Five Key Financial Aspects to Managing Your Home

Track these five expense categories to manage your home's finances.

couple buys a house
(Image credit: Getty)

For most consumers, a home is their largest financial asset and largest ongoing expense. The biggest difference between your home and all your other financial assets is that your home is a physical asset. It is a collection of building materials, equipment, appliances, fixtures, finishes and landscaping. Therefore, you must manage not only the financial aspects but also the physical ones, which include insurance, maintenance and improvement aspects of your home.

Yet in my experience, most consumers focus on the lifestyle and family aspects of being a homeowner. They ignore the financial tracking of this asset and expense, which leads to spending more money than necessary, decreasing the value and not having complete financial visibility to plan their overall personal finance strategy.

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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

John Bodrozic

John Bodrozic is a Co-Founder of HomeZada, a personal finance platform for homeowners to save money and improve value on their properties.