How to Dodge the Trap of Becoming House Poor

This is a collaborative post.

There’s nothing worse than finally getting the keys to a new home, walking through the door with

that champagne buzz of excitement… and then realising you can’t actually afford to do anything else. Like, all those dreams and visions of projects you want to complete in your new home, well, it’s not going to be possible now. You see this on TikTok a lot, and yeah, it happens in real life, too. Just think about it for just a moment; the fridge is empty, the furniture is on its last legs due to the harsh move, and holidays are a distant dream because every spare penny is being swallowed by the mortgage.

Well, that’s what people call being “house poor”, where you’re living in a gorgeous property but strapped for cash in every other part of life. Sometimes this is temporary, like the down payment and the bureaucratic nonsense was the pricey part, and for others, well, it’s going to be this way until they get a pay raise. Now, it helps to avoid this whole scenario entirely. But how?

Start with a Mortgage that Actually Fits Your Life

Well, that should be easy, right? Well, too many people stretch themselves just to get into the biggest or most impressive house on the block. Yeah, it’s understandable, but at the same time, it’s a bad idea. Like, it looks amazing on day one, but three months later, when the boiler breaks or the car fails its MOT, reality hits hard.

It’s just not a scenario that you should ever be in. But the trick is to just work with a lender that looks at the bigger picture. It really isn’t just numbers on paper. But Evergreen Mortgages, for example, is the kind of provider that helps buyers think long-term, making sure repayments don’t end up strangling the rest of their lifestyle. Seriously, now, you have to understand that a mortgage should make home ownership possible, not trap someone in a cycle of stressing about bills.

Don’t Forget the Hidden Extras

Now, you really have to keep in mind that buying a house isn’t just about the sticker price. There are so many costs that sneak up once the deal is done. You don’t really know, or at least comprehend this, until reality actually hits. So, there’s things like the council tax, utilities, repairs, insurance, even things like a decent lawnmower or new locks add up fast. People focus so much on scraping together the deposit that they forget about the cash needed to actually live in the place.

Bigger isn’t Always Better

Sometimes, it just makes things worse. While yeah, it’s tempting to stretch for the extra bedroom, the flashier kitchen, or the postcode that makes friends raise their eyebrows. But those little upgrades can add hundreds to the monthly bill. It’s seriously not going to be worth it (and think about the monthly utility bill, too).

Lifestyle Balance Matters

While sure, a house is supposed to be a home, but again, it’s not meant to be a financial ball and chain. If paying the mortgage means no dinners out, no trips, and no flexibility when life throws a curveball, then it’s not the right set-up. Balance is everything. Why be stuck at home, miserable in a big empty house?

---