Buying a Home Within Your Budget
The stock market teaches an important lesson. If you can buy low and sell high, you can make a bundle. Unfortunately, you can buy low and lose your shirt, too. So, with money tied up in investment real estate, how are baby boomers keeping afloat in this housing crisis? They are watching the trends like city efforts to increase tourism or attract universities. Boomers have the last six decades as lessons of experience and they know when they spot a good deal. One piece of advice from the collective unconscious of the baby boomer generation is to know your investment long before you put in one red cent. Therefore, hiring a home inspector is a must in a real estate transaction.
Unfortunately, it seems that wisdom in financial matters stopped with the Boomer generation. In today’s society, a high credit limit is preferred to a lofty savings account, a credit score of 800 to a diversified portfolio. Boomers grew up learning that a penny saved is a penny earned but somehow, inexplicably, generation X and the millennials have reverted to a “buy on the margin” philosophy. Does that mean the lessons of the Great Depression have been lost? Not quite. Indeed, the Great Recession is teaching younger generations that a solid retirement fund and an “emergency cushion” are two financial priorities that should be at the top of anyone’s list.
Still, today’s “youth” have a lot to learn. First and foremost: living outside your means doesn’t work for very long. Even the United States Government, in all its vastness, has recently come to its senses and realized that an enormous trade deficit and equally enormous spending budget can only lead to disaster. Following the lead of millions of Americans, the US government has vowed to tighten its belt and implement spending cuts and increase revenue to bring the economy back into balance. Whether you’re a baby boomer or a member of the younger generations, you’ll have to carefully choose a home with a mortgage that is well within your means.
If you are thinking about doing without a home inspection, think again. A home inspection carried out by a professional can save you a lot of money. To ensure that you are getting the very best deal on your home, an inspector will comb through your house checking every major system along the way. A rotted section of sub-flooring in the kitchen that may have evaded your attention would never go undetected under the watchful eye of a good Atlanta home inspector.