Buying a Home–Starter vs. Once-and-Forever
After spending a couple weeks focused more on renting, Gail’s focus was on purchasing a house this week. The conversation started with the difference between buying a starter home or a once-and-forever home.
Paying Off Your Mortgage
Gail shared some advice on how to pay off your mortgage faster and save yourself a load of money!
Are You Willing?
As with everything, accelerating your mortgage payments comes with a choice. It could mean letting go of some indulgences in order to pay off your mortgage faster. As Gail puts it, you can choose consumption or financial security.
Time To Do Some Math
Since I’m a renter, these are all hypothetical numbers for me. It is truly eye opening to see how a seemingly small sum of money can make such a huge difference over the length of a mortgage. The conversation has really driven home the point for me that I should make sure my mortgage is truly within my means and not something I’m stretching to make work.
The last topic of this week was the importance of getting a home inspection and how this can help you negotiate your buying price.
Many participants spoke about their experiences with home inspectors and stressed the importance of getting a good recommendation for an inspector you can trust.
Other advice included:
– taking pictures of everything so you have evidence if you need to dispute something
– take advantage of the opportunity to learn more about your home and how it is run
– check behind the appliances (stove, fridge, etc) to get insight into the homeowners
Have you accelerated your mortgage payments? How have you made this work for you?
If you’re a renter like I am, what did you learn this week? Was any of Gail’s advice helpful for your current situation?
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