Note: As a new homeowner, I wanted to share some of the personal experiences my wife and I have had as we moved to Greensboro. Hopefully, you enjoy the peek into our lives over the course of this series!
So far, I love being a homeowner. I am excited to live in Greensboro, and I am so happy Ashley and I purchased our house.
BUT, I do not love the feeling of having six figures worth of debt. That is 30 years’ worth of payments, and it is a little overwhelming.
What if something happens to me? What if something happens to Ashley? That debt does not just go away. Would either of us be able to afford the house we both wanted?
Although Ashley and I planned for the purchase of our house — we saved enough money, purchased a house within our budget, had money left over for decorating, and even bought a grill — there was more planning that we could have done. It seems like there always is!
Now that we have a mortgage, Ashley and I are in the process of getting updated estate planning documents (like a will) and getting life insurance in case something happens to either of us.
Going through a major life event (buying a house, getting married, having a child, or any number of other events) is a great time to review your financial situation and make sure all your bases are covered. For us, getting insurance coverage when we are young is another little bonus to doing this planning work now.