I'll be the first to admit there are exceptions to my general rule that residents should rent instead of buying. But it seems to me that everyone thinks they are one.
"I have to buy because --------- City doesn't have very many good rentals"
"I have to buy because I have a kid and one on the way."
"I have to buy because I'll be there 4 and maybe even 5 years."
"I have to buy because I have home equity now and what am I going to do with it if I rent?"
"I have to buy because interest rates might go up."
It goes on and on and on.
The tricky part is because home prices have been on the upswing for the last 7 years, every resident in the program and every resident that any resident in the program was ever in the program with enjoyed some significant appreciation.
All you can do is point out a few things and wish them luck. You're not going to stop them from buying. At least it's usually a relatively inexpensive mistake in the grand scheme of a doctor's financial life.
"I have to buy because --------- City doesn't have very many good rentals"
"I have to buy because I have a kid and one on the way."
"I have to buy because I'll be there 4 and maybe even 5 years."
"I have to buy because I have home equity now and what am I going to do with it if I rent?"
"I have to buy because interest rates might go up."
It goes on and on and on.
The tricky part is because home prices have been on the upswing for the last 7 years, every resident in the program and every resident that any resident in the program was ever in the program with enjoyed some significant appreciation.
All you can do is point out a few things and wish them luck. You're not going to stop them from buying. At least it's usually a relatively inexpensive mistake in the grand scheme of a doctor's financial life.
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