Think your home is an investment? For most people, it’s not. Learn how to rethink real estate so you can build your wealth and become financially independent! Is Your House an Investment or Money Pit? Buying a house is usually the biggest purchase we make. Right now in the United States, the median price of homes that […]
Buying a house is a most likely the biggest purchase two of you make. Beyond the down payment and mortgage, being a homeowner usually means have other expenses to stay on top of like property taxes, basic repairs, and maintenance. If you buy a house well within your budget these expenses are manageable.
Preparing financially for those expenses can make it the new transition from renter to homeowner go a lot smoother. If the two of you are thinking of buying a home, you need to listen to this episode.
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Lauren Bowling, from LBee and the Money Tree, is here to share her story and her tips. She goes over:
- buying a fixer upper
- funding renovations, and
- finding a reliable contractor
For those who have listened to the Couple Money Podcast for a bit may know, my husband and I would like to sell our current place and a buy another house this year.
We want a place that is more practical and convenient to our daily routine and commutes. Looking at the neighborhoods and our budget, it is very likely that our next place will be a fixer-upper.
Having no experience with real renovations and what to plan for, I was grateful to chat with Lauren about how she found her place and how she handled not only buying a home, but coordinating with contractors.
Taking advantage of a down payment assistance program, Lauren bought a property a few years back in Atlanta. It was a fixer-upper in an up and coming neighborhood.
While it was an easy decision to go with a house, the process of buying and renovating it did take some effort. Lauren spent about a year researching the area, getting to know neighborhoods, and finally checking in the house that she eventually bought.
Even so, there are some lessons she has learned buying her home.
If you want to hear more from Lauren, you should also check out her fantastic series – Awkward Money Chats. The second season just premiered this week! You can also chat with her on Twitter and Facebook.
Support for this podcast comes from Personal Capital. Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place. Did I mention it’s free? Give Personal Capital a try today!
Thoughts on Buying a House
For those of you who have bought a house, what are some things you wished you’d done differently? On the flip side, what did you do to prepare for the purchase that you’re proud of? What kind of unexpected expenses did you have to deal with?
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