Related to a teacher from Indiana who had to make a big repair, how do you recommend we budget for maintenance? I feel like we can work towards downpayment, but maintenance puts it out of reach.

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I didn’t do enough leg work for it. When you’re looking, ask the inspector about emergency shut offs for water and if the cleanout is up to standard for the plumbing. Asking the seller about when renovations were done and the inspector if there have been major changes to code since then should help prevent large repairs. If it’s available definitely opt in for a home warranty. If it’s for a year then you won’t have to worry about paying for large repairs for at least a year which would help you get money saved. I financed the repair and other than irritation of timing I’m glad I don’t have to worry about the outside plumbing for quite a while and my husband and I can handle most indoor plumbing issues. I would recommend that, if you do t know a lot about home repair you invest in some decent tools and a home repair book

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Above are all great recs, and to add, check out this write up on how to think about budgeting for maintenance: https://www.forbes.com/sites/juliadellitt/2018/06/20/why-you-need-to-adjust-your-monthly-budget-for-home-maintenance/#c5a0cdf34a05

First time homebuyers especially forget that when you buy, there’s no more landlord to call to fix all your problems! While there are so many benefits to deciding to be homeowner, if you’re not ready to take on the responsibilities, it’s not right for you yet!

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Additional Posts in Homeownership for Teachers

Glad you are here to answer our questions. How exactly does landed work?

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Signing off for the day! Looking forward to continuing the conversation tomorrow. Keep the questions coming :)

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What happens if a teacher you work with looses their home to a disaster like a fire or earthquake?

smart

How does your help help with interest rates if we're only putting 10% down. In addition to a meager down payment, I also worry abt interest :( Definitely didn't get into this for the money

My honest opinion is that biggest impediment to home ownership for teacher is our bullshit pay.

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I'm a leader in our union and am finding what you're talking abut here pretty interesting. Do you think we should talk to our unions about including home ownership in negotiations? How cld we do this?

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likehelpful

My score is 620 nothing outstanding but my student loans are killing me. I cant get approve for a house

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Hi everyone!! It’s Jess at Landed here. Excited to answer your questions over the next few days with my teammate Alex. Will be popping in and out until Friday - look forward to chatting!

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I recently closed on a home and felt like I had to claw for 10% of my downpayment - didn't do 20. Do you think it was a mistake to not do 20? It just seems impossible as a teacher.

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I'm in my second year of TFA, and am thinking of sticking with this teaching thing (crazy, I know). I'm wondering if you have savings accounts I can use to work towards a down payment.

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What a great conversation so far! I’m headed to a couple meetings but will check back in soon - keep the questions coming!

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I'm a younger teacher in a high COL area. In terms of wealth building, how does home ownership stack up to other methods like investing in stocks?

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What's your favorite story helping someone buy a home? I'm going through the process now and it's so stressful. I need a little positivity :)

likeuplifting
likehelpful
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What programs or resources do you have available for Texas teachers?

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Thanks for doing this! How did ya'll at Landed come up with this idea? Super interesting.

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