When calculating the cost of homeownership, typically principal, interest, tax and insurance are included, commonly know by the acronym PITI. Sometimes its easy to wonder the worth of that when we all have to do repairs on property practically each and every year. Wouldn't it make sense if banks worked with buyers to make sure they can afford the 12 months PITI and then let us say another 3 months PITI (or 3% of purchase price) for repairs and upgrades.
Maybe even if the banks can't make it happen, then maybe the homebuyers themselves can step up and make the extra calculation.
Just a thought.
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