Buying a home is a big decision. It’s one of the biggest purchases that you are ever going to make in your life, and it’s the #1 error or issue that causes financial challenges for people. Everyone is susceptible, including physicians.
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to his colleague, Jennifer DeLorbe Quire, a Certified Financial Planner CFP®, about home-buying decisions.
- Do’s and Don’ts: How to make sure you stay on the right side of the tracks
- Wrong Path: Approaching decision without big-picture plan in place
- Right Way: Prioritize, plan, and identify purpose of what’s most important
- Timeline: Don’t be pressured or rushed into buying a house; there’s other options
- Proceed with Caution: How one decision affects absolutely everything else
- Need vs. Want: Justifying emotions with logic – spending more than you should
- Cash Flow: Home costs add up, calculate budget, and build in a margin
- How much should you spend on a house? Plan for what needs to be saved, what’s most important, and what’s left over