Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, roof may begin to leak, or furnace will give out. You can minimize financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate scramble and panic of getting funds together to get that tree off of your roof.

In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand full cost of home ownership before you sign on dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate total cost of home ownership. Use that information to make a budget. Before you sign on dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in future.