How to Prepare for Purchasing Your First Home
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- Опубліковано 7 вер 2024
- While there are a handful of good reasons for renting your long term goal should be to own your home. Owning a home has tremendous benefits for building wealth. Many people these days feel that owning a home is out of reach and this is simply not true. In this video I'll discuss strategies you can implement right now to stop renting and begin the process of purchasing your first home.
Renting gets such a bad rap, when it really should not. Renting is sometimes the _best_ option depending on your needs and wants. This is especially true for semi-transient families like military. Whenever I want to move to a new city, I try to rent first to get a feel for the area to decide if I want to stay there long term and it gives me time to check out where I might want to target my home search when the time comes. No everyone should or can own a home. There are many hidden costs with owning - the mortgage is the _starting_ point for your monthly expenses. Rent is typically your maximum obligation for monthly housing expense. Renting also gives you more flexibility - only plan to stay in an area less than 5 years, renting might be the right thing to do. Renting isn’t just for the poor that can’t afford to buy a home, because not everyone wants that. Just something to consider.
Well, from a long term standpoint renting is not a good long term wealth building strategy but there are reasons to rent as cited in this video. Thanks for your comment!
@@LivingInColorado5280 I really don't look at buying a home as a wealth building tool per se - you have to have pretty good luck to make that work. I've lost serious money on a couple homes so far in my life and will make some decent money on my current one mainly because the market is going bonkers in my area (aka luck). Obviously, there are some advantages with home ownership, but I'll stick with the stock market and building my own business for wealth building.
Don't buy now! Interest rates on the way up!
I would recommend otherwise. High interest rates drive competition down. Low interest rates drive home prices up. Plus, you have to base your purchase on your life, not the market or interest rates. PLUS there are 2-1 buy downs to help lower interest rates. So I respectfully have to disagree. You're not a real agent, are you?
@@LivingInColorado5280 I'm a General Contractor with my own construction company since 1976, and home inspector , bought fist house in1975 and have been in my house now for 32 years ! Have lived in Woodland Hills CA since 1960! Don't buy now! People are being led into a land grab and the end of home ownership!
@@fake734 Lucky you! You probably have TONS of equity and that home. I just bought and couldn't be happier. People should buy when they're ready. Remember, you can always refinance. Cheers!
@@LivingInColorado5280 Yes , some people can fall through the cracks! But not the majoy! Enjoy!
@@LivingInColorado5280 Yes, Enough to buy 3-4 homes elsewhere! But I like the weather and ocean here! I don't like, humidity, snow, flooding, tornadoes, hurricanes, and I'm. Sure I can come of with a few more things! 😵🤣👍