Thomas has been spending a bit of time this year researching, preparing for, and working to buy a house. Naturally, he’s learned a few things about the process, so we decided to talk about it.
When should you buy a house? Why not rent forever? How do you decide how much you’re willing to spend?
We’ll talk about these things and several more, so we can all spend a bit more time planning for or fantasizing about home ownership.
Things mentioned in this episode:
This week’s episode is sponsored by:
- Skillshare: With thousands of courses in a wide range of different skills, Skillshare can help you take things to the next level. You can also get started with 2 free months of unlimited learning (including Thomas’ new Habit-Building class!) at Skillshare.com/geek.
- Brilliant: Accelerate your learning in math, science, and computer science. Start learning for free at Brilliant.org/CollegeInfoGeek — and if you’re one of the first 200 people to use this link, you’ll also get 20% off your subscription.
Other things we mentioned in this episode:
- Inforium – Goal Webs (Ep. 1)
- Thomas’ Budget Modeler
- Trulia (iOS | Android)
- The Automatic Millionaire, by David Bach
- Listen Money Matters
- Thomas’ Habit-Building course on Skillshare
- Thomas’ Productivity course on Skillshare
Want more cool stuff? You can find all sorts of great tools at my Resources page.
- 0:00:00 – Intro
- 0:03:31 – Deciding if you should buy a house right now
- 0:13:28 – Figuring out the types of debt you should pay off first
- 0:20:02 – Having low credit
- 0:21:04 – Choosing the type of house
- 0:23:53 – Figuring out your budget
- 0:27:31 – Down payments
- 0:34:49 – Sponsor: Skillshare (Learning new skills)
- 0:37:17 – Sponsor: Brilliant (Learning problem-solving skills)
- 0:39:16 – Down payments (continued)
- 0:52:47 – Home mortgages
- 1:01:10 – Monthly payments and closing costs
- 1:07:08 – Finding a house
- 1:20:34 – Getting pre-qualified or pre-approved
- 1:24:37 – Why buy instead of just continuing to rent
- 1:31:15 – Saving for the long term vs for down payment
- 1:33:05 – When to stop accelerating loan payments
- 1:36:30 – Conclusion