I think general advice is one of the most dangerous types of advice. Yes, owning a home is usually a good idea, but it can also be a disaster if you don’t know what you’re doing. Getting married can be awesome but it can also nightmare if you marry the wrong person.

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1. Believe it or not
– I’m not going to tell you you shouldn’t buy a home because of the real estate market
– Or that interest rates are high
– I don’t care about any of those things as long as your personal finances tell you, you can afford it

Why?
– Because when the market is good and the interest rates are low
– That’s also not a telling sign to go buy a home
– It’s why people end up regretting their purchase

2. Clear Reasons do not buy a home
– You can’t afford one
– Here is the math behind buying on

33% rule :
– First: 15 Year Mortgage
– Second: no More 33% of your net income including the mortgage, maintenance, PMI, insurance and taxes
– Third: Be Debt free and a Fully funded emergency account

3. Unsure of where you are going to Live
– If you don’t know where you are going to live in the next 5 years don’t buy a home
– If you just moved somewhere, and it has been less than 2 years, don’t by a home
– Give it time to see what you like and don’t life

However:
– These are rules you can definitely break if you have a strong conviction and know for sure

4. Depended on Someone else to help you pay that’s not your Wife or Husband
– People keep buying homes with boyfriends and girlfriend
– And when the relationship breaks apart
– They are left with having to sell

5. The Reason you want one
– It is peer pressure not that you are really ready

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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