The Personal Finance Podcast How to Buy a House The Right Way In 2024
Mar 27, 2024
Learn about responsible home buying in 2024, total cost of ownership, and smart strategies for purchasing a house. Get tips on navigating a competitive market, negotiating offers, and financial strategies for success.
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Key Pre-Buying Questions
- Be debt-free from high-interest loans before buying a house.
- Plan to stay in the same area for at least 7 to 10 years to avoid losses during market dips.
Calculate Total Home Cost
- Calculate the total cost of owning a home including maintenance, repairs, taxes, and replacements.
- Use accurate budgeting to decide if buying or renting is financially smarter.
Stick to 2033 Rule
- Follow the '2033 rule': 20% down payment, 30% or less of gross income on housing, max home price three times annual income.
- Stick within these limits to avoid becoming house poor and prolong building wealth.