Book: Home Buying for Dummies
Started: April 3rd, 2017
Finished: April 11th, 2017
“One way around these problems is to do nothing. You can’t get into trouble if you’re lying in a corner, curled tightly into the fetal position. Of course, the downside of doing nothing is that nothing gets done. You can never buy a home by using this method” — Home Buying for Dummies
I can already hear the question: “Michael, reading a book on home buying sounds only slightly more enjoyable than shopping for medical insurance, so why..?”
First off, you have ask a very, VERY good question.
I swear though, there is reason behind my madness. After consuming a lot of material on personal finance (big shout outs to Mr. Money Mustache, the Mad Fientist, and Richard Reis), a theme that emerged was the power of real estate. If you have the right mindset and a willingness to work and leverage risk, investing in property can be incredibly lucrative. Especially if financial independence (AKA early retirement) is a goal of yours. I had a desire to learn more about the domain. After hunting about a bit, this book came recommended from a few of different sources.
The most redeeming part of this book is that Eric Tyson is able to break down normally very dry topics and make them approachable. By gently elaborating and leading through the logic, Tyson lays solid arguments for home buying.
If you take a close look at the costs of renting an apartment versus buying a place, you actually have the potential to save a LOT of money over the long run. That said, he also warns that if you fail to do your research you also open yourself up to loose a lot of money too.
Doing research and running the numbers is key for success in real estate.
The book does a great job explaining some of the jargon of choosing a mortgage, how to appreciate interest rates, and fees to expect in the process.
Overall a very informative book. If you’re soon to be on the market for a house, I recommend taking this book for a spin.
As always, happy reading and until next time.
Here’s a link back to the index