Capital Budget Strategies, LLC – Austin’s best budget coach – has a suggestion about buying a house or condo in Austin, Texas.
So you found a bungalow in a hipster South Austin neighborhood with a big yard perfect for your Australian Cattle Dogs?
Or you are considering a condo on the 78th floor of that new downtown building with a pool on the 28th floor and walking distance to the Long Center?
Or you are considering a tear down in a great school district close to Central Market and Burnet Road?
All great choices – but did you answer the one question Austin Realtors will NOT ask?
Question: Do you like your job?
Why should a Realtor ask you about your job – you “work” at a job, but “live” in your home or condo, right? Sure, but remember, you should never leave a job unless you have 3 – 6 months of savings available to pay rent, car payments, schools loans, buy food, print resumes, pay for dry cleaning, etc. So if you hate your work, better to use the down payment money to find a new career than spend it on a new place to live.
And this is just another reason to start building an Emergency Fund! Need proof?
Well, I know an attorney who was laid off when his firm lost a major client. The poor guy had no savings and had to leave his beautiful downtown loft apartment, move back with his parents and take a part-time job to pay his school loans – while he looked for new work.
Thankfully MY parents had the room and an extra place at the dinner table to help me out! It was a big lesson in my financial education.
If you love your job and have saved up a big down payment in addition to an emergency fund – go ahead hire a Realtor and good luck.
But, if you dread going into the office every day, if you get stomach pains on Sunday nights just thinking about Monday mornings, then don’t think that a new house or condo will make you feel better. You’ll simply have more payments in the new place (insurance, taxes, moving expenses, maintenance, etc.) that will keep you stuck in that awful job even longer.
So remember these steps
Step 1: If you have lots of savings, then
Step 2: Make sure you love your job (or at least like it ‘nough), then
Step 3: Find that house or condo!
If you have income and need help building a personal financial budget or figuring out to pay off your multiple loans – contact Capital Budget Strategies, LLC in Austin, TX. We are Austin’s Best Budget Coach and can get you where you want to be – in South Austin, Downtown or Allendale!
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