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Forum
-> Household Management
-> Finances
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amother
Purple
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 Sun, Sep 25 2016, 3:13 am
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We are iyH buying our first home and would like to put a little bit of work into the house. How much is the standard in terms of the minimum safety-net amount to have in savings after all expenses paid? Is it 6 months of mortgage payments?
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amother
Green
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Sun, Sep 25 2016, 3:38 am
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I would think it's 6 months of living expenses, not just mortgage payments.
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Miri7
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Sun, Sep 25 2016, 3:56 am
It depends on your situation. 6 months of living expenses is common advice, but we dipped below that for a while to do work on our house because we knew that if push came to shove we would have family support in a crisis. If you don't have family support in a worst case scenario, then I'd say 6-8 months total living expenses.
Knowing that we could take out a free loan from either family if needed enabled us to do the work we wanted before moving in.
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anony
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Sun, Sep 25 2016, 10:37 am
I would definitely advise 6 months living expenses, if not more (if possible). You
Never know what unexpected costs might come along with your house.. If you're hear or air conditioning suddenly stops working, laundry machine breaks, etc etc... It's nice to have some money set aside for those types of things and/or if God forbid one of you loses a job or stops working for any reason, it can take time to find a new job and get settled again. I like to live on te safe if and it has helped us a lot in settling into our first home.
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amother
Turquoise
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Sun, Sep 25 2016, 11:37 am
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I can't speak to the amount you need to have set aside but what I would recommend based on my own experiences is that when you go to buy, don't just have the standard gloss-over inspection. Pay extra to make sure there are no nasty surprises. Find a GC who will bring in his roofer, electrician, plumber, etc. And discuss with him what you hope to do and have him ballpark the costs so you know just what you're getting into.
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