I’ve never understood why “owning a home” is the American Dream. Buying a home is such a massive financial decision but the default always seems to be that owning is better than renting.
But it’s not. If you knew you had to move in a year, buying a home makes zero sense.
There are a lot of situations where buying doesn’t make sense but that seems to be the default. It’s kind of weird when you think about it. If you’re facing a rent vs. buy decision, our first post of the day might help:
Should You Rent or Buy a House? [Of Dollars And Data] – “Buying a home is often considered the biggest financial decision people make in their lives. As a result, it makes sense as to ask yourself whether buying is the right choice when compared with renting. Unfortunately, this decision can easily get bogged down with the many assumptions and costs that go into renting vs. buying a home.”
Speaking of owning a home… experts say you need to earmark 1-4% of your home’s value for maintenance and repairs each year… hidden costs are everywhere!
Beware The Hidden Costs [Mr. Stingy] – “Assuming a $400,000 home, that’s somewhere between $4,000 and $16,000 every year. A “hidden cost” that people normally don’t think about when buying their dream home.”
Lastly, to round out the week, I have a fun feature from the New York Times following Taylor Tomlinson’s as she crafts a standup comedy bit. I love stand up and love the craft of it, these “inside baseball” features are so much fun.
See you next week!