New Home Syndrome: It’s Real!

More and more homeowners are succumbing to New Home Syndrome. This real affliction happens to people who are so taken by the numerous HGTV shows that show homeowners doing entire home renovations. Afflicted homeowners want their homes to look like they belong on the pages of House Beautiful or Dwell magazine.

The lure of all this beauty and luxury can trap people into spending huge amounts of money without thinking about the long term impact that their spending will have on their credit history or their financial health and security.

Financial planners are encouraging homeowners to make sure they have an emergency fund that has as much as nine months of earnings, to protect themselves in emergency situations. They also warn homeowners that not planning and saving money to use for home decorating and renovations can wreak havoc on their financial stability. They also recommend that homeowners who want to dip into that home decorating fund not do so unless they have that emergency cushion.

The temptation to go for furniture store promotions that offer discounts, free merchandise and no interest is hard to pass up, but unless you have enough disposable income to be able to make a high enough payment on that new furniture store credit card every month so you don’t have to pay interest, you risk putting yourself into financial jeopardy again.

At Avis Lending, we are happy to help you afford your home renovation without the risk of going into debt. Don’t hesitate to contact us today! 

 

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