purchase decisions. Everything in your home breaks down over time. People say you need to plan for 1% of the home price annually in maintenance, but when you factor in things like the OP wants (furniture and some cosmetic upgrades, it's probably more like 2%). You want a $1M house? Better make sure you can set aside $20K per year to maintain it over time -- apart from your mortgage, property taxes, utilities, cleaners, etc. It's one reason I paid off my mortgage early: homes are still your biggest expense even without a mortgage. I wanted my house to be "just" my biggest expense instead of an overwhelming part of my expenditures.[/quote]
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