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Marcela
@laursa.eth
Tips on buying your first house (from someone that owns her non-inherited house before 30yo): - buy it as soon as you can, the earlier you buy, the earlier you finish paying - be rational, selling a house that can't be financed again is a burden - don't ever buy according to the wage you get now. calculate if you can pay it if you get unemployed for at least half an year - mortgage shouldn't be above 40% of your total income. and that would be a very high number. - houses CAN be sold, apartments CAN be sold, doesn't matter where or for how much. There's always someone looking for what you have. It just takes time to sell, sometimes months, sometimes over a year. Don't think it'll sell in a week. - remember the "ugly house in beautiful location" or "beautiful house in ugly place" dilemma? well, it's a trick. nobody who actually has a house would choose having the beautiful house in the ugly place. Neighborhood MATTERS. Sometimes more than the house itself.
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Stuart
@olystuart
Alright you convinced me, now I just a quick 1000x to come up with the down payment and closing costs 馃拃 (I wish). It's good advise tho, I'd add that fixer-uppers are almost always a lot more work than people think when they buy them. Whatever your remodel budget is, it's not enough. Also no matter how hyped the market is where it's a rush to close, DO NOT skip or skimp on the inspection. I see people paying for this later all the time and it blows my mind. (Not financial advise, not real estate advise, my personal opinion)
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Marcela
@laursa.eth
Yesssss!! We're looking at houses that need to be fixed and I estimate the fix to cost up to 20% of the house value! So unless I can actually LIVE and wait to fix it, it's not worth it! Most of the time this can't be financed. I learned I'd rather pay 600k in a home I can live in, than 400k in one that needs 100k of repairs. You'll never know! Not skip the inspection is very important! Also not to buy the first house you see and don't rush the decisions! I'm aware some houses have lots of offers but trust me you don't wanna be tied to a 30 year debt in something you could have thought better!!! (This post was inspired by this Brazilian finance guru behavior (those new influencers) which is claiming that rent is better than owning bc you pay no tax for owning. But latins overall have this home owning culture, it's important for us to OWN. And should remain like this. Rent raise: 12309230193% in 10 years. Wage raise in 10y: 300%)
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