Thinking about buying a home but have no idea where to start? Rick McDowell is here to help! This is something that comes up for a lot of physicians early in their careers, so we wanted to put together an episode with a few tips and tricks. Scroll to the bottom to listen!
Communication is key! Have a clear outline of what your needs and wants are and communicate that with your real estate agents and your spouse. You have to get on the same page with your expectations.
Your down payment is not the only cost to get into the home. There are many fees associated with buying a home including appraiser fees, inspections, title insurance, ongoing maintenance, and taxes to name a few. Be fully aware of the costs you are going to need up front.
Real estate markets are unpredictable. If markets appreciate at three percent, you can recoup a lot of the costs of the purchase over about three years. We don’t necessarily know what the real estate market will look like over a specific time period, so plan to stay in a home for a while. Find something you love enough to own for at least a few years!
Tip of the Day: Understand the costs of home buying and ongoing maintenance before making this huge decision. Renting is not always throwing away money and buying a home is not always a good fit.
Huge thank you to Rick McDowell! Feel free to reach out if you’d like to get in touch with him or someone in his network in a city near you.
For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.