Author: Amanda Winstead

We all wish we’d stumble into a sudden windfall of cash. Whether it’s an inheritance or winning the lottery, sudden wealth can be a miraculous source of stress relief. What you might not expect is that sudden wealth can also be a source of tension and even social ostracization from your usual circles. 

There are pitfalls inherent in quickly obtaining wealth that can be disruptive to your mental health and overall well-being. Of course, the trade-off is that you’re much more financially prepared to help address these challenges. 

Buying a new home is often a scary and exciting time in a person’s life. It is a big step up from renting, but it is typically a much better financial decision than continuing to sink your money into rent. Homeownership is ideal and a much smarter use of money, and it can even help you reach your financial goals. 

Still, there are many financial factors to consider when buying a home. You’ve likely given due thought to things like down payments, interest rates, closing costs, etc. But what about the lesser-known financial impacts?

While most homeowners factor in the usual costs listed above, they don’t tend to think about the off-the-wall or more unusual factors that can ultimately play a part in how much money you spend monthly or annually on living expenses. 

This article will review some of the more uncommon or less-considered situations that should factor into your home buying process, and how they can impact your finances.