Skip to site content
The Show

Broken Dreams: Take 2

Brian and Bo pick up where they left off last week by detailing financial factors to consider when participating in the housing market. The guys even discuss some strategies and tools to utilize when reviewing non-mortgage, housing related expenses.

First, when allocating money for housing, Brian likes to see total housing costs no more than 25% of your gross income (mortgage, taxes, insurance). Traditionally, with lending practices, 28% is the more accepted number. However, to maintain a good lifestyle and truly enjoy the benefits of home ownership, Brian prefers 25% of gross income over the popular 28% benchmark.

Outside of the budget you make to pay your ownership costs, it is important to consider all the expenses that come with owning a home. We found a great article from Paula Pant, More Than a Mortgage; The Cost of Owning a Home, that details the areas that you can expect to spend money on and the likely life expectancy of housing materials.

If you know where you would like to move to or from, you can often find every transaction on your home or in your neighborhood using Zillow. It is a great tool to use to keep an eye on the housing trends in your marketplace. This allows you to compare your housing value, real estate taxes as well as recent sales and purchases in your current or desired neighborhood. A great resource to make sure you are getting the best deal on your utilities is WhiteFence.com.

A newer trend that has surfaced is to try to lower your real estate taxes by reviewing your assessor’s report and bringing their attention to any inaccuracies. To make sure that you are taking full advantage of the resources that Brian and Bo discussed on the show, go review Amanda Alix’ article, Are You Paying too Much in Property Taxes? Here’s How to Tell.

Enjoy the Show?

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Home Buying Checklist

Answer these questions BEFORE you consider buying a home.

View Resource

Tax Guide 2023

Updated for 2023! Ever wonder what the highly trained professionals use to tax plan? Wonder no more! We’ve assembled the…

View Resource

Articles

What Is The Best Way To Buy A Home In An Expensive State?

, ,

Read More

My Experience Using You Need a Budget (YNAB)

, ,

Read More

I Have $120,000 In Stocks. Can I Pull Out Money For A Down Payment?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

LIVE ASK WifeWorkLonger

Should I Make My Wife Work Longer?

Watch Now
FULL HowToBecomeAMillionaire B

How to Become a Millionaire By Age (2024 Edition)

Watch Now
Laid off

I Just Got Laid Off! What Now?

Watch Now