Is Young America Redefining The American Dream?
With the housing market falling so deep into the rabbit hole that not even the U.S. Government can help despite multiple efforts, are young American’s rewriting history and creating their own versions of the American Dream? From marrying later in life, starting families in their 30’s and living with roommates or even their parents, are they on to the concept of investing cash in other ventures that don’t include home ownership?
Is it time to rethink what it means to be a homeowner vs. a renter? The “white picket fence” dream for many has turned into a nightmare and it’s time to revisit what a good investment really is.
Three tips I think home buyers need to think about:
a) How long will I live here?- If the answer is shorter than 5 years, then DON’T BUY
b) Will I use this as a rental property once I’ve outgrown the space- If the answer is yes, then make sure that the rent will cover your mortgage and any HOA you many have. Just because it seems like a good investment today doesn’t mean it will be the same way in two years. Are you willing to take the gamble?
c) Don’t over extend yourself just to say your own. Many successful people rent these days and allocate their wealth to go toward other investments.
Bottom line- if you own stay put unless you have no other choice then to sell. What are your thoughts on renting vs. buying?
