White Picket Fences: Is the American Dream Dead? // Post #2: Finding Your True (Home-Buying) Purpose
This post is part of a larger series on buying a home and I want YOUR input!
Email me by clicking the button below to share your questions, thoughts and ideas.
People buy homes for two reasons: either they want to live in the home or they want to make money on the home. Interestingly, most people who want to live in their home also hope to make some money on it in the future, which is completely legitimate. However, it is important to go into the home buying process knowing which of the reasons is more important to you. The way you buy the home and your decisions on how to handle the home will be different depending on your end goal. There has been a recent trend of buying for the sole purpose of renting the home on VRBO or Airbnb (or any other short-term rental site). That can be a great way to make money, but it comes with its own risks and challenges. The laws regulating those sites are constantly changing, making it impossible to use them for this purpose in many cities and being an “Airbnb landlord” can often feel like a time consuming part-time job.
If you’re not sure where you stand, take a few minutes to take the home buying quiz below. (If you’re still not sure, but you know you want to buy a home, I can help -- email me!
HOME BUYING QUIZ
If you never made a profit on the home, but you really loved it, would that be okay?
If you knew you’d be able to rent a home for more in an area you don’t want to live in, would you go ahead with the purchase?
You hate the downstairs bathroom, but you know renovating won’t change the rental or selling price. Do you renovate?
The market is hot! Do you sell now or wait to pass the home down to your children?
The idea of being a landlord gives you the anxious sweats.
Time to score yourself!
If you scored 3 or higher you want to be a live-in owner!
If you scored less than three you want to make that money, honey!
Now that you’ve decided on your reason for home ownership, go back to that pro con list from last week (below!) and review. Does knowing your reason change whether or not you want to buy? Does it change how quickly you want to move forward?
Next week we’ll dive into the nuts and bolts of buying property. This week I recommend spending your free time on Pinterest creating mood boards of the gorgeous kitchen you’ll have or the great rental spot you’ll own.