Don’t be overwhelmed in the home buying process. Home ownership, I believe is an important part to building wealth.
You should be able to deduct any mortgage interest from your gross income. You most likely already know this.
You will always need someplace to live. Unless foreclosed on you can alway live in your primary residence. I consider myself a true Boglehead, but it’s hard to live in a 3 fund portfolio if/when things get rough. Consider your primary residence as the “hidden fourth pillar" of our portfolio for wealth building.
“Any other things I’m overlooking in my assumptions?” You are most likely more restricted on what you can do with a remodel. i.e. Remodel to your liking, or decide to turn the property into a rental investment.
Sell your primary residence and purchase a new another property with a huge capital gain exemption.
At some point later your children, or any other beneficiaries will not be able to inherit a property you are renting.
Just to name a few.
You should be able to deduct any mortgage interest from your gross income. You most likely already know this.
You will always need someplace to live. Unless foreclosed on you can alway live in your primary residence. I consider myself a true Boglehead, but it’s hard to live in a 3 fund portfolio if/when things get rough. Consider your primary residence as the “hidden fourth pillar" of our portfolio for wealth building.
“Any other things I’m overlooking in my assumptions?” You are most likely more restricted on what you can do with a remodel. i.e. Remodel to your liking, or decide to turn the property into a rental investment.
Sell your primary residence and purchase a new another property with a huge capital gain exemption.
At some point later your children, or any other beneficiaries will not be able to inherit a property you are renting.
Just to name a few.
Statistics: Posted by LittleGreenSoldiers — Thu Sep 05, 2024 12:02 am