Three Critical Mistakes for Young Couples to Avoid
Did you know that according to CBS Money Watch nearly half of all younger couples are underwater on their mortgage? Here are the 3 mistakes some make that you want to avoid so you are not part of that group:
- They buy a fixer-upper, take out additional loan, and then wait for the value to catch up to the investment
- They buy a home in a sub-division, likely at the value the lender is willing to give, leaving the couple with…ZERO equity. If the market drops, you suddenly become upside down. Don’t be fooled, the market has a cycle (read more on it here), and those better positioned will suffer less or little
- They buy a home that someone else has remodeled, with little or no equity, and again, when the market goes south, they are stuck.
So, how do the truly smart people, the prudent people, look at real estate investment? When you can get the absolute best home, brand new, at a ridiculously low price, often with $20-100k worth of move-in equity, you will not be a part of the group under water.
Do you know how old a home can be before the government banned all asbestos use in the USA? If this is something that concerns you, contact us by clicking here, and we will send you a link with more information on this subject