There are two big bets: to take out a loan or to buy and then start rebuilding your house. I would strongly advise doing the latter. That is why I recommend saving at least 30%, 30-60% to 50% of what you can afford for a short term loan or house buying, and then building a bigger home that you can afford over the long term.
You should also invest in equity. It is a great opportunity to purchase and keep your money in your own home. You should also be realistic. I am a firm believer that real estate is not a great investment in my view, but it’s one where a loan can be a great opportunity for you to buy a bigger home so your family is not living in one. I am even willing to go down to under $600K as long as you aren’t planning to live there until retirement.
As of now, my house is valued at $600K – that is not a great investment. I’m paying more than 6% in property taxes. With a tax bill of $250K per year and monthly expenses of $60K to maintain this house, that is not attractive to me.
So there you have it, four options worth trying. The bottom line is that you probably don’t need to own a house – in fact, you actually probably should not. But it is great to buy a home and put it somewhere you can live comfortably for as long as you can – even when you take a paycut or buy a smaller house – and then work on it.
If you have a question or have something to add to this list – let me know below or tweet me @JillSchwartzTV – I’d love to hear from you.
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By Joe Staggs, AIA, PhD, Senior Associate at The National Institute of Aging
We now live in a different world than we had a generation ago: we can see aging all around us. But what exactly qualifies us as old? How far back in our lifetimes do we really go? What constitutes old age?
The following are questions that have been on my mind for over 30 years now:
How old do I need to be before my body starts to decline?
How long can it take to lose over 40% of your total body mass in the first year of
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