Daily Podcast #25

Source 🎧

Can I afford to buy a house? - Life Kit

Sentences ✍️

1. Have you said cool beans in the last 90 days?
   • cool beans: A playful or quirky expression used to show approval or excitement; similar to “awesome” or “cool.”
   • New sentence: Cool beans! Go for it!
2. Yeah, so when you own a house, you don’t have a landlord to say, hey, my air conditioning is broken or hey, you need to fix this.
   • landlord: A person who owns property and rents it out to others; the one responsible for maintenance in rental situations.
   • New sentence: I have to meet the landlord to fix a problem with my house.
3. How do you decide when it’s worth it to buy like a fixer-upper?
   • fixer-upper: A home or property that is in poor condition and needs repairs or renovations, often sold at a lower price.
   • New sentence: Somehow, that fixer-upper came to mind. I’d like to buy it.
     
     

Summarization 👀

Before buying a home, consider whether it fits your current lifestyle and if you’re ready to stay in one place for at least five years. Homeownership can offer stability and help build long-term wealth, but it’s not right for everyone. To know if you can afford a home, review your credit score, income, and debt, as these affect your mortgage eligibility. You don’t necessarily need a 20% down payment—some loans allow as little as 3%, but closing costs can also add up significantly. There are various mortgage types including conventional, FHA, VA, and USDA loans, each with different benefits, especially for first-time buyers. Many states also offer programs that provide down payment or closing cost assistance. When house hunting, be prepared to view multiple homes and work with a real estate agent you trust. Always schedule a home inspection after your offer is accepted to uncover any major issues. Remember to budget for maintenance, which can average about 1% of your home’s value per year. While owning a home can bring a sense of stability and financial growth, renting can still be the better option for some depending on their needs and goals.