What to Consider Before Buying a Home

Work Your Wealth Podcast

• This week I sat down again with Ariel Ward, CFP® to talk about things to think about before buying a home.

  Ariel Ward, CFP® joined Workable Wealth in 2018 as a Financial Planner and in March of this year, made the move to Abacus Wealth Partners with me as a Financial Planner. She and I work closely together on our clients. She has 11 years of experience in the field of personal financial services and in helping clients develop financial clarity. She is passionate about helping professionals understand their financial lives and make better decisions with their money. Ariel is married to a pilot and spends as much time as possible exploring the US with her husband and 2 children. She enjoys working with clients in the aviation industry to make the most of their employee benefits and map out a plan for personal financial strength. She is a member of NAPFA, the XY Planning Network and the Financial Planners Association.

  Ariel works virtually out of Charlotte, NC. She enjoys North Carolina’s mountains, beaches and everything in between. In her free time you can catch her walking to one of Charlotte’s excellent breweries, playing Scrabble or building Lego houses with her kids.

  HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • A big decisions we’ve been helping multiple clients with this year
  • Financial considerations to make before buying a home
  • The reason people many feel the need to purchase a home
  • Homeownership costs that might not always increase the value of the home
  • Where the commission fees play into your financial well being for short term homeownership
  • How long to plan on staying in a home before selling it
  • The dangers of buying a home for the maximum amount a lender approved you for
  • Why you should consider future life milestones when deciding on how much house to buy
  • Where retirement savings plays into plans for buying house
  • Some realities of homeownership that aren’t always talked about
  • Tips for saving for a home down payment
  • The types of accounts to stash money away into for your initial down payment
  • A good way to prepare financially if you are considering upsizing your home
  • The down payment percentage you should be striving for
  • The way Private Mortgage Insurance can affect your cash flow
  • How to prioritize big savings goals alongside buying a home
  • Rule of thumb for establishing an emergency fund

  LINKS WE MENTIONED ON THE SHOW:

  • How to Plan (and Save) for a Home Down Payment blog
  • Is Home Buying Still a Good Idea? blog
  • Should My Partner and I Buy a Home Before we Marry? blog
  • How Much Home Can Your Lifestyle Afford? blog
  • Planning to Buy? blog
  • 8 Hidden Costs When You Buy a Home blog

  GET SOCIAL WITH ARIEL AND LET HER KNOW YOU HEARD ABOUT HER HERE

  • Workable Wealth Website
  • Ariel’s e-mail