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Jill on Money with Jill Schlesinger
Second Set of Eyes for House Purchase
Oct 11, 2024
The journey of first-time home buyers takes center stage, revealing the challenges of navigating finances amid rising prices. Important discussions on setting a budget and understanding mortgage rates highlight the couple’s strategic planning. The urgency of estate planning, especially for those without children, adds a compelling twist. Listeners learn about the essential need for emergency funds and succession plans, ensuring they are prepared for the unexpected in homeownership. Expert guidance is emphasized as a vital ally in making informed financial decisions.
17:21
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Quick takeaways
- The couple faces sticker shock in a competitive market, but their strong financial background supports their potential home purchase.
- Establishing essential estate planning documents is crucial for financial security, particularly as they manage significant assets and future decisions.
Deep dives
Navigating Home Buying Decisions
A couple is in the process of home shopping after deciding to sell their plot of land and condo. They are facing challenges with inflated housing prices in their ski resort town and are trying to determine a comfortable budget for their new home. After selling the land, they have around $127,000 in cash, and expect to net $70,000 to $100,000 from their condo sale, leading to a total budget of roughly $200,000 for a home purchase. The couple is grappling with sticker shock as they consider properties priced around a million dollars, but there’s confidence that their financial situation can comfortably support this investment.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode