Now that you realize that you home is not as asset, what is it? It’s a place to stay and call home! You need to stay someplace right?
Remember that all banks will tell you that you can afford a bigger home. Don’t take the bait. If you are married and both husband and wife are working, buy a home that one of you could manage if the other lost their job.
Points to ponder:
1. Make sure you have cash reserves before buying a house and keep that cash on hand. Don’t spend it on expensive furniture. Believe me when I tell that circumstances will arise that will require that cash and you will be glad you have it.
2. Buy a home you can live in for several years, not a starter home with the thought that you will be looking for a bigger or better home in a few years. A house that you plan to live in for at least 10 years.
3. When calculating you home mortgage, make sure you make room for savings, credit card payments, and all other misc. expenses.
4. Be diligent in the home buying process and don’t make foolish decisions because of the excitement of buying a new home.
5. Don’t buy to impress your family and friends.
6. If you have no peace within, don’t buy.
7. Don’t buy because the seller is saying a thousand other people are looking to buy it. It’s not the only house for sale!
If you do your homework and plan ahead, you will have a place to call home that will not be a source of stress. That’s right, a home and not an asset!
Jacques
CreatingWealthThatLasts
2 comments:
Hi Jacques ..what you say makes perfect sense ..and all the points you make too ..
Thanks - Hilary Melton-Butcher
Positive Letters
Jacques, you are so right about finding a place that one of you could pay for if the other is not working. Having the cash on hand also is really helpful. Not many people today even have savings at all so that is such a good point to make. Plan on staying put a long time. Our parent and grand parents bought a house and stayed their most of the time they did not move into a new home every few years. Why do we think that we have to do that now. This way we never pay off the house at all. We have to keep up with everyone else. Not a good thing. Thank you for the good advice for all of use to use.
Dan and Deanna "Marketing Unscrambled"
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