Reality Check

Wai Mun Fong and Benedict Koh

Chapter 14 in Managing Your Personal Finance:From Start of Career to Retirement and More, 2020, pp 93-98 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Dear David,In my previous letter, I wrote about the way banks determine the maximum housing loan a homebuyer can borrow. Once you know the maximum loan, you can easily figure out the most expensive property your budget allows. To most people, the cost of owning a home is just the purchase price. Period. I hope I will convince you that there are many other costs of property ownership besides the purchase price. Put it this way: if you can stuff a property into a box, there should be the equivalent of a “batteries not included” warning on the outside. What’s not included in the purchase price but must be paid before the house can be considered yours are expenses like legal costs, valuation fees and stamp duty. And after you have got your house keys, the cost of home ownership will start to sink in…

Keywords: Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020
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