The dream home floats in the imagination like a castle in the sky but dissolves in the rain of hard numbers.
Constructed from aspirational Instagram feeds and reality TV, the dream home floats in the imagination like a castle in the sky but dissolves in the rain of hard numbers.
“I’d rather see people buy a good enough home versus buying a dream home and being cash-strapped over the next 20 years,” says Alyssa Lum, certified financial planner and founder of Luminate Financial Planning in Herndon, Virginia.It has the essentials A good enough home may not have artisan tile or stainless steel appliances, but it has the essentials.
Amber Miller, a certified financial planner with The Planning Center in the Minneapolis-St. Paul area, bought her first home two years ago. It has features she wanted, such as hardwood floors and a separate dining area, but isn’t flawless. It doesn’t squeeze your budget A good enough home has a reasonable price for your budget. Lum recommends keeping your debt-to-income ratio under 30%. That’s the percentage of gross monthly income that goes toward debt payments, including the mortgage.
Fifty-five percent of homeowners — 68% of those ages 21 to 34 — had regrets about their preparation for the homebuying process, according to Bank of the West’s 2018 Millennial Study. The top regret for all age groups: costly maintenance.It can be transformed Over time, you can add dreamy features.
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