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Money Guy Show
Can I Afford My Dream Home? (I’d Have To Break Some Rules…)
May 22, 2024
Exploring the dilemma of affording a dream home while breaking the 25% income rule. Emphasizing the balance between dreams and financial practicality. Providing insights on emotional decisions in housing and navigating challenges like property depreciation and landlord issues.
26:58
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Quick takeaways
- Evaluating potential income growth and expense reduction is crucial before considering exceeding the 25% housing rule for purchasing a dream home.
- Utilizing a HELOC for home renovations requires careful assessment of cash flow, purpose of renovation, and responsible management of debt.
Deep dives
Considerations for Affording Your Dream Home
When debating whether to exceed the 25% of gross income housing rule for purchasing a dream home, factors like defining the dream home, assessing current financial trajectory, and potential income growth are critical. Understanding if your income is likely to rise, expenses decrease, and if the home's affordability will improve over time is essential to balance financial stability with dream home aspirations.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode