Consumer credit counseling may help avoid surprises after buying a home

By Peggy Stillwell on Apr 15th, 2010

Buying a home can lead some consumers to unexpected expenses, according to a recent survey.

The poll from financial services group BBVA Compass showed that 51 percent of new home buyers said that owning a new house ended up costing more than they anticipated. Of these, 87 percent said they had to change their lifestyles to make up for the additional expenses.

Jon Mulkin, an executive vice president for the company, noted the process behind purchasing a home can be confusing for consumers, especially those who have never done it before.

"The more clarity, transparency and help in making the financial transition from renter to buyer that banks can provide, the better positioned the consumer will be going into long-term homeownership," Mulkin said.

Experts advise that potential homebuyers should calculate how much they can actually afford for a new home on a monthly basis. Doing so will help ensure they don't purchase a property they cannot support financially.

Buyers who are having trouble with estimating theses costs may consider visiting a consumer credit counseling agency, which can advise them on how much they can actually afford based on their current expenses and income.

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