How to Avoid Turning Your Home Into a Money Pit

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 5 May 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

The cost of home repairs and remodeling can add up quickly. In the second installment of Your Money Briefing’s four-part series “Buying a Home and Keeping It," we look at ways to budget for home improvements, including scheduling inspections and hiring the right contractor. Plus, we hear from homeowners who tackled their own home-repair projects. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.5	slash Wall Street.
0:17.2	Here's your money briefing for Sunday, May 5th.'m J. R. Whelan for the Wall Street Journal.
0:26.0	This is the second installment of our series, Buying a home and keeping it. You got a good mortgage rate and a closing didn't ding your bank account too much, but what would make your home perfect?
0:48.5	Some TLC, and maybe some repairs, some remodeling.
0:53.2	You got this.
0:54.4	I mean, when you watch those home renovation shows on TV,
0:58.0	it all looks so easy.
0:59.0	Are you all ready to see your fixer upper?
1:00.9	Yes.
1:01.9	Oh, yes. I'm going to come up with a plan to be able to make a really big change to this
1:06.9	house and I believe that when I'm done you're going to love it. My goal is not just
1:11.6	to fix their house but hopefully for them to love their house again.
1:17.0	But in reality, if you've got a home that needs some work, be prepared for some blood, sweat, and tears, and be prepared to pay up.
1:31.0	Renovation costs can pile up fast and can turn your home into a money pit.
1:37.0	We'll talk to Wall Street Journal reporter Veronica Dagger,
1:40.0	as well as an interior decorator and a home inspector about keeping costs in check.
1:46.6	And we'll hear from homeowners who, for better or worse, did most of the work themselves,
1:52.4	some with a little help from YouTube.
1:54.0	That's after the break. Cyber attackers are using AI and creative ways to compromise users and breach
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