As this news broadcast explains, the Corvallis family featured on ABC’s hit show Extreme Makeover Home Edition faces foreclosure. Property taxes on the newly valued home and skyrocketing utility bills have sent this family over the edge.

Though the idea behind the show is fantastic, I always wondered how families on the edge could handle the increase in costs associated with a much larger home. It seems for one family, they cannot.

What’s the lesson here? When you buy a home remember to budget for the other expenses associated with homeownership, including property taxes, condo fees, insurance, utility costs, and maintenance. Work with your Realtor and lender to establish a realistic budget and you’ll be fine.

Posted on Tuesday, March 18th, 2008 at 10:00 am. Follow responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.