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WHY YOU SHOULDN’T BUY A HOME IN 2022:
1. IF YOU’RE IN A RUSH TO BUY SOMETHING AS SOON AS POSSIBLE
It was reported that buyers who RUSHED to buy a home were SIGNIFICANTLY more likely to face 4 MAJOR issues: 40% were overwhelmed by the amount of maintenance the property required, 32% say that the home turned out to be TOO SMALL, or LACKED important features, 28% said that their mortgage payment was too high…and 24% worried that their home was a bad investment…and was too expensive.
2. IF YOU HAVEN’T ANALYZED THE OPPORTUNITY COST
I would go on a limb and say that almost everyone who REGRETS their home purchase, which is roughly 2/3rd of adults – didn’t do the math, AHEAD OF TIME, to make sure buying a home was really in their best interest.
3. IF YOU’VE ONLY BUDGETED FOR YOUR MORTGAGE PAYMENT
Even though you might have a $1500 per month mortgage payment…when you add everything up…you could VERY WELL be approaching a $2500 per month when you take into account property taxes, insurance, repairs, and maintenance…and that’s something that HAS to be taken into account, and properly budgeted for.
4. IF YOU HAVEN’T CONSIDERED THE TRANSACTION COSTS OF BUYING AND SELLING
When everything is said and done, selling a home can easily cost you another 4-6% of the homes value from start to finish…meaning, just to BREAK EVEN on the purchase…you need to sell your home about 7% HIGHER, otherwise – you’ll start to pay out pocket for these transactions costs.
5. IF YOU’RE PLANNING TO KEEP THE HOME LESS THAN 5 YEARS
That’s because, the shorter you plan to keep your home for – the riskier it is that you’ll make money owning it. Things like transaction costs, property taxes, insurance, maintenance, and repairs are all non-recoupable costs that you will NOT make back…so, you’ll need to expect that property values would continue to rise to offset that expense to make buying “worth it.”
6. IF YOU DON’T KEEP 3-6 MONTHS OF HOME EXPENSES IN CASH AT ALL TIMES
Just like “FINANCIAL EXPERTS” always recommend you keep a 3-6 month emergency fund for anything that might come up…I VERY MUCH recommend a “HOME EMERGENCY FUND” that covers 3-6 months of your homes bills, repairs, maintenance, and payments – JUST IN CASE something inevitably breaks, or there’s an unexpected bill beyond your control.
Creator Properties – This communication does not constitute an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle. Any such offer, sale or solicitation will be made only pursuant to a confidential private placement memorandum, limited partnership agreement or operating agreement, and subscription documents. An investment in any real estate fund involves significant risks, and investors should have the financial ability to accept the risk of loss of their entire investment. Past investment performance is not indicative of future results.
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