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7 Revealing Signs Your House Actually Owns You

Do you own your house or does your house own you? What may seem like something to strive for may in fact just be too much house. Look out for these 7 revealing signs your house actually owns you.

A home can be a blessing but when it is not owned the right way, it can become a real pain in the butt and leave you with too much house. Ask yourself... Has your American dream become your American nightmare? Here are 7 simple signs you can examine to find out the truth.

You're Barely Denting the Principal

One of the main purposes of home ownership is to build equity as well as your net worth. If you've involved yourself in a huge loan without putting enough down, especially if it is an interest only mortgage, consider downsizing. It might just be too much house.

If not, you may quickly find yourself upside-down, especially if the market dips. For more information on mortgages, check out my previous Savvy Saturday video, "How to Pick the Best Kind of Mortgage."

You Have Other Debt

Are you in credit card debt? Student loan debt? All of the above? Home ownership is going to be very difficult if you are being pressed from every side. Just when you think all is well, something will break and you'll find yourself in deeper debt.

Get debt free before becoming a homeowner!

Are you in debt but want to keep the house? Let's sit down and develop a strategy. I help people figure these things out every day.

You're Struggling to Keep It

Are you scrambling to find the funds to pay the mortgage each month? Have you thought about refinancing or modification? This is often a sign you can't afford your home. I frequently find single-moms in this situation and I get it. You want to create a safe environment for your children in the wake of a death or divorce. No matter the reason, if this is you, take a serious look at your condition. It may just be too much house. Be brave and make those hard but often necessary choices. Your future is more important than a house!

You're Starting to Resent It

Where you live or decide to start a family should be something you take pride in. If you are looking around the house and are frustrated or stressed, you will be drained in more ways than one. Your home should be a place of refuge and peace, somewhere you desire to grow.

Your Lifestyle's Suffering Because of It

If your life revolves around paying for your house, fixing your house, or paying to fix your house, your house owns you! You may feel rich living in your cushy home, but it will become more like a prison. It may be time to get out!

Investing Goals Keep Getting Delayed

Reducing your housing cost as little as $50 a month can save you tens of thousands of dollars over time.

Don't bank on your house being your vehicle for retirement. You can't get to that money unless you sell your house. And, don't even get me started on reverse mortgages.

It's More than 25% of Your Take Home Pay

Almost every mortgage lender will approve you for way more than what your income can actually afford. In fact, it gets a lot of people into trouble! If you look at your net income and your mortgage (including your taxes and insurance) is more than 25%, it is time to reevaluate your home ownership position. It is very likely you bought too soon and it's just too much house! Maybe you need more income or a bigger down payment? Check out my previous Savvy Saturday video, "A 4 Part Recipe for Secure Homeownership."

Question: Are you in over your head and simply realize it is just too much house? Are there potential solutions that can rescue or keep you from being house poor? Share your thoughts in the comments below or reach out to me today.

Whatever the case, consider these 7 simple signs that not only may save you some serious money but may provide more money to fund your dreams. Come join my FREE Facebook community, The “Strong Together Money Community.”  to stay informed and encouraged on your financial journey. Also, feel free to check out my free e-book to help you save in five additional areas. 


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