09/16/2026
10 ways you can go house poor within six months of moving in 👇
1. Using every dollar for the down payment.
You still need cash for moving, furniture, repairs, and the expenses nobody puts on the listing sheet.
2. Forgetting about Michigan property taxes.
Taxes can change significantly after reassessment. Know what your future payment could look like—not just what the seller pays.
3. Underestimating closing costs.
Title insurance, lender fees, inspections, recording fees, appraisals, and more can add up fast.
4. Furnishing the entire house at once.
Your new home doesn't need to be fully furnished in month one. The dining table can wait.
5. Putting furniture and décor on credit.
A mortgage plus credit-card payments is how a beautiful home gets expensive fast.
6. Not budgeting for homeowners insurance.
Insurance is part of your monthly housing cost, and premiums vary by property, location, age, and coverage.
7. Getting surprised by utilities and heating.
Older Detroit homes, poor insulation, outdated windows, and inefficient heating can mean much higher bills—especially in winter.
8. Renovating before rebuilding your savings.
The kitchen can wait. An emergency fund shouldn't.
9. Ignoring HOA fees or special assessments.
HOA costs can increase or come with unexpected assessments. Know what you're responsible for before buying.
10. Assuming the house won't need repairs.
Older Detroit homes can have character and expensive surprises like plumbing, roof, electrical, or foundation issues.
Buying a home is exciting. Buying one without leaving room in your budget for real life is where people get stuck.
Which expense do you think Detroit buyers underestimate most? 🏠👇
Mo Thweny | Realtor
248.514.9662
[email protected]